Novant Health to invest in Cone Health’s Medicare Advantage plan

ByJudson Sheahan

May 24, 2022 #4 Better Health Monrovia, #Academic Essay On Mental Health, #Adult Family Health Clifton Nj, #Adult Mental Health Treatment Planner, #Allwgiance Health Wound Care, #Aria Health Atten Customer Service, #Aria Health System Customer Service, #Arizona Achses Health, #Arizona Pet Health Certificate, #Ark Increse Harvest Health, #Aus Health Practitioner, #Cadence Fitness & Health Cente, #California Coalition For Behavioral Health, #Capital Area Mental Health Services, #Cardinal Health Kilgour, #Dr Borwn Watkings Health, #Employee Health Inova Mount Vernon, #First Nations Health Canada, #Fl Health Code Violations, #Formulary First Health, #Holistic Health After Chemo, #Humana Health Insurance For Son, #I Health I-Menopause, #Kronos Lee Health Employee Login, #Lakeland Health Care Center Elkhorn, #Mercy Health Corp Plaza, #Mercy Health Orthopedics Cincinnati Logo, #Network Health 2018 Plans, #Nevada Reno Public Health, #New England Serve Health Policy, #North Dakota Pet Health Certificate, #Northwell Health Pharmacy Intern Salary, #Police Mentral Health, #Portal Harrington Health, #Premise Health Brentwood Tennessee, #Primary Health Solutions/Ceo, #Psychic Health Reading Legal Notice, #Psychological Health Anxiety Articles, #Public Health Practice What Works, #Public Health Sciences Admin Uv, #Public Health Service Hurricane Dorian, #Shadyside Oh Occupation Health, #Shrednado Mens Health, #Tower Health Hospital Pa Locations, #Unit 54 Uf Health Location, #Urine Odor Health Problems, #Whitman Walker Health Pamphlets, #Women'S Health Affiliate Bloggers, #Women'S Health Empowerment Summit, #Young Professionals Attitude Of Health

Novant Health plans to invest in HealthTeam Advantage, a Medicare Advantage plan owned by Cone Health, the two North Carolina-based health systems said Wednesday.

Novant Health, a 15-hospital system based in Winston-Salem, and Cone Health, a five-hospital system based in Greensboro, have signed a letter of intent that would allow Novant Health to make an investment into the plan, dubbed HealthTeam Advantage. Once the deal is completed, the two systems will jointly own the insurance company, with Cone Health maintaining majority ownership.

A Novant Health spokesperson declined to disclose the deal’s financial terms.

As part of the agreement, Novant Health will bring HealthTeam Advantage into new markets.

“Beginning with serving our seniors, Cone Health and Novant Health will use their combined reach to effectively partner with physicians and provide more and better insurance program choices across the state,” said Carl S. Armato, president and CEO of Novant Health, in a news release.

Medicare Advantage plans, which provide Medicare benefits through private companies, are a rapidly growing business as more older adults choose their services for their insurance coverage. Private insurers captured another 3% of the market from traditional Medicare this year.

Greensboro-based HealthTeam Advantage, a wholly owned subsidiary of Cone Health, covers more than 15,000 Medicare beneficiaries across seven counties in North Carolina.

HealthTeam Advantage offers members dental, vision, hearing and fitness benefits, as well as Medicare Part D prescription coverage, according to a news release. The Medicare Advantage plan has also launched Chronic Condition Special Needs Plans, or C-SNPs, for diabetes and heart care in four counties.

Cone Health launched the HealthTeam Advantage plan in 2015.

Cone Health has tested various ways to diversify revenue, including investing millions into a diabetes app it shuttered last year. The health system ended its fiscal 2021 with $2.5 billion in revenue, up from $2.3 billion in fiscal 2020, and $44.9 million in operating income, down from $62.7 million, which Fitch Ratings attributed to COVID-19 spikes and increased staffing costs.