More than 150 physicians affiliated with Bethesda, Md.-based the Centers for Advanced Orthopaedics have come together to launch MedVanta, the largest physician-owned musculoskeletal management services organization in the U.S.
CAO launched in 2013 and aims to use its experience in reducing operating expenses, improving patient experience and outcomes, and enabling technology to boost practice efficiency and help independent practices succeed in value-based care, according to a June 9 news release.
MedVanta's launch was driven by the increase in healthcare costs, consolidation and more outside investors edging into the orthopedic landscape, according to Nicholas Grosso, MD, president of MedVanta and CAO.
"When we launched CAO, it was in direct response to the headwinds facing private practice medicine, threatening its very survival. Since that point, those challenges have only accelerated," Dr. Grosso said in the release. "With the launch of MedVanta, we're offering our proven model to other like-minded physicians who want to remain independent to best serve patients. As a truly physician-owned company, we are not beholden to outside investor influence, and our leadership team shares a commitment to enabling superior, patient-first care."
MedVanta said its primary objectives are to:
- Retain independence
- Improve patient experience and outcomes
- Reduce costs, with 20 percent to 30 percent savings in supply costs and up to 40 percent malpractice savings
- Increase revenue, with significant growth every year
- Expand market share
- Improve provider quality of life
"We look forward to collaborating with the full healthcare ecosystem — payers, employers, health systems, primary and urgent care providers, medical device manufacturers, pharma and even medtech companies — to expand access to high-quality, cost-effective patient care throughout the communities we serve," Subir Jossan, MD, chief transformation officer of MedVanta and treasurer of CAO, said in the release.