Medicare beneficiaries may opt to obtain their Medicare benefits from a private company that offers Medicare Advantage plans, formerly known as Medicare+Choice, as opposed to a traditional Medicare plan from the federal government. Nearly one-third of individuals with access to private Medicare Advantage plans choose to enroll on bizjournals.com, primarily to take advantage of the extra benefits. The majority of Medicare Advantage plans are HMOs, followed by PPOs and Private Fee-for-Service plans.
Companies offering Medicare Advantage plans must meet beneficiaries’ health care needs efficiently, while maintaining their quality ratings in order to remain competitive. A one through five star rating system is used, with five stars denoting excellent performance, although most seniors have said they look at the cost, benefits and provider networks when evaluating Medicare Advantage plans.
InnovaCare Health, Inc. is a leading managed healthcare services firm offering two Medicare Advantage plans in Puerto Rico with more than 230,000 members members. President and CEO Rick Shinto, M.D., MBA draws on more than two decades of experience in healthcare to exceed members quality service expectations. Dr. Rick Shinto work as the Chief Medical Officer of several California hospitals and his numerous articles on clinical medicine are published in medical publications. In July of 2016, InnovaCare announced several new additions to their executive leadership, including Penelope Kokkinides, who is the new Chief Administrative Officer. With more than twenty years of healthcare experience, Penelope Kokkinides brings expertise in improving managed care efficiency. InnovaCare Health also operates MSO of Puerto Rico, which offers a Physician Practice Services. MSO operates as an independent company serving the medical community with claims processing, contracting strategies and compliance tools.
InnovaCare recently decided to join the Health Care Payment Learning and Action Network (LAN). LAN hopes to change the way healthcare companies are paid by the U.S. government; the organization believes that quality, not quantity, should be rewarded. CEO Richard Shinto says he believes that payment reform is needed to move the healthcare industry forward. InnovaCare Health already focuses on furnishing Medicare Advantage plan members with high quality healthcare in a cost-effective manner using the latest technology to coordinate services. The company also provides members with updated medical information with their Health on Touch app.