MORRISTOWN, NJ - Recently, Amazon, Berkshire Hathaway and JP Morgan Chase announced they were joining forces to reduce healthcare costs. Now six New Jersey-based health care systems, including Atlantic Health System -- parent corporation of Summit's Overlook Medical Center -- have been working on the same goal, and have formed a consortium designed to reduce costs, expand access and enhance care for their employees.
Atlantic Health System, CentraState Healthcare System, Holy Name Medical Center, Hunterdon Healthcare, St. Joseph’s Health and Saint Peter’s Healthcare System today announced that they have formed the Healthcare Transformation Consortium (HTC).
This collaborative of health care organizations, each with self-funded employee health plans, will use their shared expertise to address an issue many businesses now face: how to improve access to high quality health care for covered employees and dependents while reducing costs.
While HTC is in the early stages of development, the participants have agreed to collectively bid out for third-party administration of their self-insured plans. In seeking a single carrier together, the group aims to reduce administrative fees associated with providing health care benefits. The consortium will select a flexible insurance carrier that is open to development of a unique product that can be replicated by health systems in other regions.
“As health care organizations that are collectively providing medical benefits to nearly 50,000 employees and families in New Jersey, we need to take the lead in improving the quality and affordability of care. The model developed by HTC can be shared locally with other self-insured employers and replicated nationally,” said Kevin Joyce, Vice President of Insurance Networks for Atlantic Health System. “By working closely with like-minded organizations, we can share best practices, learn from one another, and lead the transition from fee-for-service to value-based care, using our own benefit plans as proving grounds.”
For more information about the member organizations of the Healthcare Transformation Consortium, visit: