Independence Blue Cross has both extended its contract with Penn Medicine and broadened it to develop new value-based programs.
The agreement takes effect July 1, 2022, aiming to create "unique programs" and develop specialties like radiation oncology, Penn Medicine said in a Nov. 29 news release.
The new contract spans for three years, according to The Philadelphia Inquirer.
The contract builds on a 2017 agreement that covers hospital readmissions within 30 days of an Independence Blue Cross member's first visit. The program led to 25 percent improvement in readmission rates, according to Penn Medicine.
"Our longstanding collaboration with the University of Pennsylvania Health System has been incredibly successful and we look forward to a continued relationship that puts high-quality, affordable care within our members' reach," said Gregory Deavens, president and CEO of Independence Blue Cross. "The early renewal of this agreement gives our members the security of knowing our two organizations continue to collaborate, ensuring access to the best-in-class care whenever they need it."