Rochester, Minn.-based Mayo Clinic agreed to work directly with Blue Cross and Blue Shield of Minnesota to decide what emerging technology BCBSM will cover.
Under a new five-year agreement, Mayo and BCBSM will co-decide whether advancements in treatments like organ transplants, radiation therapies and genomics are covered by the insurer.
"Mayo's openness and willingness to be part of the solution to address rising healthcare costs is to be commended," Garrett Black, senior vice president of health services and enterprise solutions at BCBSM, said in a statement. "Our new agreement was designed with the goal of launching a new kind of long-term strategic relationship that can bring long-term pricing predictability and stability to the market while fostering continued innovation in the way care is accessed, paid for and delivered."
The agreement, which takes effect Jan. 1, 2019, also ensures Mayo Clinic locations in Minnesota will remain in BCBSM's network through 2023.
"This collaborative relationship provides opportunities to care for and manage patients in a more comprehensive manner with better outcomes through jointly developed innovative programs and care models," Dennis Dahlen, CFO at Mayo Clinic, said in a statement. "Our formal governance structure will advance both organizations' capabilities to positively affect the health and wellness of consumers in our marketplace, and provide long-term rewards for consumers."
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