Cone Health to become part of Risant Health

Cone Health to become part of Risant Health

PR Newswire

WASHINGTON and GREENSBORO, N.C., June 21, 2024

Transformative vision to improve the health of millions of people by increasing access to value-based care and coverage extending to North Carolina.

WASHINGTON and GREENSBORO, N.C., June 21, 2024 /PRNewswire/ -- Cone Health and Risant Health have signed a definitive agreement under which Cone Health will become part of Risant Health, pending regulatory approvals. Risant Health is a nonprofit, charitable organization created by Kaiser Foundation Hospitals to bring together like-minded organizations, increase access to value-based care and coverage, and raise the bar for approaches that bring the best health outcomes.

"Cone Health's impressive work for decades in moving value-based care forward aligns so well with Risant Health's vision for the future of health care. Their longstanding success and deep commitment to providing high-quality care to North Carolina communities make them an ideal fit to become a part of Risant Health. We will work together to share our industry-leading expertise and innovation to expand access to value-based care to more people in the communities we serve," said Risant Health CEO, Dr. Jaewon Ryu, JD.

Founded in 1953, Cone Health is a nonprofit health care network serving more than a half a million people in the Piedmont Triad of North Carolina. Cone Health has more than 13,000 employees and more than 700 physicians, along with 1,800 partner physicians. The health system includes a network of four acute care hospitals, a behavioral health facility, an accountable care organization and a health plan. Cone Health treats patients covered by a wide range of commercial health insurance, individual and family plans, Medicare, and Medicaid. Cone Health's Triad HealthCare Network (THN) is a doctor-led Accountable Care Organization (ACO), managing and coordinating care for nearly 200,000 patients in Alamance, Guilford, Randolph, Rockingham and part of Forsyth counties.

"Becoming part of Risant Health presents a unique opportunity to shape the future of health care in the Triad, the state, and across the nation," said Cone Health president and CEO, Dr. Mary Jo Cagle. "As part of Risant Health, Cone Health will build upon its long track record of success making evidence-based health care more accessible and affordable for more people. The people across the Triad will be among the first to benefit," she said.

Cone Health will maintain its brand, name and mission, and maintain its own board, CEO and leadership team. It will continue to work with health plans, provider organizations and independent physicians. "Cone Health customers will see the same doctors, the same nurses and the same staff in the same locations they do today. We do not anticipate changes in the types of care we provide as a result of becoming part of Risant Health," said Dr. Cagle.

Cone Health, like other health systems that become part of Risant Health, will operate independently as a regional and community-based health system. It will continue serving and meeting the needs of its communities, while gaining expertise, resources and support through Risant Health's value-based platform.

Cone Health will be the second health system to become part of Risant Health. Geisinger was the first health system to become part of Risant Health earlier this year.

Through Risant Health, Cone Health will benefit from Geisinger's and Kaiser Permanente's leadership in value-based care, a health care delivery and financing model that improves health and increases access to affordable care in the community through evidence-based care, and a commitment to equity, simplicity and aligned incentives. 

Greg Adams, chair of the Risant Health board of directors, said, "Risant Health refuses to accept that fragmented, episodic, fee-for-service care should define the future of health care. Risant Health has put a stake in the ground that care focused on evidence, equity, population health and improved outcomes must be the future of health care. Models like that of Kaiser Permanente, Cone Health and Geisinger will help make that possible." Adams also serves as chair and CEO of Kaiser Foundation Health Plan and Hospitals.

"This is an important milestone on our 'success to significance' journey," said Mae Douglas, chair, Cone Health board of trustees. "After more than a year of work involving teams of physicians, executives and others, the Cone Health board of trustees voted to become part of Risant Health. Through this agreement, we will continue to improve upon our long tradition of providing health and well-being to those we serve," she said. "Our communities can expect the same high level of care they receive today, as well as through Triad HealthCare Network and our various community-based outreach programs." 

The Cone Health transaction is subject to regulatory approvals and customary closing conditions. 

About Cone Health
Cone Health is a not-for-profit health care network serving people in Alamance, Forsyth, Guilford, Randolph, Rockingham and surrounding counties. Our brand promise – We Are Right Here With You – is shared by our more than 13,000 employees, 1,800 physician partners and 1,000 volunteers. Learn more about Cone Health.

About Risant Health
Risant Health is a nonprofit, charitable organization headquartered in Washington, D.C., with a transformative vision to improve the health of millions of people by increasing access to value-based care and coverage. Risant Health is dedicated to bringing together like-minded, nonprofit community-based health systems from across the country in order to deliver better health outcomes through value-based care approaches. Risant Health's value-based platform will support its health systems with a set of technology, services, and capabilities designed to deliver superior health outcomes and a lower total cost of care in diverse business models. Risant Health was created by Kaiser Foundation Hospitals in 2023. Learn more about Risant Health.

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SOURCE Risant Health