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Aetna and Banner Health Launch a New Joint Venture Health Plan in Arizona

PHOENIX--(BUSINESS WIRE)--Aetna (NYSE: AET) and Banner Health today announced the creation of a jointly owned health plan company, Banner | Aetna, that will focus on improving quality, affordability and the patient experience. The partnership will combine Banner’s care management capabilities and high-quality facilities, providers and delivery system with Aetna’s leading health plan expertise, cutting-edge analytics and health information technology. Together, they will provide health coverage to employers and their employees in Maricopa and Pinal counties with plans for future statewide expansion.

“We look forward to expanding this vision so that Arizonans statewide have access to care and coverage under this plan. This is going to be a great option for employers and their individual members, too.”

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This partnership, which builds upon the success of Aetna and Banner’s five-year Accountable Care Organization (ACO) relationship, previously announced in 2011, strengthens the companies’ shared commitment to reward value over volume of care for the delivery of better outcomes and lower health care costs.

The new health plan will focus on the consumer experience by combining fully integrated care teams, health insurance and administrative services, with a goal of eliminating redundancies in care as well as administrative hassles. Savings achieved by streamlining care and services will be passed on to consumers and employers through lower premiums.

“We are committed to finding new ways to deliver more efficient and effective care for our members in Arizona and across the country,” said Gary Loveman, Aetna’s executive vice president and president of Consumer Health and Services. “Together, Aetna and Banner are rethinking, reimagining and redefining the health care model to reward better outcomes and create healthier days for our customers.”

New commercial products for fully insured and self-insured customers in Maricopa and Pinal counties will be available beginning January 1, 2017. Aetna members who are currently part of the Aetna Whole Health Network ACO plans will have the opportunity to transition into plans...