Posted on Friday, March 24, 2017 in Corporate News
The St. Louis Business Journal has recognized Signature Medical Group as No. 105 among the top 150 privately held companies in 2016 in the St. Louis area. Signature moved up from No. 118 in 2015.
In an article posted online March 24, the Business Journal wrote:
Physician-owned Signature Medical Group increased its revenue 30 percent year-over-year, due to the addition of two new physician groups and the success of its Bundled Payments for Care Improvement Initiative (BPCI).
"The BPCI initiative started to mature its cash flow, and that's where a lot of that growth has come from," CEO Jan Vest said.
BPCI is an alternative payment methodology that Medicare is using to transition from fee-for-service to pay-for-value.
The physician groups added to the company in 2016, both from the Kansas City area, are Kansas City Internal Medicine with 21 physicians and Barry Pointe Family Care with four physicians. Terms of those deals were not disclosed.
In late 2016, Signature partnered with a California physician organization to launch a joint venture to provide population health management services to physicians in St. Louis, Kansas City and along Missouri's Interstate 70 corridor.
The venture, Missouri Collaborative Healthcare, is owned by both Signature and Heritage Medical Systems, although the two companies declined to disclose the exact ownership breakdown.
Looking to 2017, Vest hopes that another of Signature's programs, Strong Start for Mothers and Newborns, will progress into a business model to assist high-risk mothers, not only across Missouri but across the country. Strong Start, which aims to reduce pre-term births and improve outcomes for newborns and pregnant women, is funded through the Centers for Medicare and Medicaid.
"We've been able to eliminate NICU (neonatal intensive care unit) days for babies, which is significant," Vest said. "We've delivered more than 2,000 babies and reduced risky delivery rates by 35 percent."
Vest announced in early 2017 that he will retire at the end of the year, but will remain on Signature's board as CEO emeritus. Andrew Schwartzkopf, general counsel of the medical group, was named chief administrative officer and will be handling many of Vest's duties.
Add any jobs in 2016? We added 64 jobs total across the company in clinical, administrative and staff to support the bundled payment initiative.
Adding any jobs in 2017? Maybe another 30 jobs. That can change dramatically due to contracts. Missouri Collaborative will add about 50 companywide.
Local employees: 616
Total employees: 1,029
2016 revenue: $189 million, up 30 pct.
Leadership: Jan Vest, CEO; Dr. David Anderson, president