Signify Health — the healthcare platform that uses technology, analytics and networks to create value-based platforms — credits its blockbuster 2020 fourth quarter and full year to flexibility during the pandemic.
Revenues increased 45% in the fourth quarter of 2020 to $193.5 million, compared to 133.3 million in the previous year. Signify Health made $610 million for the full year — up 22% from $377 million in 2019. The company’s Home and Community Services division — which manages in-home healthcare — spurred growth, increasing revenues 45% in the fourth quarter and 20% for the year.
“Our fourth quarter results demonstrated the ability of our networks, data and analytics scale to meet heightened customer demand. At the peak of the COVID-19 pandemic and in support of our customers and their members, our Home and Community Services segment quickly and successfully pivoted from in-home evaluations to rolling out an additional virtual option,” Signify Health CEO Kyle Armbrester said.
Signify Health, which went public last month, is capitalizing on the move from fee-for service to value-based care. Its value-based payment platforms align financial incentives around outcomes by helping health plans and healthcare providers assess and manage risk.
Signify Health will expand its investment in value-based payment programs with the $564 million raised through the company’s initial public offering, Armbrester said. Encouraged by the company’s strong performance during the pandemic, the company believes the “COVID-19 vaccine will help accelerate a return to a more normalized environment,” driving momentum into 2021.
The Dallas, TX-based company serves 47 Medicare Advantage programs in 17 states and made 1.4 million in-home and video evaluations in 2020. Fast Company recently named Signify Health one of the world’s most innovative companies.