Richmond | Virginia | 2023 | Market Overview

The healthcare market in Richmond is largely influenced by local healthcare systems which have been bolstering projects while also attempting to expand just outside the market. While new facilities include services for pediatrics, trauma, neonatal care, and orthopedics, dominant payer Anthem remains embroiled in a contract dispute with Bon Secours Mercy Health following the system’s acquisition of a trio of hospitals. The Richmond physician market has shown favorable rates of patient accessibility compared to other markets of comparable size, and Virginia Care Partners made headway in the accountable care space by attaining more than $1 million in shared Medicare savings. The exchange market has become more competitive with the entrance of new health plan options, particularly from Oscar Health and UnitedHealthcare’s Optimum Choice. Legislation has been influential on the healthcare industry, including an easing on telehealth restrictions and a new law that implements a state-run health insurance exchange by 2023.

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