VENTEGRA, INC. ANNOUNCES TRANSITION INTO CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION–LAUNCH OF VENTEGRA FOUNDATION ALIGNED WITH VENTEGRA'S 100-YEAR STRATEGY
Ventegra Foundation expands steadfast commitment to create stronger and greater long-term value to all of its stakeholders
GLENDALE, CA –Ventegra, Inc., a Medical Benefit Manager (MBM) that delivers innovative, cost-efficient pharmaceutical solutions to payors, providers, and patients, announces that it began its historic transition January 3, 2024, from being a California Benefit Corporation into Ventegra Foundation, a California Nonprofit Public Benefit Corporation. The State of California has previously approved the issuance of the Articles of Incorporation for Ventegra Foundation, and it is expected to be fully operational by June 30, 2024.
Robert T. Taketomo, Pharm.D., MBA, President & CEO of Ventegra, Inc., and Chairman of the Board of the Ventegra Foundation, says, "With this move, Ventegra, Inc. has initiated our '100-year strategy' to move into a more sustainable and reliable healthcare solution for the community we serve."
Explaining the significance of this decision to obtain nonprofit status Ventegra Board Member, Larry L. Georgopoulos, Pharm.D., Ph.C., Emeritus Associate Dean of Clinical Affairs and Professor of Pharmacy Practice and Administrative Sciences, University of New Mexico, College of Pharmacy, says, "This launch represents an innovative break from the status quo in the administration of healthcare and pharmaceutical benefits. Ventegra Foundation will be strategically positioned to build on Ventegra, Inc.'s established track record and commitment of creating value and innovation for all stakeholders (payors, providers, and patients) in the communities we serve."
Ventegra Foundation Board Member Edward P. Kammerer, MD, Chief Quality Officer, Mosaic Life Care, Saint Joseph, Missouri, aptly sums up the value proposition of this new entity, explaining, "As a Nonprofit Public Benefit Corporation, Ventegra Foundation will have no obligation to shareholder earnings nor the risk of being flipped into a private equity or venture capital group. Instead, Ventegra Foundation will be governed by a Board of Directors, the majority of whom are selected by public charities, for the benefit of the communities served."
"This is a proud moment in Ventegra's history," says Dr. Taketomo. He explains, "Transitioning our operations into a nonprofit corporation on our 20th year of business represents a significant milestone for our company, our employees, our clients, the patients and providers we serve, and all of our stakeholders."
Adds Dr. Taketomo, "This is an important step toward improving the American healthcare system as a whole. By providing a more accessible and efficient not-for-profit solution in an industry plagued by oligopolies that are hurting consumers, perverse incentives, conflicts of interest and inertia, Ventegra Foundation will set a new standard for integrity in the administration of healthcare and pharmaceutical benefits."
Further detailing the significance of this milestone achievement, Ventegra Foundation Board Member Guy L. Clifton, MD, CEO and Founder of Actin Care Groups, Crystal Lake, IL, states, "Ventegra has a unique business model that is not predicated on a fiduciary responsibility to generate returns for shareholders; instead, Ventegra can focus on meeting the needs of the patients and the community that it serves. Ventegra supports programs that a traditional Pharmacy Benefits Manager (PBM) will not because of the conflicts of interest that are endemic in healthcare administrative services. The new Ventegra Foundation is uniquely positioned to change that dynamic at scale."
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About Ventegra, Inc.
Ventegra, Inc. is the legacy Ventegra that is dedicated to servicing Ventegra Foundation. Over time, the assets of Ventegra, Inc. will transition over to Ventegra Foundation. www.ventegra.com
About Ventegra Foundation
Ventegra Foundation is a California Nonprofit Public Benefit Corporation. Its mission is to establish new channels for delivering better efficiencies and more cost-effective healthcare for the community that is served. A complex transition process will be initiated that will transfer the intellectual property and personnel of Ventegra, Inc. into Ventegra Foundation. The implementation process is expected to be completed by June 30, 2024. www.ventegra.com
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Ventegra has adopted a General HIPAA Compliance Policy in order to comply with the Health Insurance Portability and Accountability Act (“HIPAA”), as amended by the Health Information Technology for Economic and Clinical Health (“HITECH”) Act of 2009 (Title XIII of division A and Title IV of division B of the American Recovery and Reinvestment Act “ARRA”) and the HIPAA Omnibus Final Rule (Effective Date: March 26, 2013). We acknowledge that full compliance with the HIPAA Final Rule is required by or before September 23, 2013.
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Part of our efforts to improve the healthcare system, Ventegra is committed to detecting, preventing and correcting fraud, waste and abuse.
What are Fraud, Waste, and Abuse?
FRAUD is generally defined as knowingly and willfully executing, or attempting to execute, a scheme or artifice to defraud any health care benefit program or to obtain (by means of false or fraudulent pretenses representations, or promises) any of the money or property owned by, or under the custody or control of, any health care benefit program. (18 U.S.C. § 1347)
WASTE is overutilization of services or other practices that, directly or indirectly, result in unnecessary costs to the health care system, including the Medicare and Medicaid programs. It is not generally considered to be caused by criminally negligent actions, but by the misuse of resources.
ABUSE includes any action(s) that may, directly or indirectly, result in one or more of the following:
Unnecessary costs to the health care system, including the Medicare and Medicaid programs
Improper payment for services
Payment for services that fail to meet professionally recognized standards of care
Services that are medically unnecessary
Abuse involves payment for items or services when there is no legal entitlement to that payment.
How to Report Fraud, Waste, and Abuse
If you suspect fraud, waste, or abuse in the healthcare system, please report it. To report suspected fraud, waste, or abuse, you can contact Ventegra:
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