VENTEGRA, INC. ANNOUNCES FORMATION OF 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 the State of California has approved the issuance of the Articles of Incorporation of Ventegra Foundation. This signifies the historic launch of a Nonprofit Public Benefit Corporation.
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., College of Pharmacy at the University of New Mexico, 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."
Dr. Taketomo adds, "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 owned by the community it serves and be governed by a Board of Directors, the majority of whom are selected by public charities."
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, "The U.S. healthcare industry is in need of disruption from the payors through the players. We at Ventegra Foundation intend to be that disruptor."
"This is a proud moment in Ventegra's history," says Dr. Taketomo. He explains, "Transitioning our operations to a nonprofit corporation after 16 years of business represents a significant milestone for our company, our employees, our clients, and our partners. Furthermore, it is an important step toward improving the American healthcare system as a whole. By providing a more accessible, efficient solution in an industry plagued by perverse incentives, conflicts-ofinterest 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 been a true partner to our member companies because of Ventegra's alignment with our employers' interests. 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, most of the assets of Ventegra, Inc. will transition over to Ventegra Foundation. www.ventegra.com
About Ventegra Foundation
Ventegra Foundation is the new nonprofit Public Benefit Corporation in formation that will be the basis for Ventegra going forward. A complex transition process will be initiated that will transfer the intellectual property and personnel of Ventegra, Inc. into Ventegra Foundation. It is expected that this transition will occur over a period of three to five years. www.ventegra.com
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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.
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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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