Johnson City, Tenn.-based State of Franklin Healthcare Associates has joined Farm Bureau Health Plans' Medicare Advantage network, in a move that comes as several major health systems are shying away from Medicare Advantage partnerships.
Through the addition of State of Franklin, over 250 new providers will be added to FBHP's 16,200+ provider network, according to a Nov. 22 press release. The change will go into effect on Jan. 1.
Several major systems that run hospitals and ASCs have called it quits with Medicare Advantage this year, citing low reimbursement rates and prior authorization hassles.
"We have stopped seeing these patients due to poor and decreasing reimbursement as well as increased paperwork and administrative requirements for the plans," Ciro Randazzo, MD, neurosurgeon at IGEA Neuro, told Becker's.
Additionally, the number of Medicare Advantage plans available to patients is remaining stagnant in 2024 — the first year options have not risen since 2018.