Six months ago, three of North Carolina’s leading health systems announced plans to create a new company, owned by all three organizations, with the goal of working together to improve quality and affordability for patients across the state. Today, Wake Forest Baptist Medical Center, Vidant Health and WakeMed Health & Hospitals continue to forge ahead with the innovative, value-based business model, naming the shared services company as well as its president, Mark W. Tribbett.
True to its core Latin meaning – sharing, associated, allied – the word socius reflects the individual health care systems’ similar missions, visions, values and strategic focus. A fitting name for the company, Socius Health Solutions brings together the collective talents and best practices of three like-minded organizations while retaining independent structure, governance and local identity. The shared services approach leverages each of the systems’ areas of expertise, both clinically and operationally.With a mission to enhance access to high-quality, affordable health care to patients and consumers, Socius Health will support health care reform initiatives - including Accountable Care Organization development and implementation as well as care coordination for population health - and create business and clinical efficiencies. The company will also assist in meeting the challenges posed by reduced reimbursement rates as well as technological changes while keeping patient-centered care at the forefront.
“Socius Health fits perfectly with our mission and goals of seeking preferred partners to deliver an exceptional level of health care service by sharing our strengths and resources,” said Donald Gintzig, WakeMed president and CEO and chair, Socius Health Board of Directors. “Our organizations want to deliver the best care and value to our state’s citizens.”
The company will be based out of Raleigh, N.C., centrally located between the three organizations. The next steps for Socius Health are to refine areas of focus as well as initiatives and methods of tracking. Opportunities such as supply chain management, select IT infrastructure and clinical protocols will be available for its member institutions.
“We will be building on the work of clinical teams from last fall to codify best practices and spread them throughout our health systems,” commented Dr. John McConnell, CEO of Wake Forest Baptist Medical Center. “Some of the benefit from this work will come from identifying select specialty patients with the most commonly diagnosed conditions in the specialty across the three systems. This clinical work will benefit patients in today’s health care environment as well as prepare the health systems for population health.”
At the helm of the new company is Mark W. Tribbett, FACHE, who brings with him more than 30 years of health care management with extensive experience as a hospital administrator and consultant. As president of Socius Health, Tribbett will lead efforts to transform health care models and support infrastructure that reduce costs and best meet the needs of diverse patient populations.
“We believe Mark is the right leader, with the right credentials and a proven track record to help improve all of our health systems’ efficiencies and value in order to invest more in the care of our patients,” added Janet Mullaney, interim CEO of Vidant Health.
Prior to joining Socius Health, Tribbett established AlphaHealth, LLC, a health care innovations firm focused on strategic planning and the development of health care enterprises. As founder and president of AlphaHealth, he steered more than 100 major projects for 50+ health care organizations including strategic, facility and operations improvement plans. He also developed new hospital models and provided executive operations leadership in this role.
Additionally, Tribbett served in leadership positions within hospital and health care systems for 17 years. His career path includes a 10-year tenure with Novant Health and Presbyterian Healthcare System as executive vice president for the Charlotte region. He led hospital operations, the development of Presbyterian Matthews Hospital – a national leader in the patient-centered care model – and oversaw outpatient centers and physician practices.
Tribbett earned a master’s in health care administration from Duke University. He also holds a bachelor’s in business with a focus on marketing management from Virginia Tech.
Socius Health Solutions operates as a separate limited liability company with a board comprised of representatives from all three health systems.Media Relations
Paula Faria: pfaria@wakehealth.edu, 336-716-1279
Shannon Putnam: news@wakehealth.edu, 336-713-4587