Columbia-based Veda Health, a national long-term care company that uses advanced surveillance, HEDIS and STARs scores to reduce medical costs and increase member engagement for underserved Medicaid and SNP populations, announced Monday that it has reaffirmed minority ownership with the state. Illinois Business Enterprise Program (BEP).
The Business Enterprise Program was created by the Illinois State Commission on Equity and Inclusion (CEI) and aims to expand access to state contracts for minorities, women, people with disabilities and veterans, and to assist the state in advancing equity and inclusion. Throughout the workforce. Vheda Health has completed full BEP certification, which is valid for seven years.
Medicaid, SNP, and Medicare health insurance programs in the state of Illinois are required by state law to partner with MBE-designated companies to create a continuous and efficient supply chain. These same health insurance programs are required to set aside a portion of their budget and contract with BEP-certified companies and meet annual spending goals.
According to data compiled by the Kaiser Family Foundation, Illinois ranks 7th in total Medicaid spending — $26.9 billion in fiscal year 2021 — representing 3.5 percent of total Medicaid spending in the United States.
In addition to Illinois Minority Accreditation, Vheda Health holds certifications with the National Minority Provider Development Council (NMSDC), the State of Maryland, and the Commonwealth of Pennsylvania.