Last month, we shared that members of our network who are a part of our Accountable Care Organization will receive a financial distribution because of our success in the Medicare Shared Savings Program. Now, we are pleased to announce that our providers and participating members, by working in collaboration with our population health management team, have achieved high-quality care and an effective reduction in spending of health care dollars above specified thresholds. This means, qualified providers and participating members can share in the financial savings generated for the populations we manage.
Through these efforts, KentuckyOne Health Partners saved our clients approximately $3.8 million and generated shared savings earnings of more than $1.6 million in our first fiscal year (FY2015). A percentage of these savings funds KentuckyOne Health Partners infrastructure and operating expenses, including our sophisticated care management information system and staff costs. The rest will be allocated using a board-approved formula to our qualified providers, including hospitals and individual clinical provider practices. Distribution of this shared savings occurs within the new few months.
Congratulations to all participating providers for your efforts to provide better care, better health and a better experience at a lower cost for all patients. Through our progressive, value-based approach and our advance care management strategies, we are all making a difference in the lives of those we serve.