Three practices that are part of Stratum Med, a physician owned and governed services company representing 19 large multi-specialty groups in the Midwest, will utilize Medical Present Value, Inc.’s (MPV) financial tools and expert services to improve payor contract management processes and audit reimbursement
The three Midwest groups include:
Quincy Medical Group, a multi-specialty group with more than 100 medical professionals located in Quincy, Ill.;
Medical Associates Inc., a Menomonee Falls, Wis.-based multi-specialty group with 143 providers; and
Prevea Health in Green Bay, Wis., a multi-specialty group with 196 providers.
“MPV equips us with the payor compliance tools and reimbursement expertise to fully monitor our contract performance and resulting revenue, instead of relying solely on our valuable staff resources,” said Bud Chumbley, MD, CEO of Medical Associates and president of Stratum. “With this approach, we not only increase revenue cycle efficiency, but we also have confidence that our reimbursement complies with contract terms.”
MPV will help the groups automate their payor contract management. By defining and modeling the individual terms of each group’s payor contracts and loading them line-by-line into the Web-based Phynance™ application, MPV’s analysts will create a database of client-specific contract terms, fee schedules and payment policies.
Using this data, the groups will be able to improve their overall revenue cycle management processes in a number of ways. Undercharge reports will show the groups where charges fall below the contract maximum, enabling them to raise charges when allowables are increased. They will also have the ability to identify payment variances, aggregate and submit contract-based appeals and model proposed contract terms within the application, resulting in stronger negotiating positions with payors. In addition, the groups can estimate patient copays prior to service, which will help to improve cash flow and increase collections.
“With the growth of consumer directed health plans, it is more important than ever to provide patients with copayment estimates before the time of service to improve patient satisfaction and reduce bad debt,” said Tom Stampiglia, CEO of MPV. “By partnering with MPV, these groups will have the tools required to address this growing need and to effectively manage their payor contracts.”
Recently, Stratum Med selected MPV as its contract management and claims auditing provider of choice.
About MPV
MPV provides medical groups with financial tools and expert consultative services to monitor payor performance; verify reimbursement; reduce registration, coding and posting errors; negotiate better contracts; and improve overall cash flow. Serving more than 22,000 physicians nationwide, MPV gives clients better control of their payor contracts, improves workflow efficiency and strengthens the bottom line. For more information, please visit www.mpv.com.