AdvancedMD and NGA Healthcare have partnered to help independent medical practices get higher reimbursement rates from payers.
The joint offering, which focuses on the ambulatory care space, combines NGA's contracting abilities with AdvancedMD's analytics and the latter's customer base, which includes over 14,000 independent practices and 65,000 providers.
NGA Healthcare also works with hospitals.
WHY THIS MATTERS
Forty-four percent of healthcare providers plan to renegotiate payer reimbursement rates this year, according to AdvancedMD.
Getting a 2% to 3% increase from a payer that is heavily represented in the practice might result in $500,000 in additional revenue during the year, according to information released by AdvancedMD.
Challenges in the ambulatory care space include reduced Medicare rates, delayed patient payments and increased operational costs, according to AdvancedMD CEO Amanda Sharp.
"Renegotiating your reimbursement rates or entering into a new payer contract is a straightforward way to immediately improve your bottom line with minimal effort," Sharp said.
Medical providers have gained a 10% to 20% increase in reimbursement rates using NGA's contract and credentialing services, according to AdvancedMD.
THE LARGER TREND
NGA Healthcare is a national consulting firm that partners with dental practices, medical groups, surgery centers and specialty providers on revenue growth.
AdvancedMD is a cloud-based software-as-a-service (SaaS) company that provides practice management, electronic health record and revenue cycle management services to independent medical practices.
Email the writer: SMorse@himss.org