MPV Announces Agreement with Bend Memorial Clinic
Clinic will use MPV Phynance™ to improve contract compliance and optimize reimbursement
SAN ANTONIO, Texas. – December 6, 2005 – Medical Present Value, Inc. (MPV), a leading provider of financial tools and expert services to manage payor contracts and audit reimbursement, today announced that Bend, Ore.-based Bend Memorial Clinic has selected MPV Phynance™ to help improve contract compliance, negotiate more favorable contracts and calculate patient balances at or before the time of service.
MPV's highly trained contract analyst team will fully define and model the complex terms of Bend Memorial Clinic's payor contracts into the MPV Phynance application, which then values healthcare claims according to the details of each individual payor contract. The team also maintains a database of client-specific contract terms, fee schedules and payment policies and continually updates Medicare, state and other payment rules to ensure claim pricing is accurate. Fully defining the terms of each contract in MPV Phynance enables the 85-physician clinic to better identify and appeal claims paid at less than the contract rate and identify potential registration and posting errors.
"When we began to look for a system to help us better identify contractual underpayments, improve contract negotiations and reduce patient bad debt, MPV emerged as the clear winner," said Howard Allred, CFO of Bend Memorial Clinic. "MPV's blend of financial tools and services is the ideal solution for our clinic as we look for ways to enhance the efficiency of our revenue cycle and improve overall cash flow."
Bend Memorial Clinic is also partnering with MPV to analyze contract performance and evaluate the impact of new and proposed contract terms for upcoming negotiations with payors. By utilizing all of the contract information that is fully defined and modeled in MPV Phynance, the clinic will be able to assess the terms of proposed contracts based on the mix of services it provides. In addition, Bend Memorial Clinic will use the data stored in MPV Phynance to calculate expected patient balances at or before the time of service, and to generate comprehensive undercharge reports that will allow the group to optimize its chargemaster.
"Since today's payor contracts are increasingly complex, it is challenging for medical groups to ensure fair and accurate reimbursement for their medical claims," said Tom Stampiglia, CEO of MPV. "We look forward to partnering with Bend Memorial Clinic and providing its staff with the tools and services required to verify reimbursement and optimize contract performance."
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 17,000 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.
About Bend Memorial Clinic
Bend Memorial Clinic, a multi-specialty clinic, has been serving the Central and Eastern Oregon region for 60 years. The clinic has over 85 physicians, 17 medical specialties and 30 different ancillary clinical services. At Bend Memorial Clinic we provide "Total Care" for our patients and families. For more information go online at www.bendmemorialclinic.com.
Contact:
Medical Present Value, Inc. (MPV)
Merideth Fulton
512.439.0201
mfulton@mpv.com
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