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MPV Signs Contracts with Atlantic Orthopedics, Metrocrest Orthopaedics &
Sports Medicine and Zeiter Eye Medical Group
Specialty groups team with MPV to track payment variances and improve relations
with payors
AUSTIN, Texas. – July 8, 2008 –
Medical Present Value, Inc. (MPV) today announced
it has signed new contracts with three specialty physician groups. Each organization
will utilize the company's Web-based Phynance™ application to improve payor
compliance and revenue cycle efficiency.
The groups, which represent 28 providers, include:
- Atlantic Orthopedics, a 10-physician, orthopedic group based in Wilmington, N.C.;
- Metrocrest Orthopaedics & Sports Medicine, a Carrollton, Texas-based orthopedic group with eight physicians; and
- Zeiter Eye Medical Group, Inc., a Stockton, Calif.-based cosmetic and ophthalmology practice with seven locations and 10 providers.
"Our volume of claims is too high to depend on human review, and we needed a
solution that would allow us to check the accuracy of payments received from our
insurance carriers," said Richard G. Truax, MBA, CMPE, executive director of Atlantic
Orthopedics. "With MPV, my expectation is that we will be able to confidently tell our
physicians they have been paid according to contract terms for services rendered."
Each group's payor contracts will be defined and loaded line-by-line into
Phynance, which values healthcare claims according to the fee schedules and
payment policies associated with individual payor contracts. This will help the groups
track payment variances; identify, aggregate and appeal claims paid at less than the
contract rate; and monitor reimbursement.
"We ultimately decided to partner with MPV based on the success our peers have
experienced with them," said Rick E. Weymier, MBA, FACMPE, administrator of
Metrocrest Orthopaedics & Sports Medicine. "Through the use of Phynance, we plan
to increase the appeals efficiency of our staff and the yield of our managed care
contracts – maximizing reimbursement and collecting every dollar due from our
payors."
In addition to identifying underpaid claims, Phynance enables groups to model
proposed contract terms based on the services with the greatest impact of
reimbursement. Using these advanced reporting capabilities, practices gain a
stronger negotiating position that results in more favorable contract terms and better
relationships with payors.
"We operate with a limited staff and saw an opportunity with Phynance to
streamline payor contract management workflow while also assuring that our
contracts are being followed according to the latest terms and conditions," said John
Zeiter, M.D., president and CEO of Zeiter Eye Medical Group. "In addition, we look
forward to helping patients gain a clearer understanding of their financial
responsibility by calculating a patient's out-of-pocket expenses prior to treatment."
MPV enables groups to estimate a patient's copayment at or before the time of
service by determining the insurance allowable for the procedure and applying
applicable deductibles, co-insurance and other patient responsibilities. By providing
upfront estimates, practices are able to better educate patients, improving the
physician-patient relationship and decreasing patient bad debt.
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.
Contact:
Medical Present Value, Inc. (MPV)
Merideth Fulton
512.439.0201
mfulton@mpv.com
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