Chandler, Arizona (PRWEB) November 04, 2014 -- Nobility RCM, a Healthcare Company in Chandler, AZ is creating the Nobility Pre-Funding Program. The program is designed to help eliminate the uncertainty of medical billing and insurance reimbursement payments to physicians and medical practices.
The Nobility Pre-Funding Program solves the problem of declining reimbursements and rising costs by providing medical practices with predictable revenue every month. This provides financial stability, opens up great opportunity for better care, and helps build more successful practices.
"Nobility Pre-Funding is the answer to the biggest challenge for physician medical
Practices and facilities. Getting paid on-time, with outright predictability and by decreasing the expense of utilizing EHR." Matt Gauer, COO of Nobility.
In 2014 the AMA drafted a letter to the CMS (The Centers for Medicare & Medicaid Services) expressing its concern over the financial burden for physicians practices to transition from ICD-9 to ICD-10.
The creation of Nobility RCM was as a result of the massive changes brought on by the Affordable Care Act and the challenges small, medium, and large healthcare practices face in getting paid from insurance companies. In particular the onset of the new ICD-10 coding practice guidelines.
The letter states:
“By itself, the implementation of ICD-10 is a massive undertaking. Yet, physicians are being asked to assume this burdensome requirement at the same time that they are being required to adopt new technology, re-engineer workflow, and reform the way they deliver care; all of which are interfering with their ability to care for patients and make investments to improve quality.” - James L. Madara, MD | Executive Vice President, CEO AMA
ICD-9 to ICD-10 transition has major financial impact on practices of all sizes.
"The markedly higher implementation costs for ICD-10 place a crushing burden on physicians, straining vital resources needed to invest in new health care delivery models and well-developed technology that promotes care coordination with real value to patients," said AMA President Ardis Dee Hoven, M.D. "Continuing to compel physicians to adopt this new coding structure threatens to disrupt innovations by diverting resources away from areas that are expected to help lower costs and improve the quality of care.
In 2008 the predicted cost to implement ICD-10 ranged from $83,290 for a small practice, $285,195 for a medium practice and $2,728,780 for a large practice. Based on new information, the 2014 study found the following cost ranges for each practice size based on variable factors such as specialty, vendor and software.
Small practice: $56,639 - $226,105
Medium practice: $213,364 - $824,735
Large practice: $2,017,151 - $8,018,364
Independent medical practices and healthcare networks have struggled to maintain stable cash flow in order to meet the growing demand of patients as the Affordable Care Act continue to expand enrollment.
Many of the ACA (Affordable Care Act) plans have very high deductibles putting more financial responsibility in the hands of the patient and putting the practice in greater financial risk.
“Nobility Pre-Funding is the answer to the biggest challenge for physician medical practices. Getting Paid.” says Matt Gauer, COO of Nobility
“After many years helping healthcare practices find higher revenue and better profits we created a system that took the risk out of the equation so they could focus on great patient care.”
About Nobility RCM:
The main mission of Nobility RCM is to help physicians and practices achieve financial freedom through 3 core services that include, Financial Pre-Funding, Complete Medical Billing, and EHR support.
Nobility RCM, a healthcare company in Chandler, AZ is creating the Nobility Pre-Funding Program to help eliminate the uncertainty of medical billing and insurance reimbursement payments to physicians and medical practices.
Visit NobilityRCM at http://www.nobilityrcm.com to find out more.
Brian Flynn, Nobility Medical Billing & Pre-Funding, http://www.nobilityrcm.com, +1 602-419-8946, [email protected]