New financing program aims to minimize the impact of ICD-10 revenue delay or lock-up by providing two funding options to provide a safety net for private practices.
Of the 298 CIOs and other IT leaders that participated in the HIMSS Leadership Survey, seventy percent said meeting ICD-10 requirements was their #1 priority. For private physicians, meeting ICD-10 by October is a serious hurdle. If they don’t get it right, it could cause a major cash crunch.
ADP AdvancedMD, a company committed to helping private physicians not only stay in business but thrive with cloud EHR, practice management and medical billing solutions, is announcing today at the HIMSS conference an ICD-10 transition program to provide a safety net for private practices. The program includes free preparation resources, product enhancements offered at no charge and a revenue cycle financing program offered only to ADP AdvancedMD clients through an independent third party, Alleon Healthcare Capital. The financing program aims to minimize the impact of a revenue delay or lock-up by providing two funding options, a bank statement cash advance of up to $500,000 as well as an accounts receivable based line of credit, to help ADP AdvancedMD clients withstand 30, 60, and even 90 days of nonpayment.
The ADP AdvancedMD Transition Program includes:
Educational Resources: ADP AdvancedMD clients have free access to an ICD-10 resource site, MyICD10.com, filled with recorded trainings, preparation guides and industry articles to help physicians and their staff successfully prepare for the transition. Users can subscribe to MyICD10.com and receive updates when new materials are posted. Subscribe at: http://myicd10.advancedmd.com/
Product Enhancements Offered at No Charge: ADP AdvancedMD is on track with its ICD-10 enhancement plan for PM and EHR products to ensure practices can create and submit clean claims come October 1, 2014. Among the features that will be available through the product are:
- Assessment preparation: Reports to help you identify your top 20 diagnosis codes and your top paying carriers.
- Dual coding enabled for both ICD-9 and 10
- Updated online charge entry workflows to support both ICD-9 and 10 claim creation
- A mapping tool to translate ICD-9 to ICD-10 codes, in order to assist charge posting staff in determining the right code, based on the details in visit document notes.
Revenue Cycle Financing Program: While ADP AdvancedMD will be monitoring clients’ claim submission process for issues, delays, and denials, the company has also engaged Alleon Healthcare Capital, an independent third party, to offer support to ADP AdvancedMD clients in the form of a Revenue Cycle Financing Program that includes the following two options:
Bank statement cash advance: This is an advance against future revenue in the form of a onetime cash advance to medical providers based on a six-month average of gross revenue with a maximum advance of up to $500,000, typically within 72 hours of application.
Accounts receivable based line of credit: This is a loan that provides the flexibility to receive cash sooner, supports growth, and establishes a relationship with a financial partner that understands medical revenue cycle management and can help practices deal with the business’s cash flow needs.
For more information on the revenue cycle financing program, contact Alleon Healthcare Capital to determine if this is a viable avenue of cash flow support to help your practice weather this transition: 201-340-6138 or info@alleoncapital.com.
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