AdvancedMD and NGA Healthcare Join Forces to Boost Reimbursement Rates for Independent Medical Practices
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AdvancedMD, a leading provider of cloud-based software solutions for medical practices, has formed a strategic partnership with NGA Healthcare to help independent medical practices maximize their reimbursement rates from payers.
The collaboration between AdvancedMD and NGA Healthcare is tailored to the ambulatory care sector and leverages NGA’s expertise in contract negotiations with AdvancedMD’s robust analytics platform. With over 14,000 independent practices and 65,000 providers in its customer base, AdvancedMD is well-positioned to drive significant improvements in reimbursement rates for medical practices.
While NGA Healthcare also serves hospitals, this partnership specifically targets the needs of independent medical practices seeking to optimize their financial performance.
Why This Collaboration Matters
According to AdvancedMD, 44% of healthcare providers are planning to renegotiate their payer reimbursement rates this year. By securing a modest 2% to 3% increase from a key payer, a practice could potentially generate an additional $500,000 in revenue over the course of a year. This financial boost can have a substantial impact on the bottom line, especially in the face of challenges such as reduced Medicare rates, delayed patient payments, and rising operational costs.
AdvancedMD CEO Amanda Sharp emphasized the importance of renegotiating reimbursement rates as a simple yet effective strategy to enhance profitability with minimal effort. By leveraging NGA’s contract and credentialing services, medical providers have achieved significant increases of 10% to 20% in their reimbursement rates.
The Broader Industry Trend
NGA Healthcare is a trusted national consulting firm that collaborates with various healthcare providers, including dental practices, medical groups, surgery centers, and specialty providers, to drive revenue growth. On the other hand, AdvancedMD offers a comprehensive suite of practice management, electronic health record, and revenue cycle management services through its cloud-based software platform, catering specifically to independent medical practices.
As the healthcare landscape continues to evolve, strategic partnerships like the one between AdvancedMD and NGA Healthcare play a crucial role in helping medical practices navigate complex reimbursement dynamics and optimize their financial performance.
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