Three-Point Program to Assist Successful Transition with Free Resources, Product Enhancements and Revenue Cycle Financing Offered Only to ADP AdvancedMD Clients
Orlando, FL – (February 26, 2014) – ADP® AdvancedMD, a leader in all-in-one, cloud electronic health record (EHR),practice management, and medical scheduling software as well as medical billing services, today announced an ICD-10 transition program to ease the burden on 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 to help ADP AdvancedMD clients withstand 30, 60, and even 90 days of nonpayment.
“There is speculation the transition to ICD-10 could cause a halt in the revenue cycle process,” said Raul Villar, president, ADP AdvancedMD. “While we are confident our platform will not cause challenges, there could potentially be data exchange problems among clearinghouses and payers, leading to issues with claim submissions, delays in payments or an increase in denials. The question each practice should be asking is: ‘Will my business be able to sustain a potential impact to cash flow during the transition?'”
The ADP AdvancedMD Transition Program includes:
Educational Resources: ADP AdvancedMD clients have free access to an ICD-10 resource site,myicd10.advancedmd.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[email protected].
AdvancedMD Resources
- Watch an executive discussion on AdvancedInsight
- Tour the AdvancedInsight reporting suite
- Learn more ADP AdvancedMD and our software and services that support practices no matter how they choose to do their medical billing, inhouse or third party biller. (www.advancedmd.com)
- AdvancedMD on Facebook, Twitter and LinkedIn
About ADP
With more than $11 billion in revenues and more than 60 years of experience, ADP® (NASDAQ: ADP) serves approximately 620,000 clients in more than 125 countries. As one of the world’s largest providers of business outsourcing and Human Capital Management solutions, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the Affordable Care Act (ACA). ADP’s easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP, visit the company’s Web site at www.adp.com.
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