Covenant Medical Group Signs Contract with MPV to Improve Contract Performance, Increase Revenue and Reduce Bad Debt

Medical Present Value, Inc. (MPV), a leading provider of financial tools and expert services to manage payor contracts and audit reimbursement, today announced that Lubbock, Texas-based Covenant Medical Group has selected MPV Phynance™ to monitor reimbursement, improve payor contract management and increase revenue.

MPV helps medical groups achieve accurate reimbursement through a combination of consultative services and Web-based technology. The company’s contract analyst team defines the terms of each payor contract into the MPV Phynance application and maintains a database of client-specific contract terms, fee schedules and payment policies to ensure claim pricing is accurate. Fully defining the terms of each contract in Phynance allows Covenant Medical Group to better identify and appeal claims paid at less than the contract rate and identify potential registration and posting errors.

“Until recently, our group used a software-focused application to identify underpayments, but this approach was labor-intensive for us as it required that we maintain all of our data on our own and completely understand our contracts and the reimbursement logic contained within them,” said Kristen Kothmann, director of reimbursement for Covenant Medical Group. “With MPV Phynance, we found the right combination of contract services and technology dedicated to the physician medical group market space, which will allow us to identify true contractual underpayments, better understand and analyze the performance of our payor contracts and improve revenue cycle management processes.”

In addition to evaluating the performance of its contracts, Covenant Medical Group can also use the information stored in MPV Phynance to calculate expected patient balances at or before the time of service, helping to increase time-of-service collections and reduce bad debt. The group can also generate comprehensive undercharge reports to ensure chargemaster accuracy and to assess the implications of proposed contracts for future negotiations with payors.

“MPV understands how difficult it is for medical groups like Covenant to achieve peak financial performance in today’s complex healthcare environment,” said Tom Stampiglia, CEO of MPV. “By combining financial services and software, MPV has developed a proven solution for helping medical groups better understand their payor contracts and increase revenue.”