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Finance

How to Help Your Patients Save Money with Technology

When it comes to refer- chosen the lowest cost MRI ing a transparent conversation about cost ing the odds that they’ll book appoint-
rals, physicians often- provider, he/she could have and value. ments and schedule imaging screenings.
times rely on a pre-exist- reduced out-of-pocket costs The MediXall.com platform is simple to • Improved Financial and Operations
ing base that includes spe- by about 30 percent and use; it works much like booking a hotel or Efficiency - A happy patient is more
cialists, diagnostic imag- saved his/her insurance com- flight through Priceline or a similar online motivated to refer their friends and fam-
ing facilities, labs, and pany about 40 percent. booking site. The patient enters the diag- ily. By automatically engaging patients
other providers to aid “Ultimately,” the study nostic imaging service that they require when they leave your care, you save time
patients. This can result reports, “we find that [the] along with preferred time, location and and labor costs managing a manual
in a network that is limit- referring physician is the date. The web tool subsequently shows process.
ed, outdated and not tai- strongest determinant of the them the results that fit their preference at “Better value referrals help improve
lored to patients’ prefer- cost of the MRI scans the lowest prices in a quick and organized revenue for the practice by bringing
ence and insurance. patients receive.” It contin- way. more patients back for care,” said
These systemic flaws ues: “…As a result, we find MediXall.com also automatically fol- Michael Swartz, President of
result in high out-of- Michael Swartz that in order to attend a lows up with patients to confirm they have Medixall.com. “These value-based sys-
pocket fees, unsatisfacto- cheaper MRI provider and taken next steps, which is not only an tems deliver more cost-effective treat-
ry service or lead patients to online search- save money, patients need to be diverted effective marketing tool, but also alleviates ment, and consumers get the right care at
es for sub-par options. When patients get from their physicians’ pre-established the need for a Primary Care Physician’s the right time at an affordable price.”
overwhelmed by unknowns such as costs, referral pathways.” Thus, the strong need office, who would likely need to hire an “I believe that the high deductibles
clear next steps and insurance coverage, for a way to turn patients into educated additional staff member to fill this role. that exist through the group health mar-
they fail to follow up. All of these factors consumers. The first full release of MediXall.com ket and the Affordable Care Act represent
combined lead to poorer service and gaps The MediXall.com Referral Program on September 1 will focus on high-value a true impediment to the delivery of
in care for patients. was developed with this study in mind. radiology full diagnostics, which quality healthcare as people just cannot
A working paper published by the The Referral Program serves as a tool for includes MRI, CT, PET, ultrasound, afford it,” said Dr. Steven Gass, CEO of
National Bureau of Economic Research physicians to enable patients, specifically mammogram scans and more. It will CoreChoice “I am excited for the launch
has reached the same conclusion. In this self-pay and underinsured patients, to eventually expand to other medical and of the MediXall.com Referral Program on
study, written by healthcare, economic, discover cheaper and more convenient dental specialties in the near future. September 1st, as the MediXall platform
and management experts at Harvard, locations previously unknown by their In conclusion: Why should a doctor addresses this issue and will make quali-
Yale, and Columbia Universities, patients provider. Doctors ultimately build their recommend MediXall.com to their ty healthcare at affordable prices avail-
used a price comparison tool to research doctor-patient relationships on trust, and patients? able to patients.”
the cost of a non-emergency MRI. Less have a better chance of patient retention • Improved Patient Satisfaction - By
than 1 percent of those patients used that and follow-through by introducing leveraging technology to engage patients If you haven’t already joined the MediXall
tool even when given the option. The patients to options that best suit their and improving the process of care, Provider Network yet, we recommend you
study also showed that a patient who needs nd budget. providers will see better patient satisfac- sign up soon! For our Early Adopters, we are
needs an MRI will, on average, bypass six Through this innovative model, health- tion. waiving all the Activation and Onboarding
lower-priced facilities en route to the care providers can decrease patients’ out- • Increased Completion Rates - fees so there is no out-of-pocket cost to get
imaging center. Perhaps the most telling of-pocket expenses and improve the MediXall.com empowers physicians to started today. For more information, visit
conclusion shows that had the patient patient-physician relationship by facilitat- help patients in follow-through, improv- http://medixallgroup.com/provider-network/.

Fair Market Value Consideration Specific to Healthcare Valuations

Healthcare valuations ter is not under any an entity with which the physician has are “well-informed” sellers who will not
require industry-specific compulsion to sell, both a financial relationship. Violation of generate business (i.e. refer work). As a
knowledge and an parties having reason- the Stark law can result in civil penal- result, the CMS’s FMV definition results
understanding of how able knowledge of rele- ties, whereas violation of AKS can in a hypothetical value in which the
valuation approaches vant facts.” result in criminal penalties. value of any potential referrals is exclud-
and methods apply to In health care, FMV Under Stark, the Centers for ed.
health care. focuses on regulatory Medicare and Medicaid Services Therefore, when valuing a healthcare
For instance, Fair compliance and is dif- (CMS) has its own definition of FMV, entity it is important to understand that
Market Value (FMV) is ferent from the above which reads in part: “Fair market value regulatory factors such as the exclusion
defined by Revenue definition. The regula- means the value in arm’s-length trans- of the value of referrals between the
Ruling 59-60, as, “the tory environment in - actions, consistent with the general buyer and seller need to be considered.
price at which the prop- cludes, the Stark law market value. ‘General market value’
erty would change and the Anti-Kickback means the price that an asset would For more information, contact Thomas J.
hands between a willing statute (AKS). The Stark bring as the result of bona fide bargain- Reck, CPA/ABV, CFF, Partner,
buyer and a willing sell- law prohibits a physi- ing between well-informed buyers and WithumSmith+Brown, PC
er when the former is BY THOMAS J. RECK, cian from referring sellers who are not in a position to gen- at (201) 265-2800 or
not under any compul- CPA/ABV, CFF Medicare patients for erate business for the other party … ” treck@withum.com or visit
sion to buy and the lat- designated services to The key words in the above definition www.withum.com.

In Memory and Praise of John McCain

“The world is a fine place and worth fighting for and I hate very much to leave it,”
spoke my hero Robert Jordan in For Whom the Bell Tolls. And I do, too: I hate to leave it.
But I don’t have a complaint.”- The Restless Wave By John McCain and Mark Salter

18 September 2018 southfloridahospitalnews.com South Florida Hospital News