MTBC Clients to be Among the Minority Avoiding New Medicare Penalty
July 10 2017 - 8:00AM
Marketwired
MTBC Clients to be Among the Minority Avoiding New Medicare
Penalty
SOMERSET, NJ-(Marketwired - Jul 10, 2017) - MTBC (NASDAQ: MTBC)
(NASDAQ: MTBCP), a leading provider of proprietary, cloud-based
healthcare IT solutions and services today announced that it is
guaranteeing new physician clients who leverage its solution that
they will avoid the looming Medicare reimbursement penalty of
4%.
According to CMS' initial estimates, 87% of solo providers and
70% of practices with less than 10 providers will incur a penalty
equal to 4% of their Medicare reimbursements due to their failure
to comply with the requirements of the Medicare Access and CHIP
Reauthorization Act of 2015 (MACRA) during 2017. For solo
providers, the average MACRA penalty will be approximately $3,500
per provider during the first year and increase by more than 225%
over subsequent years.
"While only 13% of solo providers are expected to escape
Medicare's MACRA penalty, 100% of MTBC's new participating
providers will avoid the entire penalty - and we're guaranteeing
it," said Hadi Chaudhry, Vice President, MTBC. He continued, "Most
physicians don't know that they're likely to incur significant
penalties as a result of their inaction during 2017 and those who
know that the penalty exists typically don't understand how to
avoid it. Our proprietary solution empowers our clients to
outperform their peers and our MACRA guarantee is the latest
example of the many ways physicians leverage our technology and
expertise to maximize revenues and achieve compliance."
MTBC's MACRA guarantee extends to all new MTBC providers who
go-live on MTBC's PracticePro on or before November 15, 2017 and
relates to payment penalties incurred as a result of the failure to
comply with MACRA reporting requirements during 2017. Additional
terms and conditions can be found at
http://www.mtbc.com/resources/macra-and-mips.
About MTBC Medical Transcription Billing, Corp. (MTBC) is a
healthcare information technology company that provides a fully
integrated suite of proprietary web-based solutions, together with
related business services, to healthcare providers practicing in
ambulatory care settings. Our integrated Software-as-a-Service (or
SaaS) platform helps our customers increase revenues, streamline
workflows and make better business and clinical decisions, while
reducing administrative burdens and operating costs. MTBC's common
stock trades on the NASDAQ Capital Market under the ticker symbol
"MTBC," and its Series A Preferred Stock trades on the NASDAQ
Capital Market under the ticker symbol "MTBCP."
For additional information, please visit our website at
www.mtbc.com. Follow MTBC on TWITTER, LINKEDIN and FACEBOOK.
Forward-Looking Statements This press release contains various
forward-looking statements within the meaning of the federal
securities laws. These statements relate to anticipated future
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without limitation, statements reflecting management's expectations
for future financial performance and operating expenditures,
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SOURCE MTBC
Contact Information
Company and Investor Contact: Bill Korn Chief Financial Officer
Medical Transcription Billing, Corp. bkorn@mtbc.com (732)
873-5133
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