MTBC Clients to be Among the Minority Avoiding New Medicare Penalty
SOMERSET, NJ -- (Marketwired) -- 07/10/17 -- 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."
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SOURCE MTBC
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
(732) 873-5133
Source: Medical Transcription Billing, Corp
Released July 10, 2017