How Independent Practices can Navigate the Recent CMS Ruling

by | Jul 2, 2024 | Thrivory News

CMS UPDATE

In recent news that have sent waves of concern through the healthcare community, the Centers for Medicare & Medicaid Services (CMS) is contemplating shutting down advance funding programs for Medicare providers affected by the Change Healthcare hack. For many independent practices, this potential move could lead to financial strains and disrupt essential care services. However, there is a solution on the horizon that can mitigate these concerns and provide a lifeline to those in need.

Understanding the Implications for Independent Medical Practices

The potential shutdown of advance funding programs is more than just another regulatory change; it’s a decision that could impact the financial sustainability of many independent practices. These practices often operate on thin margins and rely on efficient cash flow to maintain operations and continue offering quality patient care. Without advance funding, many face the threat of delayed reimbursements, stalled services, and increased financial instability.

The Change Healthcare Hack: A Catalyst for Change

The hack on Change Healthcare, a major provider of healthcare administrative services, has already made significant ripples in the industry. As healthcare providers grapple with the fallout, including data breaches and disrupted services, the added turbulence from CMS’s potential advance funding shutdown could exacerbate the situation further.

The Financial Solution Tailored to Medical Practices

At Thrivory, we are firmly committed to helping practices recover from this data breach. Our platform offers a financial solution that virtually eliminates the wait for insurance reimbursements, effectively ensuring that your practice maintains a healthy cash flow even in the face of regulatory changes and industry hacks.

How Thrivory Works

  1. Immediate Analysis and Funding: Thrivory’s advanced predictive payment engine analyzes your claims instantaneously, providing your practice with immediate funds. This means no more waiting for weeks or months for reimbursement.
  2. Streamlined Reimbursement Process: By significantly shortening the reimbursement cycle, Thrivory helps practices manage their finances more effectively, ensuring that services are not disrupted due to cash flow issues.
  3. Increased Revenue Opportunities: Beyond immediate funding, Thrivory helps uncover ways to enhance your practice’s revenue, allowing you to spot opportunities that you might otherwise miss.

More Than Just a Financial Solution

Thrivory isn’t just about funding; it’s about empowering practices to grow confidently and maintain financial stability. Traditional financing or advance cash programs often come with complexities, high costs, and risks that practices cannot afford. Thrivory was purpose-built for the independent practice community to eliminate financial risks and complexities. With Thrivory, you’re not just surviving the storm; you’re thriving in it!

Looking Ahead

As the healthcare landscape continues to evolve, independent medical practices need reliable partners who understand their unique challenges. Thrivory is dedicated to offering innovative solutions that ensure medical providers can focus on what they do best: delivering exceptional patient care.