Smith+Nephew announces partnership with National Medical Billing Services, a leader in revenue cycle management
LONDON, May 5, 2020 /PRNewswire/ -- Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology business, today announces a strategic partnership with St. Louis-based National Medical Billing Services (National Medical) to provide revenue cycle management (RCM) solutions to Ambulatory Surgery Centers (ASCs) across the US.
The venture is part of the company's recently announced Positive Connections program, a turnkey support service for surgeons seeking to move orthopaedic cases into the outpatient setting. The advisory and business services offered through the partnership may be of particular relevance to ASCs as they work to navigate the challenges arising out of the global COVID-19 pandemic.
The two companies will partner to offer RCM support in order to increase ASC cash flow and strengthen compliance. The mutual agreement aims to streamline back-office financial processes and procedures while adding efficiencies for ASC stakeholders. National Medical uses a combination of industry-leading expertise, proprietary intelligent workflow technology, and insightful analytics and advice to achieve results for ASCs.
The partnership between Smith+Nephew and National Medical intends to:
- Compress the revenue cycle timeframe
- Improve cash flow and compliance for orthopaedic procedures
- Develop creative solutions for contracting issues resulting in advantages for patients, payers and ASCs
- Create payer-specific invoices to reduce administrative burden
- Aggregate clinical and financial data into one repository to better define and communicate quality and value for payers and patients
- Conduct customer education events to continuously update surgeons and owners on ever-changing financial constructs and regulations
- Utilize cutting-edge analytics tools in order to provide detailed information, insights and advice to ASCs
"By combining our leading product portfolio with the decades of RCM experience held by the National Medical team, we are uniquely positioned to address the complex revenue cycle challenges that frustrate ASC owners," said Laura Rector, Vice President of Ambulatory Surgery Centers at Smith+Nephew.
"As more high-acuity procedures migrate to the surgery center setting, it is critical for ASC administrators to examine and refine their managed care contracting, billing and accounts receivable processes, and to have sophisticated technology and analytics at their fingertips," said Nader Samii, CEO of National Medical Billing Services. "We are excited to partner with an industry leader like Smith+Nephew so we can combine the deep expertise of our team of revenue cycle professionals with value-focused solutions to create a comprehensive program for ASC customers."
To learn more about National Medical Billing Services, visit https://nationalASCbilling.com/.
To learn more about Positive Connections or register for Outpatient Total Joint Experience team training, visit https://www.smith-nephew.com/positive-connections/.
* ACTICOAT FLEX 3 and FLEX 7 are only cleared for use with NPWT for up to 3 days.
1. National Joint Registry for England, Wales and Northern Ireland: POLARSTEM Cementless (Oxinium/XLPE/R3 cup) implant summary report. 14 August 2019. Available at: http://bit.ly/POLAR3_Aug2019.
†The data used for this analysis was obtained from the NJR Supplier Feedback System. The Healthcare Quality Improvement Partnership ("HQIP") and/or the National Joint Registry ("NJR") take no responsibility for the accuracy, currency, reliability and correctness of any data used or referred to in this report, nor for the accuracy, currency, reliability and correctness of links or references to other information sources and disclaims all warranties in relation to such data, links and references to the maximum extent permitted by legislation.
Smith+Nephew is a portfolio medical technology business that exists to restore people's bodies and their self-belief by using technology to take the limits off living. We call this purpose 'Life Unlimited'. Our 17,500+ employees deliver this mission every day, making a difference to patients' lives through the excellence of our product portfolio, and the invention and application of new technologies across our three global franchises of Orthopaedics, Advanced Wound Management and Sports Medicine & ENT.
Founded in Hull, UK, in 1856, we now operate in more than 100 countries, and generated annual sales of $5.1 billion in 2019. Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN). The terms 'Group' and 'Smith+Nephew' are used to refer to Smith & Nephew plc and its consolidated subsidiaries, unless the context requires otherwise.
This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith+Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payers and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls or other problems with quality management systems or failure to comply with related regulations; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; disruption to our supply chain or operations or those of our suppliers; competition for qualified personnel; strategic actions, including acquisitions and dispositions, our success in performing due diligence, valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documents that Smith+Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith+Nephew's most recent annual report on Form 20-F, for a discussion of certain of these factors. Any forward-looking statement is based on information available to Smith+Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith+Nephew are qualified by this caution. Smith+Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith+Nephew's expectations.
? Trademark of Smith+Nephew. Certain marks registered US Patent and Trademark Office.
SOURCE Smith & Nephew plc
Upcoming Life Sciences Events
- August 2020
- ChinaBio® Partnering Forum 2020 Digital
- Biotechgate Digital Partnering Event
- September 2020
- Basel: Pharma-Biotech Product & Company Valuation