MIT Holding saw its business grow above expectations in the
first quarter, reporting triple-digit increases in revenues, service income and
gross profit, and a drastically reduced net loss. The source for such
incredible year-over-year growth? The company’s acceptance and adaptation to
the Affordable Care Act (ACA).
While many companies have pushed back against the ACA, MIT
Holding embraces the new healthcare law. Anything new means a change to the old
ways of doing business. Fight the changes and you have a host of new problems
to deal with on a daily basis. Change what you were doing, however, and those
problems just seem to disappear.
Meaningful Use Rules under the ACA requires doctor and
hospitals to document a patient’s recovery after discharge. This mandate
creates significant obstacles for hospitals, such as how to track a patient’s
recovery while they are at home and how to ensure they are taking the proper
medications, therapies, and keeping multiple appointments. These challenges are
sending hospitals nationwide scrambling to find a solution for these MUR
requirements.
How serious is this to doctors and hospitals? Very. For
example, let’s say a hospital bills Medicare/Medicaid for procedure “XYZ” and
the allocated payment for that service is $10,000. The hospital must now follow
up on the patient AFTER discharge.
Should the patient not recover or the hospital not properly
document according to the rules, the hospital is penalized for the next year in
that Medicaid/Medicare will pay all of those same procedures billed for the
next year at a lower payout. So if the penalty is 10%, the hospital would only
receive $9,000 for procedure “XYZ” for the NEXT 12 MONTHS.
Recognizing the steep implications hospitals may face under
the new requirements under the ACA, MIT has developed a solution. MIT offers
doctors and hospitals the ability to refer their patients to the company’s
one-source recovery service. This first-of-its-kind concierge service starts as
soon as the patient is discharged from the hospital, at which time they are met
with an MIT representative. With the patient’s permission, MIT then assumes the
responsibility of the recovery period.
MIT’s services are comprehensive to the at-home recovery
phase, handling everything from in-home medical equipment, infusion services,
medications, follow up appointments, therapy sessions, wound dressings,
transportation, insurance inquires and professional insurance claim billing.
The company’s goal is for the patient to feel as if the hospital went home with
them. There will be no lapse in care. All the patient needs to do is follow the
MIT professional health caregiver’s instructions and recover. On a daily basis,
MIT will document the recovery of the patient, interacting with them one-on-one
to help them heal properly, efficiently and quickly.
The digital paperwork the company maintains in order to
monitor the patients recovery contains the information the hospital and doctors
need to comply with the new rules. For a small and reasonable fee that
information is now an email away.
With this solution, MIT has answered the question many
hospitals are asking: “How do you track a patient once they have left the
medical facility?”
When a pneumonia patient is discharged from the hospital and
signed onto MIT’s system, the company expects that on average there will be
from $12,000 to $15,000 in billable events. The company is prepared to capture
those events and collect a fee for the digital paperwork documenting the
recovery. A simple integration of the hospital software with MIT’s software
should deliver that information in a format ready for filing with Medicare/
Medicaid.
The efficiency and growing popularity of MIT’s one-source
solution is in the numbers.
In a recent 10Q filing, MIT reported first-quarter revenues
of $489,854, more than double prior-year first-quarter revenues of $279,872.
The company attributes this growth of 133.3% to an increase in customer
referrals and subcontractor services. The first-quarter net loss of $9,654
represents a drastic cut from a loss of $105,726 a year ago. This resulted in a
gross profit for the first quarter of $277,922, or 56.7%, as compared to gross
profit for the same quarter in 2014 of $127,790, or 60.9%. Furthermore, new
billing procedures improved the company’s accounts receivable by nearly 200%.
Moving forward, MIT will continue to embrace the ACA and the
opportunities it provides for the company’s at-home recovery solutions and
services.
“We deal in solutions not problems at MIT Holding and see no
reason to fight the system,” says William Nalley, head of MIT’s investor
relations. “When the problem occurs for the doctors and hospitals MIT Holding
deliver the solutions. The benefit for MIT Holding is the captured billing
events for that patient’s medical recovery.”
For more information, visit www.mitholdinginc.com
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