Renal Management Group and Neway Enter Partnership to form Neway Financial®
Littleton, Colorado, 7/23/2024. Renal Management Group “RMG,” a financial consulting firm for the dialysis industry, and Neway, LLC, the US leader in value-based care for dialysis labs, have entered into a strategic partnership and announce the formation of Neway Financial.
Neway and RMG started working on the partnership framework in early 2024, with a shared vision to expand value-based services to the ESRD industry, specifically financial consulting services for dialysis programs. Billing and claims are complicated and incredibly time consuming. CMS requirements are becoming more stringent and regulated, and over 50% of Medicare patients are now subscribing to Medicare Advantage plans, putting a greater burden on dialysis programs to submit accurate claims and ultimately collect proper reimbursements. Meanwhile, key cost drivers continue to rise, making it more difficult than ever for Dialysis providers to deliver excellent patient care with sustainable financial results. Neway Financial meets a growing demand for financial stewardship and improved operational efficiency within the dialysis industry.
Bryan Thompson, Neway Founder & CEO said, “We are excited to announce Neway Financial and expand the portfolio of services under the Neway brand. We continue to find new ways to help dialysis organizations and differentiate ourselves in the market as a dialysis company focused on value-based care.”
Tyson Aschliman, CEO of RMG Services, said, “Partnering with Neway leverages our combined expertise in the dialysis industry and expands our ability to meet customer demand across the country. Our synergy has been a natural fit and we are excited to help improve our customers’ financial performance.”
About Neway Financial:
Neway Financial brings 40+ years of expertise as dialysis providers, so we understand what programs experience. We are not just a billing company. We built a business practice from hard fought experience as dialysis providers to help programs navigate the challenges associated with invoicing and claims. Our services include:
Revenue-Cycle Management – Neway Financial helps you report expected revenues for every billing period, not just a claims amount with an estimated write-down or discount. We help programs accurately predict reportable AR versus actual collections, with a variance of less than 1.5%, historically, which gives you a significant advantage in budgeting, planning, finance, and overall fiscal responsibility. Prior to submitting claims, we review all claims-related EMR data to identify treatment documentation errors and work with the Provider to correct any discrepancies before claims are processed. Ultimately, the results are faster claims, faster collections, and cash receipts equal to initially reported collectable revenues.
Program Stewardship Assessment – Neway Financial engages with your financial and operational team to assess your program’s overall financial performance. From contracting rates to revenue and financial reporting, to key performance indicators associated with key cost centers, the Stewardship Assessment is designed to give your program executive management a gap analysis of the current state of your financial health against industry-wide best practices.
Program Launch and Expansion – Neway Financial has expertise from running successful dialysis programs over the last 30 years and will guide your business whether you are looking to launch a new program or expand to new locations. Services can be requested ‘a la carte’ or part of a wholistic project, and include Policy and Procedure review and creation, supply chain establishment, staff and labor reviews and plan writing, payor contracting, site build-out, and much more. Learn more at Newayllc.com/financial
About Neway Labs:
Neway is the U.S. leader in value-based care for dialysis labs, helping dialysis programs achieve better financial outcomes while increasing the quality and velocity of patient care.
The Neway Dialysis Lab Stewardship Program® helps dialysis providers maximize lab revenue, lower lab fees, and receive global lab cost-of-care control. Neway works with the provider’s care team to optimize lab order set and adhere to CMS guidelines, while eliminating wasteful and excessive testing, which lowers overall lab fees and maximizes dialysis lab earnings.
Neway with Quest Diagnostics® delivers next-day lab results and emergency preparedness. Dialysis clinics draw patient specimens using Quest Diagnostics collection protocols that preserve specimen integrity and minimize blood degradation, an important detail on dialysis Hemoglobin and Potassium results. Quest Diagnostics logistic teams pick up specimens on the same day to be processed locally or regionally and results are delivered the next day. Working with Quest Diagnostics’ extensive network of laboratories and emergency preparedness protocols, Neway sustains the velocity of patient care through unforeseen events such as natural disasters, labor strikes, and pandemics.
The Neway eLabs Platform® is a modern lab ordering and reporting tool developed from years of clinical dialysis lab expertise. It’s user friendly and improves dialysis lab draw workflows by reducing clicks and screen time, offering real-time critical alerts, dashboards, draw calendars, and the highest level of cyber security for PHI & HIPAA.