Assure Holdings Joins MultiPlan PPO Network
Assure Holdings Corp. (NASDAQ: IONM) has signed a significant agreement with The MultiPlan Network to enhance network access for commercial insurance payors in the U.S. This deal is expected to streamline payment collection for intraoperative neuromonitoring services, potentially increasing Assure's commercial insurance volume significantly over the next year. The agreement, effective August 15, 2021, automatically renews annually unless terminated with a 180-day notice. Assure aims to develop a competitive in-network revenue stream, reducing risks and complexities in payment processes.
- Agreement with MultiPlan expected to improve network access for insurance claims.
- Anticipated significant increase in Assure's commercial insurance volume in the next 12 months.
- Agreement aims to reduce payment collection time, enhancing cash flow.
- Risks exist that the agreement may not materially improve total commercial insurance volumes.
- Uncertainty regarding the impact of the COVID-19 pandemic on operations.
DENVER, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (NASDAQ: IONM; TSXV: IOM), a provider of intraoperative neuromonitoring services (“IONM”), is pleased to announce that it has signed an agreement (the “Agreement”) with The MultiPlan Network (“MultiPlan”), a third-party administrator, to provide network access for hundreds of commercial insurance payors throughout the United States. This Agreement binds payors to the contract at a predetermined rate and timeframe, effectively reducing the time it takes to collect payment for these claims.
“Assure worked closely with MultiPlan to craft the Agreement that we believe will improve network utilization for Assure’s IONM claims. The Agreement is expected to attract a substantially higher proportion of eligible claims to our contracted rate,” said John A. Farlinger, executive chairman and CEO. “Our expectation is that Assure’s total commercial insurance volume in contractual rates, either directly with payors or indirectly through Third-Party Administrators, will materially increase from current levels over the next twelve months as a result of the MultiPlan Agreement.”
Farlinger added, “Executing this Agreement represents important progress in Assure’s effort to reduce risk, minimize complexity and accelerate payments. Further developing an in-network revenue stream is a key differentiator that few of our IONM peers have the scale or experience to achieve.”
The term of the Agreement with MultiPlan is one year starting on the effective date August 15, 2021, which is automatically renewed on an annual basis thereafter with a mutual right to terminate within 180 days upon written notice.
About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles
Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including but not limited to: comments with respect to strategies; expectations; planned operations; future actions of the Company; the Company’s growth potential and strategy and the expected effects of the Agreement on the Company’s business and operations and the Company’s total commercial insurance volumes in contractual rates. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Agreement may not materially improve Assure’s total commercial insurance volume in contractual rates, either directly with payors or indirectly through aggregators and subsidiaries, from its current level; the Agreement may not result in helping the Company to reduce risk, minimize complexity and accelerate payments; the Agreement may not improve network utilization for Assure’s IONM claims; the Company’s strategy to develop an in-network revenue stream; the Company may not negotiate additional in-network agreements; the Company may not successfully negotiate payments with hospital partners; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the United States Securities and Exchange Commission, including our annual report on Form 10-K filed on March 30, 2021, and with Canadian securities regulators and available on the Company’s profiles on EDGAR at www.sec.gov and SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
Scott.Kozak@assureiom.com
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