SAAS OFFERING TO ACCELERATE HOSPITAL’S LONG-TERM OPERATIONAL AND REVENUE GOALS
MOBILE, Ala. (June 3, 2020) – TruBridge, LLC, a subsidiary of CPSI (NASDAQ: CPSI), a healthcare solutions company, announced today that Tennessee-based Cumberland River Hospital has selected their nTrust offering, which combines certain services of TruBridge with a full electronic health record (EHR) offering under a Software-as-a-Service (SaaS) payment model, for a number of Cumberland River Hospital’s care settings. The Healthcare Financial Management Association (HFMA) Peer-Reviewed® TruBridge revenue cycle management (RCM) product will serve as a cornerstone of this partnership and help ensure business and financial stability at this newly re-opened 36-bed, short-term acute care hospital located about two hours northeast of Nashville in the upper Cumberland region.
Cumberland River Hospital faced profitability and cash flow challenges in 2019 and, ultimately, closure after being purchased by Cookeville Regional Medical Center, a 247-bed regional referral center approximately 30 miles from Cumberland River Hospital. Following the closure, physician assistant and now owner, Johnny Presley, decided the Celina, Tennessee, community deserved access to local, quality healthcare and re-opened Cumberland River Hospital in April 2020. “I’m passionate about bringing healthcare back to this community,” said Presley. “The structure of nTrust gives our hospital the support and services we need to maintain a solid financial footing, which is essential to ensure the delivery of quality healthcare to the community of Celina for years to come.”
Cumberland River Hospital is the first rural hospital in Tennessee to re-open, which is a significant accomplishment considering the financial strain COVID-19 has put on rural healthcare providers. Understandably, Presley was also concerned about funding the EHR technology needed to effectively run their community hospital, emergency department and affiliated clinics. By partnering with TruBridge, Cumberland River Hospital will be able to access the cloud-hosted EHR offered through CPSI sister company, Evident, with no up-front costs. Access to the EHR will be funded by a percentage of collections retained through the Trubridge Accounts Receivable Management Service (ARMS). The nTrust model also includes access to future products that will enhance the EHR at no additional cost, allowing Cumberland River Hospital to get the most out of its investment and continue to offer quality care to the community it serves.
According to Chris Fowler, president of TruBridge, Cumberland River Hospital is in an excellent position for success. “It is a privilege to partner with Johnny Presley and Cumberland River Hospital to help preserve access to quality healthcare, retain their independence and keep healthcare local in Celina, a community of less than 1,500 residents. As a pioneer in this space, we are very familiar with this market and the challenges rural providers face. Understanding the unique needs of each client and their community is what allows us to customize our services in order to meet their long-term objectives and support their ongoing success.”
TruBridge Helps Newly Re-opened Tennessee Hospital Bring Healthcare Back to its Community Page 2 June 3, 2020
Cumberland River Hospital is expected to complete its EHR implementation for the inpatient, ambulatory and emergency department care settings in the third quarter of 2020.
TruBridge, a member of the CPSI family of companies, provides business, consulting, and an end-to-end Revenue Cycle Management (RCM) solution. With an arsenal of RCM offerings ranging from an HFMA Peer Reviewed® product to complete outsourcing, TruBridge helps hospitals, physician clinics, and skilled nursing organizations of all sizes become more efficient at serving their communities. For further information visit www.trubridge.com.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “projects,” “targets,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to TruBridge’s partnership with Cumberland River Hospital and the ability of TruBridge’s nTrust product to help Cumberland achieve business and financial stability are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: risks related to TruBridge’s ability to successfully implement the nTrust product; whether access to the EHR will be successfully funded by a percentage of collections through the TruBridge ARMS; the impact of COVID-19 and related economic disruptions which could materially affect the Company’s revenue, gross margin and income, as well as the Company’s financial position and/or liquidity; actions to be taken by the Company in response to the pandemic; the legal, regulatory and administrative developments that occur at the federal, state and local levels; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of the Company’s or its partners’ information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information or inability to provide patient care because of system unavailability; changes in revenues due to declining hospital demand and deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients); potential increased expenses related to labor or other expenditures; and the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms or at all, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financial perspective. Numerous other risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Such factors include risk factors described from time to time in CPSI’s public releases and reports filed with the Securities and Exchange Commission, including but not limited to, CPSI’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. We also caution investors that the forward-looking information described herein represents CPSI’s outlook only as of this date, and CPSI undertakes no obligation to update or revise any forward-looking statements to reflect events or development after the date of this press release.