November 20, 2003
Medical Transcription Billing, Corp. -MTBC- Breaks the Cost Barrier for Medical Billing Services; Web-Based Service Charges 4% of Collections versus Industry Average of 8-10%
Business Wire via NewsEdge Corporation : SOMERSET, N.J.--(BUSINESS WIRE)--Nov. 20, 2003--Redefining the economics of third party medical billing services, Medical Transcription Billing, Corp. (MTBC) has introduced full-service medical billing for a flat fee of 4% of collections. MTBC is the first company to apply state-of-the-art software and Internet-based technology to medical claims and patient billings, enabling its customers to reap the benefits of improved practice management and increased cash flow at a reduced cost.
Small medical practices now have a compelling solution for outsourcing their in-house billing, which according to the American Medical Association (AMA) costs an average of 10% of the practice's total revenue. Using MTBC's billing services, a typical practice can save tens of thousands of dollars per year in labor, benefits and other employee-related costs, while retaining control over their billing process. Medical practices also receive payments faster as a result of electronic claim submission and filing, and will see a significant reduction in unpaid claims and account aging.
Billing is at the heart of any medical practice, and prompt collections is the key to its success, said David Rosenblum, President of MTBC. The medical billing industry is highly fragmented, with local and regional mom-and-pop firms who cannot afford the infrastructure investment necessary to reap the benefits of the latest technology. As a result, these vendors give their customers little or no control over the billing process or reporting. MTBC offers a nationwide service that maximizes the power of the Internet and technology to give medical providers better control over scheduling and billing, 24/7 access to all of their billing information, and comprehensive practice management reports, while reducing costs.
MTBC's 4% billing service is highly affordable, even for a solo practitioner like me, said Dr. James Brown, M.D., Athens, GA. Billing was a major source of aggravation in my office, as it cut into the time my staff and I could spend on patient care. Now MTBC handles everything for us and we can devote more of our time to caring for people instead of chasing down payments from insurance companies, government payers and patients.
How the 4% Medical Billing Service Works
MTBC's 4% medical billing service is comprehensive; it includes scheduling, electronic claim submission, follow-up and appeals, as well as patient billings. Any patient billing questions are handled by MTBC's specially trained service representatives. In addition to 24/7 Internet access to information on scheduling, patients and billing, MTBC also provides customized superbills and other office forms, practice analysis and financial reporting to its 4% medical billing clients. Proprietary software tracks each claim through the entire billing process - from the moment a patient is scheduled, until payment is received - reducing the cost of overlooked claims. To view a demo of the system, visit www.mtbc.com.
The use of innovative information technology--such as high-speed Internet-ready scanners and software--enables MTBC to promptly receive billing information from physicians without having any documentation leave their offices. MTBC informs physicians of any missing or incorrect billing information within 24 hours of receipt in order to avoid any delay in the submission and payment of claims.
In addition to its billing services, MTBC also provides its clients with 24 hour turnaround transcription services for 4¢ per 65-character line.
Availability
Medical providers can sign up for MTBC's all-inclusive 4% billing services or 4¢ per line transcription services at http://www.mtbc.com
About MTBC
MTBC was founded in 1999 by veteran entrepreneur Mahmud Haq, a former American Express executive who co-founded publicly traded Compass International Services Corp. (acquired by NCO Group Inc.). MTBC is privately held and headquartered in Somerset, NJ, with offices in India and Pakistan. For more information, please visit http://www.mtbc.com.
(c) 2003 Medical Transcription Billing, Corp. All products or service names mentioned herein are trademarks of their respective owners.
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions of MTBC (the Company) that involve risks and uncertainties. The Company's actual results could differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with the Company's business, which include the risk factors disclosed in the Company's contract (Miscellaneous Provisions of 7.2 F-1 Version 002). Forward looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Contact:
David Rosenblum, President
Medical Transcription Billing, Corp.
Telephone: (732) 873-5133
Fax: (732) 873-6858
drosenblum@mtbc.com
<<Business Wire -- 11/20/03>>