SOMERSET, N.J., Feb. 13, 2012 (GLOBE NEWSWIRE) -- MTBC, a leading healthcare IT company serving providers throughout the United States, announced today that it has acquired United Physicians Management Services, Inc. (UPMS), a revenue cycle and practice management company based in Winston-Salem, North Carolina.
"We are privileged to have the opportunity to work with the many healthcare providers who have relied upon the UPMS team for more than a decade," according to Stephen Snyder, President of MTBC. He continued, "We're confident that our proprietary, technology-driven solutions will reduce the administrative expenses, increase practice revenues and enhance the workflows of our new clients in North Carolina."
"MTBC's acquisition of UPMS represents its most recent in a series of similar acquisitions, which are part of an industry-wide consolidation trend that is driven by a number of growing challenges. These challenges include the quickly approaching ICD-10 transition deadline, generous governmental incentives for providers who adopt and use certified Electronic Health Record (EHR) software, and increasingly complex legal requirements and insurance reimbursement rules," said Mr. Snyder.
"We believe that 60 to 65% of revenue cycle management companies presently lack the IT capabilities or financial resources to address these industry challenges," said Brendan Harney, MTBC's Vice President of Mergers and Acquisitions. "These companies are at a high risk of being incapable of continuing to serve the healthcare community, unless they partner with a company like MTBC that has the proprietary technology, scalable infrastructure, expertise and financial resources to successfully adapt to these industry challenges," said Mr. Harney.
"Joining forces with MTBC allows us to provide our clients with a comprehensive technology and service package that is unrivaled in the industry," said Frank A. Peplowski, Jr., President and CEO of UPMS. "As a result of this new relationship, our clients will receive better service and an extraordinary support and technology infrastructure that will further enable our doctors to successfully manage their practices and focus on providing excellent patient care," explained Mr. Peplowski.
Combining UPMS' expertise with MTBC's world class, proprietary software and services, clients now receive a complete, end-to-end, revenue cycle management, electronic health records and practice management solution. This fully integrated suite of services also includes automated appointment reminder calls, real-time insurance eligibility verification, rules-based claims scrubbing, a customized practice website with online patient scheduling, electronic prescribing, proactive data-driven scheduling of reimbursable encounters, electronic lab connectivity and more.
"We see the challenges in the healthcare industry as opportunities for a uniquely positioned company like MTBC," said Mr. Snyder. "We look forward to providing excellent service to our new clients in North Carolina and growing our presence in North Carolina and beyond."
MTBC was advised during this transaction by Ronald Salupo of Corporate Finance Advisors, Inc. ("CFA"), which is located in Cleveland, Ohio.
About MTBC
Founded in 1999 and based in Somerset, New Jersey, MTBC provides practice and revenue cycle management services and proprietary software solutions to private physician offices and hospitals throughout the United States. Its integrated and competitively priced premium plan, MTBC PracticePro™, presents a service suite unmatched in the industry for its scope and value. Features include an ONC-ATCB certified EHR provided and supported at no charge, a practice website with patient scheduling, automated appointment reminders, e-prescribing, lab connectivity, real-time insurance eligibility verification and much more. MTBC has been consistently recognized by Deloitte LLP - 2009, 2010, 2011 - as one of the fastest growing companies in North America and has also been recognized in each of the last two years as an Inc. 500│5000 company. To learn more about MTBC, please visit www.mtbc.com
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