CollaborateMD Processes $1.5 Billion in Healthcare Claims Through Cloud Services

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Small medical practices seeking a true ROI fuels growth

CollaborateMD - Cloud-based medical billing software

At CollaborateMD we are extremely focused on removing waste from any process, for our customers and ourselves

CollaborateMD, a leading provider of cloud-based medical practice management and medical billing software for small medical practices and medical billing services, announced today $1.5 billion dollars in healthcare claims processed in 2010. The company’s users are now adding over 100,000 patients and over 450,000 healthcare claims monthly. The company is on track to process over 5 million healthcare claims in 2010 with a total claim value of over 1.7 billion dollars.

One of CollaborateMD’s key factors for its growth is a 99% monthly first pass claim acceptance rate (FPA) through the healthcare transaction clearinghouse, RelayHealth, a division of McKesson Corporation. The company’s exceptional FPA translates to minimal claim rework, faster receipt at the insurance company, and a faster payment cycle. “At CollaborateMD we are extremely focused on removing waste from any process, for our customers and ourselves,” commented Douglas Kegler, founder and CEO of CollaborateMD. “By continually analyzing each process and removing the waste we continue to improve the ROI for each customer and improve internal efficiency.”

CollaborateMD’s growth continues in 2010, even with all of the attention in healthcare on electronic medical records. The company believes this is due to small medical practices remaining focused on the piece that keeps their business running – their cash flow. Small medical practices realize that in times of reduced patent volume and shrinking margins, receiving insurance and patient payments in an efficient and timely manner is key to their survival. Kegler added, “We provide healthcare solutions that offer a true return on investment for our customers, especially the small medical practice, and it shows in our continued growth. I want to personally thank all of our loyal customers and employees for helping us reach these milestones.”

Other key CollaborateMD accomplishments include: ten consecutive years of revenue growth, 44 million individual healthcare charges with a value of 7 billion dollars, and 6.5 million patients. Ninety percent of CollaborateMD’s 4,800 active medical providers are the one to two physician office; seventy percent in the solo physician office and twenty percent in the two physician office.

About CollaborateMD

Since 1999, CollaborateMD’s cloud-based healthcare solution has been a disruptive factor in how medical businesses manage their medical practice and medical billing. CollaborateMD’s solution, with its simplicity, no contracts, and low monthly fees, allow the small medical practice to see a true return on investment. CollaborateMD customers enjoy fast implementation, exceptional and unlimited support, and most importantly, increased office efficiency and reduced accounts receivable. For more information, visit http://www.CollaborateMD.com.

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Daniel Sweeney
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