healthcaretechoutlook

MTBC [NASDAQ: MTBC]: Adding a New Dimension to Healthcare IT

The increasing prominence of technology in healthcare has raised the minimum standard required for an industry participant to remain competitive. Smaller companies continue to fall behind, unable to invest at the rates required to succeed, nor provide the level of human interaction required to integrate with the ever-evolving technology. This has led to an industry trend toward consolidation, where success is realized by companies that are able to meet clinicians’ needs for a combination of technology, global resources, access to capital, and the vision to innovate. With interoperability, advanced technology, and integration of the human element in healthcare data flow as its three main pillars, MTBC is revolutionizing the healthcare IT scenario.

MTBC established itself as a pioneer in developing healthcare IT solutions, further solidified by its introduction of the first voice-activated assistant integrated with its aptly named talkEHR™ software. “As primary care and family medicine adopt voice integration to focus on clinical care, this technology will be increasingly accepted as a replacement for primitive dictation and transcription,” says Al Nardi, VP Strategic Initiatives at MTBC. The company also empowers healthcare providers to increase collections, reduce expenses, and streamline clinical and operational workflows through its Revenue Cycle Management (“RCM”) solution. While MTBC’s RCM system is based on the notion that technology is required to increase volume and reduce costs, the human element plays a crucial role. MTBC offers a “technology-enabled live claims management” that not only uses artificial intelligence to reduce errors, increase revenue, and build upon a claims rules engine, but also employs dedicated individuals for accounts receivable, denial management, follow-up, and specific issues that involve insurance payers. “Oftentimes, technology and phone calls can effectively resolve problems, but in some cases, we need to utilize our internal legal team in resolving certain claims issues,” explains Nardi. MTBC’s methodology is continually reviewed and revised as new data is mined from its system, patterns are discovered for specialties and certain payers, and industry standards and regulations evolve.

MTBC’s persistent focus on delivering revolutionary healthcare IT solutions has added value and increased profitability and workflow for its clients.

We consistently innovate to lead a global healthcare environment that enables transformational change in healthcare through technology

One such example is a rural hospital in Kentucky that reduced costs and increased collections using MTBC’s services, including on-site coding, credentialing, and RCM, in addition to the back office. This, along with regular meetings and a review of workflow, allowed the client to enhance their profitability over a 12-month period.

As the healthcare industry endeavors to move toward standards of interoperability and a universal EHR exchange, there is a greater need for efficiency in RCM and EHR that work across multiple systems. MTBC is leading the charge by providing RCM that is fully integrated with its EHR, practice management solutions to maximize the productivity of the client practice, and introducing blockchain technology to its EHR. “MTBC’s drive toward universal data exchange and formats, as well as multi-system interoperability, is what the future and regulatory bodies are calling for,” says Nardi.

Elaborating on the company’s plans, Nardi explains that MTBC is expanding its blockchain network to interoperate with other EHRs to create a comprehensive network that will support the secure, efficient storage and exchange of electronic patient data. MTBC is also enhancing their telehealth services from simple encounters via mobile applications, to chronic care management. Importantly, MTBC is investing in additional hospital system solutions such as procedure report voice integration for EHR, lab and imaging integration and interoperability across systems, real-time eligibility with deductibles management, and enhanced real-time adjudication with payers. “We consistently innovate to lead a global healthcare environment that enables transformational change in healthcare through technology,” concludes Nardi.