SOMERSET, N.J., April 3, 2012 (GLOBE NEWSWIRE) -- MTBC, a leading national provider of electronic health records (EHR) and practice and revenue cycle management solutions, announced today that it has acquired GlobalNet Solutions, Inc. (GlobalNet) of Mansfield, Ohio, marking MTBC's second acquisition during the first quarter of 2012.
"Providers across the country have relied upon the GlobalNet team for many years, and we are pleased to provide this team with additional resources, expertise and technology solutions to assist them in accomplishing their mission of providing excellent support to healthcare providers," according to David Rosenblum, Vice Chairman of MTBC. He continued, "We're confident that our proprietary, technology-driven solutions and resources will help GlobalNet clients further reduce administrative expenses, increase practice revenues and enhance their workflows."
"Our acquisition of GlobalNet is the most recent in a series of similar transactions, which are part of a larger consolidation trend within the revenue cycle and Healthcare Information Technology (HIT) segments of the healthcare industry," said Stephen Snyder, President of MTBC. "Various factors are coalescing to drive this trend, most notability the significant governmental incentives for providers who adopt and use certified EHR software, a growing desire among providers for fully integrated practice and revenue cycle management platforms, and the increasing complexity of insurance reimbursement rules and legal requirements."
"Our research suggests that approximately two-thirds of revenue cycle management companies lack the IT capabilities and/or financial resources to address these industry challenges," said Brendan Harney, MTBC's Vice President of Mergers and Acquisitions. "Such companies will not be capable of continuing to provide excellent service to healthcare providers 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 changes," said Mr. Harney.
"The combined GlobalNet-MTBC solution will further assist us in achieving our mission of providing an excellent and trusted solution to our clients," said John Cox, the former president of GlobalNet. John will serve as MTBC's Vice President, Hospital and Consulting. John's deep experience in hospital billing and administrative consulting supports MTBC as the company provides additional hospital services to existing and new hospital clients.
"We are excited to offer GlobalNet clients additional support and resources that will result in increased revenue and access to an unrivaled suite of technology tools and services at no additional cost," explained Mr. Cox.
Combining GlobalNet's strengths with MTBC's fully integrated, proprietary software and services, clients will now receive a fully-integrated, end-to-end revenue cycle management, electronic health records and practice management solution. This unique 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.
About MTBC
Founded in 1999 and based in Somerset, New Jersey, MTBC provides cloud-based 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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