MTBC Force Introduces Robotic Process Automation Powered by Recently Acquired Meridian Medical Management

Rhea-AI Summary

MTBC has launched Robotic Process Automation (RPA) solutions for healthcare IT and medical billing partners, stemming from its acquisition of Meridian Medical Management. The RPA 'Microbots' automate tedious tasks within the revenue lifecycle, improving operational efficiency. As per Gartner, 50% of U.S. healthcare providers are expected to invest in RPA within three years. This initiative enhances MTBC's service offerings and profitability, positioning it ahead of market trends while aiming to streamline revenue cycle management and reduce operational costs.

Positive

• Introduction of RPA solutions enhances operational efficiency and quality.
• Acquisition of Meridian accelerates MTBC's market position and service offerings.
• RPA 'Microbots' improve revenue lifecycle management for partners.

Negative

• None.

New offering to further accelerate cost optimization for Healthcare IT vendors & medical billing companies

SOMERSET, N.J., July 01, 2020 (GLOBE NEWSWIRE) -- MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, announced today that Robotic Process Automation (RPA) solutions are now available to MTBC Force healthcare IT, Revenue Cycle Management (RCM) and medical billing company partners as a result of MTBC’s recent Meridian Medical Management (Meridian) acquisition. RPA ‘Microbots’ replace mundane, repetitive processes, enabling operational efficiency and increased quality at scale.

“MTBC’s RPA automates processes with an army of dedicated digital assistant microbots programmed to review and assess every step of the revenue lifecycle,” said A. Hadi Chaudhry, President of MTBC. “Microbots automatically assess claims, denials, eligibility requirements, authorizations, and contractual payments to identify errors, locate inefficiencies, compare payer contracts, and reconcile irretrievable balances.”

In the next three years, 50% of U.S. healthcare providers are expected to invest in RPA, according to Gartner. Meridian has enabled MTBC and its MTBC Force partners to jump ahead of this projected curve through the deployment of its digital assistants, ‘Microbots’.

There is a growing need among healthcare providers and vendors alike to further streamline RCM processes and reduce operating costs, all while delivering better results. This need to optimize clinical, financial, and administrative workflow is why MTBC, with its strategic acquisition of Meridian, has introduced a suite of RPA solutions designed to further enhance the service capacity, technology offerings, and profitability of RCM and healthcare IT vendors.

“The immediate availability of these powerful automation capabilities is transformative,” said Karl Johnson, Division President of MTBC Force. “The automation of routine tasks eliminates the time-wasting, error-prone processes that typically result from manual entry. These RPA capabilities, coupled with our existing workforce augmentation and software solutions, give our partners even more ability to grow cost-effectively.”

RPA solutions are immediately available to MTBC Force partners. RPA is powered by Meridian Medical Management, a former GE healthcare IT company, that was acquired by MTBC on June 16, 2020. For additional information regarding the acquisition of Meridian, read the full press release.

To learn more about MTBC Force, visit https://www.mtbc.com/products-services/mtbc-force.

About MTBC
MTBC is a healthcare information technology company that provides a full suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. Our Software-as-a-Service (or SaaS) platform includes revenue cycle management (RCM), practice management (PM), electronic health record (EHR), telehealth and patient experience management (PXM) solutions for high-performance medical groups. MTBC helps clients increase financial and operational performance, streamline clinical workflows, and make better business and clinical decisions, allowing them to improve patient care while reducing administrative burdens and operating costs. MTBC’s common stock trades on the Nasdaq Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.”

For additional information, please visit our website at www.mtbc.com. To view MTBC's latest investor presentation, read press releases, and listen to interviews with management, please visit ir.mtbc.com.

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SOURCE MTBC

Forward Looking Statements
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Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of the COVID-19 pandemic on our financial performance and business activities, and the expected results from the integration of our acquisitions.

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Company Contact:
Bill Korn
Chief Financial Officer
MTBC, Inc.
bkorn@mtbc.com

Investor Contact:
Matt Kreps
Managing Director
Darrow Associates Investor Relations
mkreps@darrowir.com

Media Inquiries:
Mike Cuesta
Chief Marketing Officer
MTBC, Inc.
mcuesta@mtbc.com

FAQ

What new solutions has MTBC introduced for healthcare partners?

MTBC has introduced Robotic Process Automation (RPA) solutions for healthcare IT, Revenue Cycle Management, and medical billing partners.

How does MTBC's acquisition of Meridian impact its business?

The acquisition of Meridian allows MTBC to deploy automation capabilities that enhance service capacity and profitability for its partners.

What is the significance of the RPA 'Microbots' launched by MTBC?

The RPA 'Microbots' automate mundane tasks in the revenue lifecycle, leading to increased efficiency and reduced errors.

When did MTBC acquire Meridian Medical Management?

MTBC acquired Meridian Medical Management on June 16, 2020.

What market trend is MTBC aiming to capitalize on with its RPA solutions?

MTBC aims to capitalize on the projected increase in RPA investments among U.S. healthcare providers, with 50% expected to adopt these solutions in the next three years.