MTBC, an EHR and practice and revenue cycles management provider has announced the acquisition of GlobalNet Solutions, Inc. of Mansfield, Ohio.
“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.
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.