We began developing this product in the days of mainframes. By the time we introduced this product into the market place, the industry had begun introducing the PC products. We developed on Hewlitt Packard and our system was capable of running on the mainframe, mini mainframe and then the PC. Being a medical practice management system, we placed it in the clinical environment and found that there was not a full scope of expertise in the office staff surrounding that application at that time. We changed course, introduced our business as an extension of a doctor's office and began performing the billing and collection functions for the physicians. With our vast expertise in all areas of the medical business industry and our background in Third Party Administration, we were able to build a one-stop shop concept for the medical office. We began consulting to the medical field in all areas of our expertise, to include contract negotiations, practice startup and/or growth, cashflow management, staff help, code training, etc as well as performing the billing/collection in our service bureau.
We attempted an exit strategy to leave the business and sold our client base. Long story short, the group that purchased our clients was to at some agreed upon time in the far future would have the potential of purchasing the source code, but the relationship did not get to that point, our previous clients did not fair well in the transition. Philosophies turned out to be too different. It has been a couple years, we are past our non-compete clauses and we are looking at reentering the business again.
With current internet access opportunities and other areas of interest, we are seeking new avenues to market our product and possibly pursue other areas of the industry that we did not consider in our previous company.
We were looking at possibly VARs but in performing our due diligence as we seek those new marketing avenues, we have begun to believe that a VAR group would not fair well in our new approach. I'm not sure of the benefits for such a group.
We are looking to build relationships with individuals who might be interested in building their own business. Medical groups, Consultant groups, CPA firms dealing with the medical industry, Hospitalist groups etc that would benefit from purchasing the source code and enhancing their services to their clients. We are open to any suggestions or participation that you might find interesting to discuss.
Thank you for your input. There are a lot of opportunities in the medical/insurance/computer industry. We are looking at direct marketing. Just not quite sure of our complete marketing plan yet. We do have three in-house clients. They have our system inhouse and we support and maintain the system. We are looking at working with an electronic medical record group, possibly in an OEM relationship. The three clients have been with us since the early 90's.
Are you familiar with medical claims processing and adjudication? Benefits are the ease of use, the dynamics that give a doctors office a 95% collection of their receivables, the system has tools that can train their own staff, billing is an automated process that will save the billing staff time in their daily tasks, reports to be able to project their income. We still consult to those clients.
We are selling a product that is proven in the industry. Has been successfully utilized in a service bureau environment that has captured, tracked and billed medical claims to the tune of over 3 million dollars a month for over 450 physicians. This product was built with the expertise of professionals with knowledge not only in the processing of medical claims, but included third-party administration processing and took the input from physicians in the marketplace. The service bureau over the course of 15+ years successfully billed claims for all specialties. That testing ground, proved invaluable for keeping up with and maintaining all the state & federal requirements, as well as the necessary criteria for specific specialties. During those years in business we processed for 6 different states and submitted claims to several different clearinghouses simultaneously.
Hope that answered some of your questions. If you would like to discuss further, please do not hesitate to call me. I can be reached at (830) 510-2430.