Monday, September 18, 2006
MedCard Expands Hospital-Based Physician Billing Services To Kingsbrook Jewish Medical Center
MedCom USA (Nasdaq:EMED), a leader in the health-care information technology field, announced that Kingsbrook Jewish Medical Center (KJMC) has selected the company's MedCard Division for the administration of all of its hospitalwide physician, part-B billing (Part-B billing covers services rendered by physicians within a hospital, as compared with part-A billing, which is for the hospital's services).
MedCom is currently responsible for all aspects of the billing process for a portion of KJMC's acute care outpatients, including retrieving patient demographic, financial and insurance information. Under the expanded association, MedCom will process the part-B claims for all of KJMC's outpatient physician services, covering a total of 10 departments, as well as KJMC's skilled nursing facility.
MedCom's current run rate computes to the processing of approximately 50,000 claims on an annual basis, representing several million dollars in gross patient hospital billing. Once MedCom assumes complete responsibility for all outpatient part-B billing functions, claims volume is expected to increase by more than 300%.
"KJMC has been a longtime MedCard System user and we believe that this expanded responsibility illustrates their trust in our capabilities and the effectiveness of the MedCard System," said Mark E. Bennett, president and chief executive officer for MedCom USA.
"This is a tremendous opportunity for us. We currently average about $10,000 a month in revenue and this new arrangement with KJMC is expected to increase our revenue several fold. However, more importantly is that we now have another proven service that we can market to other large health-care providers based upon the expansion of this relationship," added Bennett.
"We have been using the MedCard System for years and have not only been delighted with the customer service we receive, but have also experienced a significant improvement in billing and collections. By outsourcing this function, we have been able to reduce our overhead while simultaneously improve our cash inflow.
"We anticipate that we will receive the same results as MedCom assumes the remainder of our outpatient part-B billings," said Mohamed Hebela, chief financial officer for KJMC.
About Kingsbrook Jewish Medical Center
Kingsbrook is an 864-bed multi-specialty teaching medical center housing a full range of diagnostic and medical treatment services including Rutland Nursing Home, a nursing facility offering skilled nursing, rehabilitation and post acute services. Kingsbrook and Rutland are voluntary, not-for-profit health-care institutions that are notable for their rehabilitation and geriatric psychiatry care.
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