CollaborateMD Surpasses $1 Billion in Claims Annually

Internet-based Medical Billing Software Adoption Strengthening

ORLANDO, Fla.—September 21, 2007 (HEALTHWIRE)—CollaborateMD (formerly ClaimGear), a leading provider of Internet-based medical billing and practice management solutions for physician offices and medical billing services, announced today that it now provides medical billing software to 2,500 providers who collectively process more than $1 billion in claims annually.

CollaborateMD has grown by double digits every year since they started generating revenue in 2000 and processes almost 100 million dollars in claims through their system monthly.  They’ve been profitable six of the last eight quarters, have no debt, have providers in 48 states, and their database processes over 20 million transactions daily. To anyone unfamiliar with CollaborateMD, they may sound like a company with a large number of employees and overhead, but they’re just the contrary.  CollaborateMD only has fifteen employees and operates in a 3,000 sq. ft. office in downtown Orlando, Florida.

The Success Story Behind CollaborateMD

CollaborateMD isn’t just another Internet-based medical billing software company.  They believe they have one of the most affordable and easiest to use systems available today and they have the numbers to back up that claim. CollaborateMD has a 700:1 ratio of users to each person in customer support and a 166:1 ratio of providers to employees.  This ratio is much better than some of their main Internet-based competitors that have provider to employee ratios in the 18:1 to 66:1 range.

 The high user to employee ratio demonstrates how easy the CollaborateMD software is to use and maintain.  “Efficiency, internally and for our customers, has been my goal since day one and remains as our mission today and into the future,” stated Douglas Kegler, president of CollaborateMD.  CollaborateMD has been called the “Quicken®” of the healthcare sector because they provide a comprehensive, affordable and easy to use medical billing system that appeals to the largely underserved one to twenty provider medical offices. But, just because their software is easy to use and learn doesn’t mean it lacks functionality.  CollaborateMD’s software is very powerful and has gone head to head with some of the major players in healthcare software and won.

CollaborateMD replaced the medical billing software used by Corinthian Colleges, Inc (Nasdaq: COCO) for their Medical Billing and Coding diploma and degree programs.  The rollout began in January 2007 and after all campuses are converted approximately 5,000 students a year will be trained on the CollaborateMD software. 

CollaborateMD was selected to be utilized for the back-end practice management software behind the RediClinic (www.rediclinic.com) rollout across the nation in WalMart and other supermarkets and pharmacies.  RediClinic, one of the largest retail-based clinic chains in the U.S., integrated their EMR into the CollaborateMD system which allows all charge capture and eligibility checks to flow seamlessly between the two systems. A partner of CollaborateMD handles managing the insurance claims once received into the CollaborateMD system.

CollaborateMD’s success has been in part through their partnership with RelayHealth, a division of McKesson Corporation (NYSE: MCK), as its exclusive clearinghouse for insurance claims, patient statements and eligibility verification, and electronic remittance.  “RelayHealth has played an important role in our growth and success and I am proud to have them as a partner,” commented Mr. Kegler.

Recurring Revenue Model

As with most Software-As-A-Service companies CollaborateMD enjoys a steady stream of revenue from recurring monthly fees.  CollaborateMD charges medical providers a flat monthly fee and charges medical billing services on a per transaction fee schedule. Although it took the company from 2000 to 2005 to build up enough recurring revenue to become profitable, they are enjoying increasing profits with every provider added to the system.  Most of their profits are reinvested back into the company to fuel their double-digit revenue growth.

Another unique feature of CollaborateMD is in regards to their term contracts with customers – there are none. “I know contracts are common in healthcare, but when I started the company I wanted a product that stood on its own value and didn’t need contracts to keep customers,” commented Mr. Kegler.  Customers can leave CollaborateMD at anytime, but they rarely do and it shows through their rapid growth.

The Mission for CollaborateMD

The CollaborateMD mission is simple – provide a comprehensive, affordable and easy to learn product that allows the provider to get paid and paid fast. CollaborateMD believes they have a solution that fits a large percentage of medical offices that do not want or need a large, expensive, and complicated system. “Medical offices just want an easy piece of software that allows them to get paid, that’s the bottom line,” stated Mr. Kegler.  CollaborateMD feels that a lot of software companies dismiss the effect of staff turnover and the learning curve for new employees.  Medical offices and medical billing services want a software package that a new employee can learn fast and start being productive immediately. CollaborateMD provides that product at an affordable price.

About CollaborateMD

Headquartered in Orlando, FL, CollaborateMD provides the health care industry with an Internet-based Medical Billing and Practice Management Software program that has the speed of a local PC application and the “use anywhere” flexibility of a Web browser application. CollaborateMD is a 100% Java application utilizing Sun Microsystems (Nasdaq: SUNW) Java Platform. CollaborateMD offers physician offices and medical billing services the opportunity to become more efficient and flexible. For more information, visit: http://www.collaboratemd.com or call 888-348-8457.

Quicken is a registered trademark of Intuit, Inc. All other trademarks and registered trademarks are owned by their respective companies.Contact:
David Swanson
407-902-2960

CollaborateMD Extends and Expands Competitive Upgrade Program

ORLANDO, FL (PRWEB) Sept. 6, 2007 — CollaborateMD (formerly ClaimGear), a leading provider of Internet-based ASP practice management and medical billing software for the healthcare industry, announced today it is extending and expanding its competitive upgrade program.  The upgrade program is now available to existing owners of Medisoft, Lytec, Misys, Medical Manager, and Companion Technologies (HealthPoint).  The upgrade program is being offered in an effort to help medical offices and medical billing services lower costs and have more freedom and flexibility by utilizing an On-Demand Practice Management software program.

The CollaborateMD competitive upgrade offers an instant discount of $150 to $700 off the current CollaborateMD setup fee of $899 or $999.  The amount of the discount is based on the price paid for the competitive product and the date purchased.  The program extends through October 26, 2007.  For more details and specific terms and conditions visit: http://www.collaboratemd.com/upgrade.asp.  In combination with this offer, CollaborateMD is offering a steep discount on Data Conversions.

Douglas Kegler, President and Founder of CollaborateMD stated, “We’ve had great success with our upgrade program that started in July and decided to extend the program and add more competitors to the list.”  “If a company purchased these competing products and decided they don’t like it after a several months, they have to write-off the large upfront cost.  Our discount, combined with our 30 Day money-back policy and free electronic claims and remittance for the first month, takes the risk out of upgrading to CollaborateMD,” stated Mr. Kegler.

Some of the benefits of using CollaborateMD include use-anywhere flexibility, collaboration between unlimited locations, no large upfront or annual costs, constant software updates, streamlined workflow, and it’s easy to learn and use.

CollaborateMD takes care of all transmissions to the clearinghouse, retrieval of all clearinghouse and payer reports, and any HIPAA mandated updates.  The powerful CollaborateMD Claim Tracking System allows users to search for accepted or rejected claims, search on rejection keywords, search by payer, plus many more options.  CollaborateMD also takes care of all database management, security and continuous off-site backups. Users can concentrate on their billing and let CollaborateMD handle the rest.

About CollaborateMD

Headquartered in Orlando, FL, CollaborateMD provides the health care industry with an Internet-based Medical Billing and Practice Management Software program that has the speed of a local PC application and the “use anywhere” flexibility of a Web browser application. CollaborateMD offers physician offices and medical billing services the opportunity to become more efficient and flexible. For more information, visit: http://www.collaboratemd.com or call 888-348-8457.

CollaborateMD Hits New Milestone: Practice Management Application Processes More Than 2 Million User Requests in a Single Day

Orlando, FL (PRWEB) August 6, 2007 — CollaborateMD (formerly ClaimGear), a leading provider of Internet-based ASP practice management and medical billing software for the healthcare industry, today announced that the company’s Java application and Oracle database handled more than 2 million transactions on July 30, 2007, the most it has ever processed in a single day. The 2,040,234 transactions reaffirm customer adoption and use of CollaborateMD ASP model.

CollaborateMD has been maintained a high level of performance through their practice management services even with transaction volume growing by double digits every year since inception. The CollaborateMD database has almost 200 million rows of data consisting of patients, insurance claims, payments, appointments, claim status, just to mention a few. In June 2007 CollaborateMD was pleased to reach another milestone by passing the 2 billion dollar mark value for insurance claims processed since inception.

he CollaborateMD data center is only running at 19% capacity during peak times even with the continual increase in daily transactions. The data center speed and efficiency can be attributed to well designed Java programming and high performance Oracle Database in combination with the highly stable Red Hat Linux operating system. The combination of these three factors has allowed CollaborateMD to increase performance and scalability of their practice management solutions while keeping data center hardware costs down.

“Delivering over 2 million transactions in a single day demonstrates that customers are using our practice management application as the trusted standard for running their medical office or billing service over the Internet,” said Douglas Kegler, President and Founder of CollaborateMD. “We look forward to our continued growth and serving the healthcare community well into the future.”

Customer Interfacing Delivers Reliability and Performance

CollaborateMD transaction growth is in part due to increased interfaces with numerous business partners. Through a standard HL7 interface protocol, CollaborateMD allows business partners to transmit patient, appointments and charge capture data seamlessly between the applications. The medical billing software saves medical offices and billing services time, money, and more importantly reduces data entry errors.

The medical billing software’s efficiency and reliability can best be seen through the use by RediClinic, a national chain of in-store convenient care clinics. The in-store clinics are located around the country and securely transmit patient and insurance claim data directly into the CollaborateMD servers in real-time. The billing service customer of CollaborateMD, contracted by RediClinic, reviews the transmitted data and once approved is flagged to be sent to RelayHealth. RelayHealth, a division of McKesson, has been utilized by CollaborateMD for all of their healthcare transaction processing needs since 2001. CollaborateMD expects a continued increase in data processed through interfacing largely due to the anticipated opening of hundreds, possible thousands, of RediClinic’s in WalMart, H.E.B., Duane-Read, and other stores over the next decade.

CollaborateMD noted they are currently working on a very significant and essential vendor interface that will greatly enhance collaboration between CollaborateMD, physicians, hospitals, pharmacies, and patients and expects to release the news later this quarter.

About CollaborateMD

Headquartered in Orlando, FL, CollaborateMD provides the health care industry with an Internet-based Medical Billing Software and Practice Management Software program that has the speed of a local PC application and the “use anywhere” flexibility of a Web browser application. CollaborateMD is a 100% Java application utilizing Sun Microsystems Java Platform. CollaborateMD offers physician offices and billing services the opportunity to become more efficient and flexible by using their medical billing software. For more information, visit: http://www.collaboratemd.com or call 888-348-8457.