AdvancedMD Software Inc., a Salt Lake City-based provider of Web-based medical practice management solutions, has acquired PracticeOne, a provider of aelectronic health record software. No financial terms were disclosed. AdvancedMD is owned by Francisco Partners.
AdvancedMD® Software, Inc., a leader in software-as-a-service (SaaS) medical practice and revenue cycle management automation solutions, announced it has acquired PracticeOne™, a privately-held provider of a CCHIT Certified® electronic health record (EHR) software. PracticeOne provides its EHR solutions nationally to independent physician practices of all major specialties.
The strategic acquisition of PracticeOne expands the AdvancedMD Practice Management product to include a SaaS-based EHR. The new combined offering will enable complete integration between the clinical and financial functions of a medical practice resulting in improved patient safety and satisfaction, as well as improved profitability through increased staff productivity and more successful claims processing. With this integrated solution, physicians can expect an immediate ROI from a reduction in claims rejections within months of implementation. Given the national average of 30 percent claim rejections, the savings in most cases will exceed the amount of the EHR stimulus in a matter of months.
The acquired product line also includes a Patient Portal enabling web-based communications between patients and the practice, and mobile access allowing flexible, secure access to vital patient information and medical decisions via Smartphones.
“AdvancedMD was a pioneer in offering one of the first purely web-based practice management solutions to the independent physician marketplace,” said Eric Morgan, AdvancedMD CEO. “The addition of PracticeOne’s web-based 2008 CCHIT-certified EHR will position AdvancedMD for significant growth by enabling our clients to optimize their practices and gain efficiencies from this integrated solution. EHR adoption is expected to accelerate over the next several years as physicians strive to improve patient care, seamlessly exchange information with other care providers and recoup Federal stimulus dollars offered by The American Recovery and Reinvestment Act of 2009.”
AdvancedMD also benefits from the addition of individuals from PracticeOne who possess extensive experience and knowledge of the emerging EHR/EMR market.
Not included as part of the acquisition agreement is the PracticeOne billing service. PracticeOne sold its stake in PracticeOne Billing, LLC prior to the acquisition.
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CCHIT Certification History
Headquartered in Richland, WA and Canoga Park, CA, PracticeOne, received CCHIT 2008 Certification for its EHR product including office-based use, Ambulatory use, Cardiovascular Medicine and Child Health. Ambulatory EHRs are designed for physician offices and clinics where most Americans get their healthcare. To be CCHIT Certified, the Ambulatory EHR must be capable of advanced electronic prescribing functions so physicians can qualify for the Medicare incentive program. It must also be able to send and receive an electronic patient summary. By looking to products with the CCHIT Certified seal, physicians and other providers can reduce their EHR selection risk, allowing them to focus their evaluation time on the special needs of their practice.
About AdvancedMD Software
AdvancedMD delivers a market-leading Software-as-a-Service (SaaS) medical practice management and billing platform to 13,000 providers and 300 billing service providers nationwide. Because AdvancedMD is web-based and processes more than 1M claims per month for 85 specialties, the company is able to identify payer rule changes quickly and continuously adjust the software to reflect the changes, yielding improved revenue capture from payers. Customers achieve first-pass claim acceptance rates of 95 percent or better, compared to the national average of 70 percent. The company’s all-in-one solution eliminates server hardware and software license purchases while customers enjoy the freedom of no long-term contracts and one all-inclusive monthly fee. The monthly subscription includes unlimited phone and email support from a team of healthcare and billing experts, free online training, enterprise-class data center security, automated hourly offsite backups of patient data and clearinghouse connectivity to more than 1,800 payers. The user interface is intuitive and easy to learn, enabling employees to become proficient faster via online video training. Comprehensive HIPAA compliance exceeds the capabilities of client-server practice management software, especially in the areas of patient data protection and backup. AdvancedMD enables billing service providers with centralized management of multiple clients and virtual staff no matter where they are located across the globe. AdvancedMD clients recognize immediate improvements to their financial performance through timely and accurate claims processing with workflow efficiency. For more information, please visit www.advancedmd.com.