50 Best Companies to Watch 2016
The Industry-Leading SaaS Provider of Practice Management and EHR solutions: AdvancedMD
“Founded in 1999 as a pure SAAS application for medical practice automation, AdvancedMD has 600 employees, 63 million active patient records, 3.7 million medical claims processed per month, 21,000 medical providers and 85,000+ users.”
AdvancedMD is the largest and industry-leading provider of cloud based practice management and EHR solutions focused solely on the small, independent physician market (typically practices with physicians). The company’s market disrupting Software as a Service (SaaS) based solutions allow medical practices to drive additional revenue and reduce administrative burden by optimizing patient schedules, simplifying check-in and checkout procedures, documenting patient encounters and streamlining the insurance claim process.
The company, headquartered in South Jordan, Utah, USA, is widely recognized as a leader in its industry, and has earned the #1 ranking for “overall product quality”, “ease of use”, “supports integration goals”, “quality of training”, “quality of implementation” and “money’s worth” from KLAS, the leading independent industry analyst. It also has a 90% retention rate and Net Promoter score of +41. AdvancedMD was purchased by Marlin Equity Partners in September 2015.
Focus on the Independent Physician Market
AdvancedMD’s SaaS solution is ideally positioned to serve non-hospital owned physician practices, and the company has built a highly defensible and rapidly growing position serving over 8,000 practices and 21,000 physicians in the United States. The Company’s solution is also used by over 500 medical billing partners who provide a technology enabled claims processing using AdvancedMD’s technology platform to provide transparent revenue cycle outsourcing solutions to providers.
“AdvancedMD provides independent practices with an all-in-one platform that automates most aspects of their practice and clinical workflow. Our software is continuously updated in the cloud for all clients so they don’t have to worry about software upgrades driven by constantly shifting compliance requirements. It is also accessible from anywhere anytime via the internet so they can practice to wherever they want” says Raul Villar, CEO.
The simplicity/ease of use and comprehensiveness of AdvancedMD’s product suite, alongside the quality and availability of its support services, enables AdvancedMD to win against competitors. In addition, AdvancedMD’s product suite has benefited from significant R&D investment over the past 5 years, further securing its position as the best-of-breed solution provider.
AdvancedMD’s SaaS-Based PM and EHR Solution Set
AdvancedMD’s fully integrated practice management and EHR solution offers a success platform with a single login and single data base purpose built for independent physician practices. These customers rely on AdvancedMD’s software for the day-to-day operations of their businesses and to maximize practice revenue by helping them increase patient visits, efficiently chart patient encounters, optimize insurance claim processing and manage collections. Importantly, AdvancedMD’s solutions yield clear improvements in visible practice performance metrics, such as driving an average first-pass clean claim processing rate of 98% or better, compared to the national average of 70%. Additionally, the Company’s SaaS delivery model is an ideal fit for its target customers, providing easy to deploy, mobile-friendly, and always up-to-date software with minimal upfront costs – key selling features for small practices that often have limited IT resources and constrained finances.
AdvancedMD’s solution set consists of a core platform of practice management tools extended by other value-add offerings:
Practice Management (PM): manages all the day-to-day operational needs of a practice, including: scheduling, check-in and checkout procedures, insurance eligibility verification, claims management and collections.
Electronic Health Records (EHR): AdvancedMD’s “Meaningful Use” certified EHR enables rapid storage and recall of patient information, flexible patient encounter documentation, e-prescribing, creation of customized patient health plans and the coordination of care across settings by electronically receiving and exchanging orders, results, referrals, consults, medical histories and summaries.
AdvancedInsight: provides actionable analytics and intelligence for common areas of concern for private practices such as poor collections, payer mix, reimbursement, coding level, supply consumption, billing performance, patient recall, patient volume by geography, easy and modern user experience includes dashboarding and ad-hoc reporting with few clicks. Advanced Insight takes practice management to the next level by providing private practices with intelligence that will help them maximize their performance.
AdvancedPatient: includes a check-in kiosk & patient forms. User-customizable patient forms & consent forms provide multiple workflow options for a client’s practice. Assign intake forms & consent forms through a secure patient portal prior to their arrival at the office.
AdvancedMobileDoc: offers the easiest way to utilize practice & clinical data from the convenience of the iPad & iPhone. Medication histories are always up to date & accessible with minimal taps. AdvancedMobileDoc simplifies the process of reviewing, editing & printing patient charts, medications, problems, allergies, immunizations, scanned documents, lab orders & results.
AdvancedExchange Integration Platform: connects practices to a broad range of systems including hospitals, HIEs, labs, custom practice-specific applications & a growing array of partners, products & tools.
Now in Beta for commercial release in the early summer, the telemedicine solution is designed to be perfectly integrated with the EHR and practice management platform, creating an optimal clinical experience, with great billing processes and administrative ease. It allows patients to digitally engage with physicians and receive high-quality visits through two-way video conferencing, using a desktop, laptop, smartphone, iPad, or any other internet-connected device.
AdvancedMD’s product portfolio also includes technology enabled service offerings:
Revenue Cycle Management Services (RCM): helps small physician practices improve their bottom-line and offloads costly and complex medical claims processing, enabling independent physicians to focus on their core competencies.
AdvancedBiller: is AdvancedMD’s Medical billing partner channel. AdvancedMD’s medical billing company partners offer outsourced claims processing, denial management and insurance/ patient collections and include the AdvancedMD PM service for full transparency to the practice. Billing partners sell the AdvancedMD EHR as an add-on.
The company has medical practice and medical billing clients in all 50 states in nearly every medical specialty. The target clientele are independent medical practices and medical billing companies.
Client quotes on KLAS
“AdvancedMD has a wonderful web portal that users can sign in to for online training. Also, they do sections of training in segments where they go over certain things every time and have participants watch certain training videos for the training sessions.”
“AdvancedMD is very thorough. It has been great for us. I actually recommended it to several physicians, and they ended up going with it.”
Advanced MD has a variety of focus areas such as mobility built into all aspects, Big data/analytics, Patient Engagement technology including Telemedicine, population health and patient care coordination (practice>labs>hospital>home health>chronic care etc.)
Meet the CEO – Raul Villar
Raul has 25 years of professional experience with SaaS business models. He was an ADP Corporate VP from 2011 until September of 2015, and has served as Chief Executive Officer of AdvancedMD for the past five years. He has developed and implemented a strategic vision coupled with execution standards and tight financial controls to deliver double-digit year over year growth in sales and revenue while delivering exceptional client retention at AdvancedMD. Raul has a proven track record of attracting, developing, promoting, and retaining talent. Previously he spent twenty-two years with ADP in various sales and marketing leadership roles including SVP, Sales for Small Business Services, Major Account Services and Total Source. Raul earned his MBA in Marketing from the
University of Connecticut.