30 Smartest Companies to watch 2018
In today’s healthcare IT space there are no individual winners. To stand out in today’s healthcare IT landscape, you have to work with others- to stand out. It is through partnerships that interoperability (which is important in today’s scenario) can be achieved for a more comprehensive patient and provider solution. MTBC understood this very early and came into the healthcare space to provide what was lacking.
MTBC was born out of a need in the year 1999. Mahmud Haq’s wife is a physician and when Mahmud saw his wife face some difficulties pertaining to revenue cycle management/billing, he sought out to create a better, more comprehensive and interoperable solution. He founded MTBC which started out by concentrating on billing and transcription. Then, eventually, as it scaled and grew, MTBC became the healthcare IT conglomerate it is now. MTBC is present in 15 locations including New Jersey, New York, Pennsylvania, California, Tennessee, Texas, New Mexico, Georgia, Maine, Colorado, Islamabad, and Sri Lanka.
Service gave them the start
When MTBC started out, they took on projects to deliver their service as a product in a time when most RCP companies started out with software and then worked their way up to services, provided they saw an opportunity. MTBC hence, immediately stood out for its bold stand in a competitive market. The company was founded with an aim of offering comprehensive services at a reduced cost. And that is what it stuck to.
But there were some challenges that MTBC had to tackle initially. These challenges were largely pertaining to interoperability. They had clients who already had systems in place and were hesitant on transitioning to MTBC’s system. So, the company had to adapt and build solutions to interface with other softwares and had to learn to start performing their services through these. But now, in 2018, with over 300 developers in their staff they leverage custom solutions for large clients quite frequently.
In the present day market, MTBC is now a top revenue cycle performance company which offers a comprehensive suite including Electronic Health Records, Practice Management, Mobile health, Coding, Compliance, and back-end AR services.
Smartness is a virtue
Reacting to the changing market needs is no more the norm in business. You need to stay ahead of the curve to survive and thrive. Foresight is something that only the best of the best have.
During times when competitors are looking at the how to increase revenue in a value-based care system, MTBC has been looking ahead. They focus on how they can help their providers expand and adapt to this change. Further, they are looking into population health analytics capabilities in their software because at the end of the day results on patient health will be more important than the fee schedule the patient fits into when there is a change eventually.
One more important aspect of MTBC is the diversity in its global workforce. The employees of MTBC come from diverse backgrounds and hence, have diversity in perspectives too that which enable them to have all sides of the coin covered. As the value-based care model comes into fashion it will be interesting to see how MTBC will do. The company seems to be interested in doing some innovation in conjunction with blockchain and interoperability.
MTBC is one of those companies that take pride in its diverse workforce. MTBC does not outsource its work, so its entire workforce either directly works for them or for its family of companies. This allows the company to have a very open mindset when it comes to growth.
The company has no vanity and believes in sharing revenue with its partners because that will give them a much broader offering. They work with medical practices of all sizes- small, medium, large, ASC’s and even hospitals. It is this kind of thinking that has earned it a spot in our “30 Smartest Companies to Watch 2018” this year.
- The company went public and offered an IPO on July 28, 2014.
- The company’s talkEHR received the 2015 Edition Complete HER Ambulatory ONC Health IT Certification.
- In 2014, MTBC WebEHR was featured among the Medical Economics Top 50 EHR’s ranking.
- Deloitte recognized MTBC as one of the fastest growing technology company in the U.S in its Fast 500 list in 2016.
Mahmud Haq, Founder & Executive Chairman of MTBC.
Before MTBC, Mr. Mahmud Haq was the CEO and President of Compass International Services Corporation from 1997 to 1999. Prior to Compass International Services, he served as the Vice President of Global Risk Management for American Express.
Mr. Haq finished his BS in Aviation Management from Bridgewater State College in Massachusetts and then earned an MBA from Clark University.
“We help medical practices automate those tasks which are traditionally manual.”
“Since 2001, MTBC has been helping healthcare providers increase collections, reduce expenses and streamline clinical and business workflows.”