CHARLOTTE – Meduit, formed in 2017 after a merger between MedA/Rx and RMP, continues to expand its workforce rapidly, and has increased its revenues by three times in recent years.
According to its CEO Jeff Nieman, the Charlotte-headquartered company has grown from a few hundred employees in 2017 to more than 1,600 today, and continues to hire.
Some 250 workers are based in the headquarters location, and the company also maintains a total of 14 office facilities across the United States, Nieman told WRAL TechWire in an interview this week.
The company was named among the top three U.S. healthcare revenue cycle companies by Modern Healthcare, and continues to grow organically and via acquisition, said Nieman, including seven acquisitions in four years.
Part of the growth is due to Charlotte’s ecosystem, and to the company’s headquarters location in North Carolina, said Nieman.
“North Carolina has been listed as the number one state for business climate by Site Selection magazine for the last two years and has been in the top states for more than a decade,” said Nieman. “The Charlotte business environment in general and the healthcare ecosystem in particular have certainly supported Meduit’s growth strategies, which are two-fold: organic sales growth through a full suite of end-to-end healthcare-specific RCM solutions and expansion by acquisition.”
The company’s customers are hospitals, health systems, and physician groups, and the company delivers AI-powered revenue cycle management (RCM) solutions to more than 850 clients.
Demand is growing, noted Nieman, due to the global coronavirus pandemic. “The pandemic has made it more and more challenging for hospitals and physicians to employ business office staff,” Nieman said. “Healthcare providers are looking for lower cost ways to get accounts billed and receive reimbursed for their services. Our technology allows us to provide better service and outcomes than many healthcare providers are able to achieve on their own.”
Nieman noted that the company is growing its workforce in order to meet that demand, stating that the company’s patient payment solutions teams, insurance billing and follow up teams, and AI team are the fastest growing areas of the company.
“The COVID-19 pandemic has dramatically impacted healthcare providers, who are dealing with unprecedented staffing and financial issues, all of which is setting the table for a new era of digital RCM solutions that leverage artificial intelligence (AI) and robotic process automation (RPA) to accelerate resolution of accounts at a lower cost,” Nieman said.
The technology deployed by Meduit functions about 20 times faster than manual work from human capital, said Nieman. That can result in a dramatic cost-savings for healthcare providers and systems, he noted. The company’s technology focuses on the use of artificial intelligence to complete routine tasks and repetitive work, with an example being that the company’s technology can catch insurance claim errors early and learn from existing patterns in the data.
In addition, said Nieman, the company’s technology will predict a patient’s propensity to pay their bills, better equipping employees to prioritize their time in following up with patients. Simultaneously, the software can identify patients who may qualify for community- or hospital-sponsored programs.
“Patients want to be able access their billing and payment information on their cell phones and by computer,” said Nieman. “We offer a comprehensive suite of digital patient engagement tools that empowers patients to access their information and pay medical bills easily and conveniently.”
But AI won’t fully replace all human interaction in healthcare settings, noted Nieman. It’s about striking the right balance, he noted. “We need to ensure that our clients and their patients have the best of both worlds – the convenience of online digital access coupled with a real expert who is a compassionate person, available to answer complex questions.”