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Local investors believe enough in the medical billing software market they have raised a $6 million fourth round on behalf of 10-year-old MedAptus Inc., which makes medical charge capture applications.
MedAptus’ software allows hospitals to eliminate paper used to document services provided to patients. MedAptus’ suite can link to electronic health record and medical practice applications and allows the providers to also improve the billing processes to insurers, increasing revenue. “We’re finding this marketplace is causing medical centers to go back to basics and focus on honing the revenue cycle,” said MedAptus chief medical officer David Delaney.
“MedAptus serves a specific role that some of the electronic health records software vendors don’t necessarily address,” said Linda Cagle, senior vice president of clinical services at Burlington-based Lahey Clinic Medical Center. Lahey has been using MedAptus since 2005, with the initial pilot of the software alone recovering about $1 million. “Using MedAptus’ system to automate billing has reduced claim rejection rates and contributed to a decrease in accounts receivable days to 32 days from about 60,” said Cagle.
The company business model solves a potential billing problem before it happens, according to Robert Jevon of venture capital firm Boston Millennia Partners, and a director of MedAptus. Boston Millennia is a long-term investor in the company and led the recent $6 million round. “Sometimes, if you can’t get (the bill) right the first time, it’s not worth submitting,” he said.
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