Improving the Health of Medical Billing & Practice Management

In the US alone there are over 400 thousand specialty “niche” private medical practices that generate an estimated $1.2 million of revenue each year.  Over all, Medical Billing is a $37 billion dollar per year industry dominated by a few small corporations that process huge volumes of claims, but provide very few customized services that meet the needs of the small to mid-sized practitioner.

As is the trend in many industries, these small corporations have outsourced over $22.4 billion dollars per year in medical billing to countries such as India and Pakistan. Though this has increased their profits and that of the practices, it has eroded the private practice and medical billing collection rates by almost 100 percent due to inefficiencies, language barriers and poor customer service. 

With over 800,000 physicians in America facing the increases in their own medical malpractice insurance, FodeMD delivers a cost effective and scalable processing platform that increases a practice’s medical billing collection rates to over 96 percent.  This equates to an annual average increase in medical billing collections of just under $100 thousand per practice that previously was just lost due to processing inefficiencies or outsourcing services.