Henry Schein MicroMD, a subsidiary of Henry Schein, Inc. (HSIC - Analyst Report), and MDeverywhere recently forged an agreement to provide physicians with a fully integrated clinical and financial system. This, in turn, will, enable them to deliver superior and value-added medical practice. Henry Schein MicroMD is a leading provider of proven and cost-effective practice management and electronic medical records (EMR) systems.
Boston, MA-based MDeverywhere offers efficient revenue cycle management (RCM) solutions including credentialing services for physicians. The company's unique RCM solution includes purpose built, cloud-based practice management software, coding rules engines, contract monitoring tools and full-scope claims management, patient payment portal and back-office services. The client lists of MDeverywhere boasts of solo practices, group practices, large faculty practices, and hospitals in over 40 different specialties.
The deal is expected to facilitate both the companies to focus on their individual strengths, enabling customer access to the other's software services at the same time. This is anticipated keeping in mind both the companies occupy commanding positions in the health care IT market serving ambulatory medical practices, with reputation in product development.
MDeverywhere's ICD-10 compliant RCM solution effectively takes care of the revenues that a physician leaves behind uncollected. Such revenues account for almost 15% of total sales. The integrated purpose built tools within this RCM solution helps to identify coding claim errors before claims are sent, and also decrease denials by complete and accurate claims, thus confirming insurance plan enrolment and enforcing payor contract compliance. Such support services promise greater value by optimizing revenues of the physicians.
Additionally, MDeverywhere's credentialing verification services make it a perfect delegation partner for several enrollment services. Such services include unlimited health plans, Council for Affordable Quality Healthcare (CAQH) maintenance, group applications and re-validations for all types of providers. MDeverywhere can also help with re-validation by 2014 to adhere to the Affordable Care Act re-validation requirement.
The partnership promises to create a single point solution for automation of operations so as to streamline workflow efficiency, and at the same time, generate an uninterrupted cash flow.
Currently, HSIC carries a Zacks Rank #2 (Buy). Other medical stocks that are also worth a look include Cardinal Health, Inc. (CAH - Analyst Report), and STRAUMANN HLD N AKT (SAUHF - Snapshot Report), each carrying a Zacks Rank #1 (Strong Buy), and Align Technology Inc. (ALGN - Analyst Report) carrying a Zacks Rank #2 (Buy).