The success of Pittsburgh-based MED3OOO continues to skyrocket. The practice management and healthcare services company increased its revenue by $70 million in FY07 alone, propelling it to #35 in the Healthcare Informatics Top 100 rankings, up from #85 two years ago.
MED3OOO's three business sectors cover a broad range of products and services, including physician group and network management, revenue cycle management, and technologies such as electronic health records (EHR) and business and clinical decision support systems. Already engaged with 15,000 physician practice clients, the company is now seeing a client surge in the hospital and employer sectors.
Strategic acquisitions have also broadened the company's portfolio, including the May 2007 acquisition of InteGreat, which added the InteGreat EHR to the portfolio. The July 2007 acquisition of Pathology Service Associates, the country's largest exclusive provider of pathology revenue cycle management, increased MED3OOO's footprint in pathology billing and serves as a corporate investment in the future potential of genomics and personalized healthcare, notes MED3OOO's CEO, Patrick Hampson.
One of the company's main focuses is personal health records. “We believe the focus of PHR should be on the physician-patient relationship, where your primary care physician is in a mentoring position in your healthcare,” Hampson says. “It's a much better health strategy than having Microsoft or Yahoo! in charge of your PHR.”
Sophisticated tools for predictive modeling and population health management are needed by employers, physicians, and hospitals who are trying to improve the cost and quality of disease management, Hampson says. “We're investing millions of dollars in trying to help physicians to provide proactive care.”
Hampson attributes the company's success to the depth of its data collection and management tools, and to the valuable outcomes reporting that physicians gain from them. Client retention also is a huge factor: Hampson estimates that perhaps 80 percent of MED3OOO's managed clients have held contracts for 10 years or more.
MED3OOO recently announced a partnership with Mitsui and Co. USA, a subsidiary of Mutsui and Co., Japan, to gain a larger share of the U.S. and global marketplace. Hampson says, “We'll be able to invest more in our technologies and data management capabilities, while having a strong investment partner with a focus on improving healthcare to the international community.”
Healthcare Informatics 2008 August;25(8):51