Bohemia, NY – February 3, 2017 — Fellow Health Partners, Inc., a New York based medical business solutions company, today announced its entry into the outsourced medical billing market, having identified a significant underserved need among medical professionals and hospitals.
CEO Michael N. Brown said, “Fellow Health Partners evolved from an independent billing company named Naslex in 2016, that was started by a pair of entrepreneurial women who wanted to do something special and different in the medical billing category. We put together a team to analyze the space and identified a currently underserved need that would allow a company to capitalize on the rapidly growing demand for outsourced medical billing. This market is projected to grow from the current $22 billion to $29 billion in the U.S. by 2022.
This continuing growth means that the demand for responsive, competent, proactive medical billing services is outstripping the supply, affecting the quality and service being provided by existing billing companies. That’s how Fellow Health Partners was born.”
CTO Chris Baltas added, “Our team discovered that among medical professionals and hospitals, there are basically two choices for outsourced billing right now.
On one hand, there are ‘mom and pop’ billers. They are smaller, U.S. based and usually provide a good level of customer service and responsiveness to their clients. However, they often lack up-to-date technology and resources which means they may not be collecting everything a medical practitioner is entitled to. They even turn away business because they don’t know how to grow in order to service it.
The other option for medical professionals and hospitals who outsource their billing are the ‘offshore” billers. They do everything overseas, servicing clients from places like India and Indonesia. They focus on technology and aren’t willing to invest in developing the ‘people skills’ side of their business. As a result, they are often very slow in responding to medical professionals who need help, including answers to their billing questions.
The lack of focus on people skills also means that these offshore companies often don’t have the necessary skills to effectively deal with patients who have billing questions and it even means that they might not be sufficiently equipped to deal with highly trained insurance company employees who can work to minimize what doctors or hospitals get paid.”
Michael Brown added, “The weaknesses in each model means that if a company could combine strong customer service with advanced technology, it would meet both of these identified customer needs at the same time, rather than forcing them to choose a company that can only meet one. Fellow Health Partners intends to meet both by focusing on state-of-the-art, ongoing training so that our team can serve the customer at the highest level, along with leading edge technology to bring workflow and communication efficiencies to the process.
This will help doctors collect everything that they have earned, provide them with data that allows them to better manage both cash flow and their practice, and to be supported by top level customer service for their practice and their patients.”
Fellow Health Partners has already contracted with surgeons and other practitioners, expecting to grow rapidly as it deploys its sales force while seeking M&As with ‘mom and pops’ that could benefit from their training and technology.
