The medical billing industry serves as the cornerstone for the financial health of the United States' healthcare system, bringing in revenue that's critical for the survival of healthcare institutions and service providers. Because of the U.S.' unique, hybrid, multiple-payer setup, the industry has become increasingly fragmented and virtually broken, leading to inefficiencies and losses throughout the chain. With the cost of medical care rising faster than overall consumer prices, many providers are feeling the crunch, with some being forced to close down locations or reduce their service offerings.
Michael N. Brown, the founder and CEO of Fellow Health Partners (FHP), a leading medical business solutions company, says he founded the company after observing how "archaic" and "broken", often by design, the billing landscape was for healthcare providers. The process of resolving outstanding claims was so complicated, that many doctor's offices and facilities did not have the resources to resubmit or appeal insurance claims after being denied. Furthermore, he discovered that a doctor could do the same procedure five times, and get paid different amounts for four of them, and not get paid at all for the fifth. The various difficulties and barriers in handling claims led to healthcare providers leaving up to 12% of their revenue on the table.
