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BR Firm Expands Services to Florida *** MD Technologies Harbors National Hopes

Posted on: Wednesday, 22 February 2006, 18:00 CST

By NED RANDOLPH

BR firm expands services to Florida *** MD Technologies harbors national hopes

Fueled by a $5 million sale of convertible bonds, MD Technologies in Baton Rouge finalized the acquisition of its second company in three months on Tuesday.

Premier Medical Consultants based out of Largo, Fla., services more than 100 physicians in two states. The acquisition allows MD Technologies to provide total billing services for Premiers customers while implementing its own proprietary software, called Medtopia.

The Internet-based software was written by MD Technologies founder William Davis and is serviced by Louisiana programmers on Florida Street downtown.

It allows physicians to focus on health care while we handle the administrative duties for them, William Eglin, MD Technologies president and chief executive officer. On their own, the national average is 70 days. Well get them paid in 45 days.

In October, MD Technologies acquired Medical Group Services, Inc. of Tampa, Fla.

Both companies bill insurance companies on behalf of physicians.

Its an extremely fragmented industry, Eglin said. The majority of billing companies are mom and pops that have grown from someone who use to work in a physicians office and they go into billing.

Eglin said, They get to a point where theyre unable to get past a certain level. We believe our technology and systematic approach to sales and marketing will grow their top line and allow them to deliver services more efficiently.

MD Technologies is also developing a software program that would manage patient-care records.

The next generation of products were addressing is on clinical side. It allows a doctor to walk into a room, and instead of having a patient chart he uses a handheld, Eglin said.

The company posted $600,000 in revenue in 2004, the year it went public with a $3 million initial public offering.

With Tuesdays acquisition, its customer base increased to 500 physicians in 11 states.

Joining the MD Technologies team will allow us to serve clients better and focus on developing better tools to enhance their outsourcing strategy, said Jon Trezona, founder of Premier Medical Consultants.

Trezona will serve on MD Technologies management team as vice president of development. He has nearly 30 years of experience in various leadership positions in the health-care field as CEO at five hospitals and chief operating officer of two facilities.

As we acquire additional companies with billing expertise, we can turn our focus internally to developing software to better facilitate practice management for our clients, Davis said.

MD Technologies also hopes to grow the newly acquired companies by adding sales and marketing teams on the ground. Ultimately, their goal is to take MD Technologies national.

The sky is the limit, Eglin said. Currently, we have several in the hopper right now. Weve got a lot on our plate with first two. We believe have pretty good looking business model.

Its product line includes Medtopia Healthcare Information Systems, a suite of Internet-based business applications and services designed for the health-care industry.

The Medtopia suite includes Medtopia Manager, a practice management system for physicians practices, Medtopia EMR, an electronic medical record product, and Medtopia DMS, the companys electronic document management system.

Source: Advocate; Baton Rouge, La.

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