AUSTIN, Texas--(BUSINESS WIRE)--Medical Present Value, Inc. (MPV), a leading provider of financial tools and expert services to manage payor contracts and audit reimbursement, today announced it has acquired Plymouth, Mass.-based TeraHealth. Terms of the agreement were not disclosed.
Founded in 1995, TeraHealth provides insurance and benefits verification software and services that help physician groups improve eligibility processes by electronically gathering co-pay, benefits and deductible information via batch or real-time transaction. Its ESI and MedeConnect products are EDI tools that eliminate the need for staff to manually verify insurance information and reduce registration, co-pay and billing errors.
“With the growth of consumerism and high deductible insurance plans, there is an increasing need among physician groups to verify eligibility and determine patient fees at the time of service,” said Tom Stampiglia, CEO of MPV. “The TeraHealth team possesses an outstanding level of industry experience in patient eligibility and the acquisition of the company will allow us to combine MPV’s leading payor contract management solution and patient payment calculator with a powerful eligibility and insurance verification solution. This combination of services will solve the challenge of calculating patient fees at the time of service for our clients, resulting in increased collections and reduced patient bad debt.”
TeraHealth’s corporate name will change to MPV and its operations will remain in Plymouth, MA. The company’s president and CEO, John Donnelly, will join MPV as general manager of the eligibility product suite.
“MPV is a recognized leader in the payor contract management space and an excellent match with TeraHealth’s leading team of eligibility experts,” said Donnelly. “By combining our complementary products, we will be able to enhance the value practices receive from our current solutions and create a comprehensive, integrated approach to improving revenue cycle efficiency – from eligibility checking at the beginning of a patient encounter to ensuring accurate reimbursement for all services rendered.”
For more information about the acquisition, visit www.mpv.com/terahealth.
MPV provides medical groups with financial tools and expert consultative services to monitor payor performance; verify reimbursement; reduce registration, coding and posting errors; negotiate better contracts; and improve overall cash flow. Serving more than 28,000 physicians nationwide, MPV gives clients better control of their payor contracts, improves workflow efficiency and strengthens the bottom line. For more information, please visit www.mpv.com.