Medrium

Established in 1998, Medrium operates as a provider of web-based medical billing solutions specifically designed for hospital-based physician specialists. The company was founded in Morristown, New Jersey, and developed a business model centered on delivering its billing services through a Software-as-a-Service (SaaS) platform. Over its history, Medrium successfully raised a total of $30.2 million in funding across seven rounds, with its first round in May 2002 and its largest, a venture debt round of $12.5 million, in September 2008. A notable milestone in its growth was the acquisition of Wilmington Professional Associates in October 2008. The company's trajectory culminated in its acquisition by Pulse Systems on October 13, 2015.

Medrium's core business revolves around optimizing and expediting reimbursement for its clients, achieving a notable 93% first-pass acceptance rate on claims. The company serves a clientele that includes hospital-based physicians, medical clinics, and group administrators. Revenue was generated through its comprehensive practice management system services, which were provided via its web-based, ONC-ATCB certified, and HIPAA-compliant solution. The platform, known as Medrium Complete Practice Management (CPM), offered a suite of tools designed to streamline both administrative and clinical operations.

The Medrium CPM platform provided a robust set of features including practice management software, integrated medical billing, and electronic health records (EHR). Key functionalities comprised patient scheduling, electronic verification of patient eligibility, e-prescriptions, lab report management, and drug interaction information. The system also featured a clinical interface for capturing comprehensive patient visit records and administrative data to manage claims, post reimbursements, and reconcile payments. A distinct benefit for physicians was the 24/7 web-based access to the status of claims and payment processing. For patients, a dedicated self-service portal was available, empowering them to access their health information and communicate with providers.

Keywords: medical billing solutions, practice management, revenue cycle management, healthcare financial services, physician billing, hospital specialists, electronic health records, claims processing, healthcare SaaS, medical reimbursement, ONC-ATCB certified, HIPAA compliant, patient scheduling, eligibility verification, e-prescribing, clinical interface, patient portal, medical administrative software, healthcare IT, AdvantEdge Healthcare Solutions, Pulse Systems