Medical Billing Services

What Medical Billing Services does

Medical Business Services (MBS, d/b/a Medical Billing Services) is a physician-owned medical billing and practice management company founded in 2000 and headquartered in Plymouth, Minnesota. The company serves independent medical practices — primarily in the Minnesota/Midwest region — across specialties including diagnostic imaging, radiology, respiratory care, and vascular surgery. Its customer base includes named accounts such as Minnesota Diagnostic Imaging Partners, Respiratory Consultants, Minneapolis Radiology, Minnesota Vascular Surgery Center, West Imaging & Minneapolis Vein Center, and Hudson Imaging Partners.

MBS operates an integrated suite of eleven service modules covering the full operational back-office of an independent medical practice: billing and collection services, outsourced medical billing and coding, accounting and financial services, fee schedule analysis, health insurance contract negotiation, practice consulting, medical practice management and administration, human resources, initial practice setup, medical marketing, and medical IT solutions. The technology layer is a web-based billing and collection system, augmented through a core partnership with Swan Technologies (serving clients since 2002) for network design, server administration, RIS/PACS interfaces, system integration, and VOIP support. Patient-facing payment is enabled through a Patient Wallet online portal for newer statements and a Patient Notebook portal for legacy accounts.

The business model is a managed-services engagement sold direct: the company offers monthly management fees or per-project pricing tailored to each practice, with a sales-led go-to-market relying on website contact forms, phone outreach, email, and a dedicated Business Development Executive (since mid-2023). The company is privately held, bootstrapped with no external funding rounds, and led by a long-tenured executive team — CEO Troy Roovers (since 2001), CFO Joan Stone (since 2002), and CIO Eric Mortenson (since 2001) — with additional leadership across operations, HR, marketing, and credentialing.

Name

Medical Billing Services

Legal name

Medical Business Services

Website

https://mbsplus.com/

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Medical Business Services is a physician-owned medical billing and practice management firm founded in 2000, serving independent medical practices in Minnesota with an integrated suite of eleven back-office service modules including billing, coding, accounting, HR, IT, and marketing.

Ownership category

akta.pro rank

Product category

Healthcare Revenue Cycle Management

NAICS

Collection Agencies (561440), Collection Agencies (56144), Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121)

SIC

Services-Health Services (8000), Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Patient Billing, Statements & Payment Processing (HLACACAG)

akta.pro secondary industries

Charge Capture & Clinical Documentation Improvement (CDI) for Billing (HLACACAF), Medical Debt Collection & Revenue Cycle Bad-Debt Recovery (FSAKAJAM), Price Transparency, Estimates & Patient Financial Clearance (HLACACAK)

Keywords

• Medical billing services
• Revenue cycle management
• Medical coding services
• Healthcare practice management
• Medical claims processing

Headquarters

HQ city

Plymouth

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Medical Billing and Practice Management Services: Provides comprehensive billing and practice management services for independent medical practices. Revenue generated through monthly management fees or per-project basis, offering flexible pricing structures tailored to client needs.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Medical Billing Services (MBS) provides outsourced medical billing, coding, collections, and end-to-end revenue cycle management for independent medical practices. Its core offering includes patient registration, coding and charge entry, electronic claims submission, account management, follow-up and appeals, payment processing, and customized financial reporting, supported by certified coders and a web-based billing platform delivered in partnership with Swan Technologies.

Product overview

Medical Business Services is a physician-owned medical billing and practice management company providing comprehensive services for independent medical practices. The company offers a unified suite of eleven integrated service modules covering the full revenue cycle: Billing & Collection Services and Outsourced Medical Billing and Coding as the core billing offerings; Accounting & Financial Services for financial management; Fee Schedule Analysis for revenue optimization; Health Insurance Contract Negotiation Solutions for payer contract management; Practice Consulting for strategic guidance; Medical Practice Management & Administration for operational support; Human Resources Services for employee administration; Initial Practice Set-up for new practices; Medical Marketing Services for patient acquisition; and Medical IT Solutions (via Swan Technologies partnership) for technology infrastructure. All services are customizable and can be tailored to each practice's specific needs.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Reduced claim denials and lower days in accounts receivable (AR)
• +1 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature2 records

Partnerships

One partnership is on record.

• Swan TechnologiescoreTechnology or IntegrationSwan Technologies is a group of seasoned Information Technology professionals who have served clients since 2002. They design and support various technologies for small-to medium-sized healthcare practices, including network design, server administration, RIS/PACS and billing interfaces, system integration, consulting support, and VOIP technologies. The partnership provides comprehensive healthcare IT solutions for MBS clients.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Zotec Partners: Zotec Partners provides revenue cycle management and practice management services with deep specialization in radiology and imaging practices — directly comparable to MBS's core customer base of Minnesota radiology and imaging groups.
• Coronis Health: Coronis Health is a national RCM and medical billing services provider serving independent practices and specialty groups, closely matching MBS's outsourced billing, coding, and collections offering.
• AdvancedMD: AdvancedMD provides cloud-based medical billing, coding, and practice management software for small and mid-sized independent practices — a direct competitor in the same RCM technology-enabled services segment MBS serves.
• CareCloud (now MTBC): CareCloud offers revenue cycle management, medical billing, and practice management solutions targeted at independent practices and specialty groups, competing head-to-head with MBS for similar small/mid-market customers.

Broad incumbents

• Athenahealth: Athenahealth is a large, established healthcare IT platform offering EHR-adjacent RCM, billing, and practice management to practices of all sizes. It overlaps with MBS's offerings as part of a much broader portfolio.
• Waystar: Waystar provides enterprise-scale revenue cycle technology (claims, patient billing, payments) that competes with the technology-enabled portions of MBS's billing and collections stack, though typically at larger customers.

Regional players

• Doctors' Billing Service (or similar regional billing firm): Regional Midwest/competitor medical billing companies serve the same independent-practice segment in Minnesota as MBS, often with similar multi-module service stacks and physician-owned positioning.

Emerging players

• Greenway Health: Greenway Health offers practice management, billing, and EHR solutions for ambulatory practices — partial overlap with MBS's billing and practice management modules.
• PatientPop: PatientPop provides practice growth, marketing, and patient acquisition solutions that overlap with MBS's Medical Marketing Services module — adjacent competitive overlap in the marketing/patient acquisition layer.

Others

• Swan Technologies: Swan Technologies is MBS's stated IT partner providing healthcare IT (network design, RIS/PACS interfaces, VOIP). While not a competitor, it is a tightly coupled ecosystem participant whose capabilities are partially resold through MBS.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Medical Billing Services