CRT Medical Systems has acquired Continuum Management Services, one of its largest rivals, making the Novi-based firm the largest multi-specialty medical billing company in Michigan.
The acquisition boosts CRT Medical Systems revenue by 40 percent. The 31-year-old firm has added 40 people to its staff over the last year, expanding it to a total of 91 employees.
CRT Medical Systems has also launched a new division over the last year called Patients Accounts Receivable. The new division works to reduce the amount of outstanding patient bills for doctors offices, allowing more practices to remain independent and rely less on hospitals.
"That division is growing at a fairly significant rate," ays David Doyle, CEO of CRT Medical Systems
. "There were four people and we just increased it to six. It will be nine by the end of the year."
Doyle adds that about 70 percent of CRT Medical Systems business comes referrals so he expects his firm to continue growing by adding more doctors offices and practices over the next year. "There is still a substantial growth that can be had."
Source: David Doyle, CEO of CRT Medical Systems
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.