MedAssist, Inc. Acquires Argent Healthcare Financial Services
Acquisition to Expand Geographic Reach and Enhance Customer Service
LOUISVILLE, Ky., Nov. 8 /PRNewswire/ --
MedAssist, Inc. ("MedAssist" or the
"Company) announced that it has acquired Argent Healthcare Financial Services,
Inc. ("Argent HFS"). Financial terms of the transaction were not disclosed.
MedAssist and Argent HFS are leading providers of outsourced revenue cycle
management services to the healthcare industry. The companies have three
primary lines of business:
-- Patient Eligibility Services: assists uninsured patients in qualifying
for federal, state, and private health insurance programs, directly
enabling hospitals to collect payment for services which they might
otherwise remain uncompensated
-- Outsourced Receivables Management: offers highly customized receivable
management service to healthcare providers ranging from project work to
ongoing management of all non-delinquent receivables.
-- Collections: provides contingent collections of self-pay and
third-party receivables and early stage delinquency collections.
"This is an exciting transaction for MedAssist," said Michael A. Shea, Chief
Executive Officer and Founder of MedAssist. "The addition of Argent HFS is a
very positive development for the customers and employees of both businesses as
we continue to build an industry-leading company with additional resources,
geographic reach, products, and customer services. Argent HFS' customer base,
office locations and service lines are highly complementary with MedAssist.
Combining the two companies not only increases our geographic scope and scale,
but will offer us the opportunity to enhance our services through the
examination of our collective best-demonstrated practices."
William Bull, President and Chief Executive Officer of Argent, will join
MedAssist as Division President. Mr. Bull added, "We are pleased and
enthusiastic about the combination of the two companies. The entire Argent
management team is excited to join with MedAssist to build an industry-leading
company that provides highly valued services to our clients."
MedAssist was advised on this transaction by RoundTable Healthcare Partners,
the Company's majority shareholder.
About MedAssist Incorporated
MedAssist, founded in 1989, is a privately held company providing revenue
management services to healthcare providers throughout the country. MedAssist
utilizes a platform built on the dignity of patients, to deliver a series of
services that help free healthcare organizations to focus on patient care. A
key component of MedAssist's strategy is to accelerate the disposition process
starting with Patient Access, when the patient initiates service. The
Eligibility Services Group assists self-pay patients in locating and obtaining
public assistance, converting them to reimbursable accounts. Receivables
Management manages self-pay receivables prior to accounts becoming delinquent,
maximizing the probability of prompt account resolution. The Allied
Collections Group provides an ethical, professional and diligent approach to
accounts receivable management. These operations are supported by regional
offices, a strong national infrastructure, the latest technology and the
significant financial and advisory resources of Round Table Healthcare
Partners. For more information on MedAssist please visit
http://www.medassistgroup.com/ .
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented
private equity firm focused exclusively on the healthcare industry. The
partners of RoundTable have significant experience in managing, operating,
acquiring and financing multibillion-dollar diversified healthcare companies.
RoundTable partners with companies that can benefit from its extensive industry
relationships and proven operating and transaction expertise. More information
about RoundTable Healthcare Partners and its investments can be found at
http://www.roundtablehp.com/ .
DATASOURCE: MedAssist, Inc.
CONTACT: Marc Lobit of MedAssist, Inc., +1-502-499-0855, ext. 3173
Web site: http://www.roundtablehp.com/
http://www.medassistgroup.com/