Phoenix, AZ, September 2010 – Waud Capital Partners (“WCP”) announced that its portfolio company, Advanced Reimbursement, now known as Adreima (the “Company”), has acquired Hospital Inpatient Services (“HIS”), a Florida-based provider of eligibility services to hospitals on the East Coast of the U.S. This acquisition represents the first of several that Adreima plans to complete as it executes its strategy of becoming the industry’s leading revenue cycle management (“RCM”) company specializing in Medicaid reimbursement. In addition, the Company is now well positioned to leverage its impressive track record of expanding geographically through new contract growth. Adreima now provides eligibility and other healthcare RCM services to over 70 hospitals in 10 states and has more than 300 employees.
Adreima will continue to maintain its corporate headquarters in Phoenix, AZ, where it serves hospitals located in five states throughout the Western U.S. HIS, founded in 1985 and serving hospitals in five states on the East Coast of the U.S., will maintain its operation centers in Jacksonville and Ft. Lauderdale, FL. HIS customers will continue to receive the same level of exceptional service they have come to expect and will work with the same team of HIS employees. HIS will transition to the Adreima name by year-end.
“The acquisition of HIS brings tremendous eligibility and disability services expertise to the Company and complements our existing healthcare revenue cycle management capabilities,” said Adreima Chief Executive Officer Connie Perez. “With this acquisition, we are taking a significant step toward building a national footprint, expanding availability of our services at a time when hospitals increasingly face challenges associated with declining reimbursement rates as well as complex and constantly-changing reimbursement rules.”
David Neighbours, Partner at Waud Capital, added, “This acquisition is highly strategic and advances our goal of building Adreima into a leading national provider of healthcare revenue cycle management services. We look forward to supporting Adreima as it continues to explore growth opportunities.”
Advanced Reimbursement Management also announced today that it has changed its name to Adreima and adopted the tagline Advocacy for Reimbursement Matters to better reflect the Company’s long-standing customer-centric philosophy, providing outstanding service for its client hospitals and their patients. Adreima provides advocacy for patients, helping them to become eligible for one or more government healthcare programs, while also advocating for hospitals, helping them to maximize receipt of the revenue to which they are entitled.
Adreima advocates for hospitals nationwide, providing eligibility and revenue cycle management services supported by a deep knowledge of state-specific issues and unparalleled in-house expertise. Adreima improves financial performance for, and builds long-term trusting partnerships with, more than 70 hospital clients in 10 states. In addition to eligibility services, Adreima handles complex clinical reimbursement issues, manages wrongful denials of benefits or payments and recovers incremental post-payment revenue. Adreima was acquired by Waud Capital Partners in August 2008.
For additional information on Adreima, visit the Company’s website at www.adreima.com.
About Waud Capital Partners
WCP is a leading middle market private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million.
For additional information on WCP, visit the firm’s website at www.waudcapital.com.
For Further Information:
David Neighbours, Partner
Waud Capital Partners
Connie Perez, Chief Executive Officer
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