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For Immediate Release

Waud Capital Partners Acquires Revenue Cycle Solutions, Inc.

Launches Healthcare Patient Account Resolution Platform Company

Chicago, IL, May 9, 2011 Waud Capital Partners ("WCP" or "Waud Capital"), a leading middle-market private equity firm, today announced that it has acquired Revenue Cycle Solutions, Inc. ("RCS" or the "Company"). RCS will serve as the platform investment in WCP's effort to build a best-in-class patient account resolution company serving hospitals, hospital-based physician groups and other healthcare facilities nationwide.

Established in 2002 and headquartered in suburban Chicago, RCS partners with over 100 hospitals across the country and provides a wide range of account resolution services, including early-out self-pay, third-party insurance and aged receivables recovery. Through a patient-centric approach, from operations in Westchester, Illinois (headquarters) and Hoover, Alabama, the Company assists its clients with accelerating cash flow, increasing profitability and driving operational efficiencies in the revenue cycle.

"Hospitals face increasing profit and process challenges with the continuing shift toward higher patient-responsibility for co-payments and deductibles. Given these challenges, healthcare revenue cycle improvement is a necessity and our platform is focused on providing unique business process outsourcing solutions, said David Neighbours, Partner at WCP."

"We analyzed a number of investment opportunities in the multi-billion dollar hospital account resolution market, and we were attracted to RCS because it gives us the immediate opportunity to expand the Company's geographic footprint and add additional service offerings through both organic and acquisition growth," said Eric Gordon, Vice President at WCP.

About Revenue Cycle Solutions
Founded in 2002, RCS is a leading provider of account resolution services to hospitals and hospital-based physician groups throughout the United States. With proprietary technology, tools and processes, RCS specializes in providing self-pay follow-up services and resolution of insurance claims for hospitals.

For additional information on RCS, visit www.revcs.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 growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $20 to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and select industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 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

For Media Inquiries:
Kelly Holman, Director
BackBay Communications

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