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For Immediate Release

Adreima Expands its Northeast U.S. Presence with Acquisition

Phoenix, AZ, January 11, 2012 – Waud Capital Partners ("WCP") announced that its portfolio company, Adreima (the "Company"), has acquired Accounts Receivable Management and Data Services, Inc. ("ARMDS"), the leading provider of Medicaid and Charity Care eligibility services in the state of New Jersey. With a strong leadership team and a well-respected, long-tenured client base of approximately 40 healthcare facilities in New Jersey, New York and Pennsylvania, ARMDS provides Adreima with a significant opportunity to expand its presence in the Northeast U.S. through new contract growth and the cross-selling of additional service lines. ARMDS operates two offices in New Jersey and has more than 250 employees. Going forward, ARMDS customers will continue to receive the same level of exceptional service and will work with the same team of ARMDS employees.

Adreima is a leading healthcare revenue cycle management ("RCM") company combining Medicaid expertise with a clinically integrated suite of patient access and reimbursement solutions. In addition to eligibility services, the Company also specializes in denials prevention/management and accounts receivable management services. Adreima now provides RCM services to more than 100 hospitals in 12 states and has more than 500 employees. ARMDS represents Adreima's second meaningful geographic expansion in the last 16 months, following the Company's acquisition and successful integration of an eligibility provider in the Southeast U.S. in September 2010.

"We are excited to welcome ARMDS into the Adreima family," said Connie Perez, Chief Executive Officer of Adreima. "ARMDS has an excellent reputation for providing high-quality service to its clients and the patients of those hospitals, strong expertise and values that align well with Adreima's operating philosophy."

"We found Adreima to be our ideal partner, providing the support to expand geographically, while giving our clients access to a broader array of service lines and our personnel significant opportunities for growth," said Ken Reiher, President of ARMDS. "All of us at ARMDS are thrilled to join the Adreima team."

David Neighbours, Partner at Waud Capital, commented, "Coupled with Adreima's strong organic growth, this acquisition marks an important step in Adreima's national expansion." Eric Gordon, Vice President at Waud Capital, added, "Adreima looks forward to utilizing ARMDS as a catalyst to further serve hospitals in the Northeast."


About Adreima
Headquartered in Phoenix, Adreima is a leading healthcare RCM company combining Medicaid expertise with a clinically integrated suite of patient access and reimbursement solutions, including eligibility, denials prevention/management and accounts receivable management services, to more than 100 hospital clients in 12 states across the U.S. 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
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, buyouts, industry consolidations 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. The firm has completed more than 100 acquisitions since its founding and currently has approximately $1 billion of capital under management.

For additional information on WCP, visit the firm's website at www.waudcapital.com.

For Further Information:
David Neighbours, Partner
Waud Capital Partners
312-676-8400
dneighbours@waudcapital.com

Connie Perez, Chief Executive Officer
Adreima
(602) 636-5505

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