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For Immediate Release

Adreima Completes Acquisition to Expand its Clinically-Integrated Revenue Cycle Services

Phoenix, AZ, January 8, 2013 – Phoenix-based Adreima, a Waud Capital Partners ("WCP") portfolio company, announces its acquisition of National Healthcare Review, Inc. ("NHR"), a national clinical-financial auditing company based in Woodland Hills, California. NHR will be part of a rapidly growing organization that provides clinically-integrated revenue cycle services to hospitals and healthcare systems nationwide, including eligibility determination for medical coverage, medical pre-authorization, accounts receivable management services, post-payment recovery services, audit review and defense, and clinical and technical denials support. With the addition of NHR, Adreima will serve hospitals in 31 states with more than 650 employees, including 145 clinical, audit and coding specialists.

"As a clinically-integrated service organization, Adreima is very attuned to the overall integrity of a hospital's revenue cycle," said company CEO Bob Wilhelm. "NHR's charge capture and managed care services extend our clinical focus and allow us to impact our client's entire revenue continuum."

Founded in 1977, NHR has provided revenue integrity services such as clinical-financial auditing, coding and support services to more than 1,500 hospitals throughout the United States. Over the past 30 years, it has grown both organically, by forming alliances with hospitals and large national health systems, and through acquisition. The company's most recent activity was the 2010 acquisition of an Ohio-based coding company, creating further depth to the organization with the addition of a national team of experienced, credentialed coders.

David Neighbours, Partner at WCP, commented, "The diffusion of new payment models, such as bundled payments, Accountable Care Organizations, and Value-Based Purchasing, will shift financial risk from payors to providers, putting more pressure on providers to appropriately document the impact they have on the populations they serve, and the value of the clinical services provided to attributed lives. NHR's clinical audit expertise accelerates Adreima's ability to help hospitals address these demands."

Adreima's unique delivery model organizes teams of clinical, financial and process experts, fueled by the company's proprietary technology, to serve as advocates for optimal financial reimbursement for hospitals and the communities they serve. Adreima offers a specialized clinical focus on revenue cycle areas such as clinical auditing, payment integrity, financial administration compliance and clinical compliance. The clinical expertise and experience of NHR fortifies and expands the clinical impact Adreima can have on a hospital's revenue cycle with an expanded bandwidth and the addition of more than 125 clinical, audit and coding specialists.

"This is our second acquisition in the past 12 months," continued Mr. Wilhelm, referring to Adreima's 2012 addition of New Jersey-based ARMDS, Inc. "The recent NHR addition is a strategic win for us because it has a dramatic impact on the geographic footprint of our organization, and the depth of NHR's clinically-based service lines and broad clinical expertise add an important complexity to our organization."

NHR will continue to maintain current operations from its Woodland Hills headquarters while its current CEO, George Kasparek, will maintain his leadership role through the transition of the organization and will serve as Senior Vice President at Adreima.

"For over 30 years, NHR has been committed to providing the finest clinical auditing services in the healthcare industry. It has gained a reputation of excellence through the expertise of its highly trained professional staff, and the high level of service it has provided to its clients," noted Mr. Kasparek. "The relationship with Adreima is a perfect fit and an exciting growth opportunity for our team. We share the same values, vision and commitment to excellence."

About Adreima
Through its clinically integrated revenue cycle solutions, Adreima helps providers mitigate financial, regulatory and operational risks by navigating increasingly complex reimbursement issues. The company's tightly-integrated teams of clinical, financial and process experts serve as advocates for hospitals and their communities to assure maximum reimbursement for the services they provide. Adreima currently improves financial performance for more than 300 providers in 31 states, and is expanding nationwide. Services include eligibility determination for medical coverage, medical pre-authorization, accounts receivable management services, post-payment recovery services, audit review and defense, and clinical and technical denials support. To support its expanding clinically integrated offerings, Adreima employs 145 clinicians throughout the country.

For additional information on Adreima, visit www.adreima.com.

About Waud Capital Partners
Waud Capital Partners ("WCP") 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 $20 million to $100 million in private companies in the following four areas: healthcare services, business, consumer and government services, specialty distribution and value-added industrial. 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 www.waudcapital.com.

For Further Information:
David Neighbours, Partner
Waud Capital Partners

Bob Wilhelm, Chief Executive Officer
(602) 636-5506

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