DALLAS, Jan. 23 /PRNewswire/ -- Accuro Healthcare Solutions, Inc. (Accuro), today added to its growing suite of revenue cycle management solutions with the acquisition of CodeCorrect, LLC, which offers a comprehensive set of web-based coding tools to help hospitals and physicians streamline the reimbursement process and optimize revenue. Accuro acquired CodeCorrect from an affiliate of United Communications Group (UCG), with headquarters in Rockville, Md.
This is Accuro’s second strategic acquisition in four months as a part of its plan to bring together more solutions and resources that will afford healthcare providers the necessary tools to enhance their revenue cycle process. In October 2005, the company acquired Innovative Health Solutions (IHS), which develops IT solutions for coding and coding compliance, reimbursement and information management for many of the country’s most recognized healthcare organizations. With the acquisition of IHS and CodeCorrect, Accuro is now positioned as a leader in the chargemaster coding and compliance market.
CodeCorrect, of Yakima, Wash., together with its Chargemasters.com subsidiary, offers an integrated product suite to include chargemaster maintenance, management and enterprise-wide tools, medical necessity verification, regulatory content, data analytics, comprehensive coding intelligence, and content linkages for access to all information in one location and cost management capabilities to hundreds of hospitals and thousands of physicians nationwide.
CodeCorrect will be known as “CodeCorrect, an Accuro company,” and its more than 70 employees will remain in its Yakima and Seattle offices. Terms of the transaction were not disclosed.
“CodeCorrect is an extremely well-managed company under the direction of founder and CEO Kerry Martin,” Accuro CEO John Carlyle said. “We admire CodeCorrect’s approach to product innovation and its impressive sales growth from 2001 through 2005 of more than 1,000 percent. The company’s commitment to streamlining coding and compliance processes enables healthcare providers to optimize revenue through increased efficiency and productivity.”
Company’s Growth Recognized
CodeCorrect placed 52nd on the 2005 Deloitte Technology Fast 500 list. It ranked 81st on Inc. magazine’s 2005 List of the 500 Fastest Growing Private Companies in the United States and 18th on the magazine’s 2004 list.
Its RevenueSource(R) Suite of tools that enable hospitals to monitor, manage and maintain revenue cycle operations was the first suite of revenue cycle products to receive the coveted Peer Reviewed designation in 2005 from the Healthcare Financial Management Association (HFMA), the nation’s leading membership organization for healthcare financial management professionals. HFMA cited RevenueSource’s demonstrated return on investment, with improved productivity or process effectiveness; accuracy, effectiveness and ease of use; and superior customer service and technical support.
“CodeCorrect is dedicated to providing revenue intelligence through Web- based tools that facilitate access to information, cross-functional communication and streamlined processes for continuous and compliant revenue optimization,” Martin said. “Providers across the country will benefit from this strategic partnership that marries CodeCorrect’s technology and Accuro’s current suite of technology-based services, its management expertise, financial resources and solid business model.”
About Accuro
Accuro was formed in late 2004 to provide comprehensive solutions that optimize revenue and improve financial and operational efficiencies for healthcare providers.
In addition to CodeCorrect and Innovative Health Solutions, Accuro’s IMACS (Innovative Managed Care Systems, Ltd.) subsidiary is the industry leader in contract management and point-of-service pricing solutions through three of its products, MACS Performance, MACS Professional and CarePricer.
Accuro is backed by Welsh, Carson, Anderson and Stowe, one of the largest private equity firms in the United States that invests solely in information and business services, healthcare and communications industries.
About UCG
UCG is one of the country’s most successful privately held business information and software providers. Founded in 1977, UCG is a diversified business information company that serves numerous vertical markets.
Accuro Healthcare Solutions, Inc.
CONTACT: Malea Barron of Lovell Communications Inc., +1-615-297-7766, ormalea@lovell.com, for Accuro Healthcare Solutions, Inc.; or Robert Alldayof Accuro Healthcare Solutions, Inc., +1-972-755-6510, orrallday@accurohealth.com
