LOUISVILLE, Ky., Nov. 8 /PRNewswire/ -- MedAssist, Inc. (“MedAssist” or the “Company) announced that it has acquired Argent Healthcare Financial Services, Inc. (“Argent HFS”). Financial terms of the transaction were not disclosed.
MedAssist and Argent HFS are leading providers of outsourced revenue cycle management services to the healthcare industry. The companies have three primary lines of business:
-- Patient Eligibility Services: assists uninsured patients in qualifying for federal, state, and private health insurance programs, directly enabling hospitals to collect payment for services which they might otherwise remain uncompensated -- Outsourced Receivables Management: offers highly customized receivable management service to healthcare providers ranging from project work to ongoing management of all non-delinquent receivables. -- Collections: provides contingent collections of self-pay and third-party receivables and early stage delinquency collections.
“This is an exciting transaction for MedAssist,” said Michael A. Shea, Chief Executive Officer and Founder of MedAssist. “The addition of Argent HFS is a very positive development for the customers and employees of both businesses as we continue to build an industry-leading company with additional resources, geographic reach, products, and customer services. Argent HFS’ customer base, office locations and service lines are highly complementary with MedAssist. Combining the two companies not only increases our geographic scope and scale, but will offer us the opportunity to enhance our services through the examination of our collective best-demonstrated practices.”
William Bull, President and Chief Executive Officer of Argent, will join MedAssist as Division President. Mr. Bull added, “We are pleased and enthusiastic about the combination of the two companies. The entire Argent management team is excited to join with MedAssist to build an industry-leading company that provides highly valued services to our clients.”
MedAssist was advised on this transaction by RoundTable Healthcare Partners, the Company’s majority shareholder.
About MedAssist Incorporated
MedAssist, founded in 1989, is a privately held company providing revenue management services to healthcare providers throughout the country. MedAssist utilizes a platform built on the dignity of patients, to deliver a series of services that help free healthcare organizations to focus on patient care. A key component of MedAssist’s strategy is to accelerate the disposition process starting with Patient Access, when the patient initiates service. The Eligibility Services Group assists self-pay patients in locating and obtaining public assistance, converting them to reimbursable accounts. Receivables Management manages self-pay receivables prior to accounts becoming delinquent, maximizing the probability of prompt account resolution. The Allied Collections Group provides an ethical, professional and diligent approach to accounts receivable management. These operations are supported by regional offices, a strong national infrastructure, the latest technology and the significant financial and advisory resources of Round Table Healthcare Partners. For more information on MedAssist please visit http://www.medassistgroup.com/ .
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. The partners of RoundTable have significant experience in managing, operating, acquiring and financing multibillion-dollar diversified healthcare companies. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. More information about RoundTable Healthcare Partners and its investments can be found at http://www.roundtablehp.com/ .
MedAssist, Inc.
CONTACT: Marc Lobit of MedAssist, Inc., +1-502-499-0855, ext. 3173