Mumbai, Maharashtra, India
CBaySystems, a leading provider of technology-enabled BPO (business process outsourcing) services for the US healthcare industry and the third largest transcription services company in the world announces the acquisition of AMSplus, Inc (AMSplus), a US-based provider of medical billing and practice management services.
AMSplus is a privately held company that serves both physician practices and hospitals. It has approximately 185 employees based in offices located in six cities across north eastern USA. In the year ending 28 February 2007, AMSplus reported sales of approximately USD 13.8 million and was profitable.
This acquisition strengthens CBaySystems' position in the US market for patient financial services, which has an estimated value of USD 15 billion, and also creates significant cross-selling opportunities. CBaySystems had last year acquired the patient financial services business of Certus Corporation and now combined with AMSplus will make it a formidable player in this space.
Raman Kumar, Chairman and CEO of CBaySystems, said: "I am delighted within two months after our IPO at AIM, London Stock Exchange to deliver this acquisition, which we expect will improve our top and bottom line growth and create cross-selling opportunities through an expanded customer base.
"The complexity of physician practice reimbursement has increased demand for the services provided by AMSplus, which offers an advanced billing platform, a dedicated team of billing experts and sophisticated analytics and reporting."
AMSplus, will be integrated into CBaySystems' US-based group company, Mirrus Systems, a national US provider of patient financial services. Marc Bolh, AMSplus' founder, will join Mirrus Systems' Executive Management Team and continue as AMSplus' President.
"We are very pleased to have made this important acquisition," said Nanda Krish, Executive Director of CBaySystems and CEO of Mirrus Systems. "AMSplus brings more than 25 years of experience and a strong reputation for helping physician practices lower their accounts receivables and improve revenues. This will complement our existing Delay Management and Reimbursement Analytics services, and reinforce our focus on helping healthcare providers accelerate cash and reduce receivables outstanding."
"Teaming with Mirrus offers great new opportunities for our 150-plus physician practice customers," Marc Bolh, President of AMSplus, said. "Mirrus, and its parent company, CBaySystems , share our passion for helping physician practices and hospitals operate with greater efficiency and profitability. In addition, CBaySystems offers services such as medical transcription, integrated practice management and electronic medical record solutions that can help our clients reduce costs and improve quality."
For further information please visit www.cbaysystems.com
About CBaySystems
CBaySystems is a provider of medical transcription to large hospitals, healthcare networks and physician practices throughout the United States and has a growing presence as a provider of patient financial services to hospitals and hospital-based physician practices in the United States. Sources estimate that in 2000 the medical transcription industry was worth USD 22 billion. In 2004 the patient financial services business was worth USD 15.4 billion. The Group utilises internet technologies combined with its India-based delivery model to deliver its service and product offerings to US healthcare providers.
CBaySystems' services and solutions are currently focused in two main areas: medical transcription services and patient financial services. Medical transcription is an IT-enabled service that converts voice recordings of doctors into electronic text documents to be added to patient records. CBaySystems is the third largest medical transcription service provider in the world (Source: Value Notes, May 2006), where it operates in a marketplace with over 1,500 competitors
The Group also provides delay management analytics, accounts receivable management and reimbursement analytics and services to hospitals and hospital-based physician practices in the United States through its patient financial services division Mirrus Systems Ltd
The Group's back office operations are conducted through a network of 34 owned and outsourced processing centres in 10 states in India and one in Oman. These centres engage a workforce of over 5,000 medical language specialists and customer service professionals, approximately 1,800 of whom are employed directly by CBaySystems' owned operations and the rest through its partnership programme and through other joint ventures.
CBaySystems is currently developing a new technology-enabled service, an integrated practice management solution platform called CBayPraxis, which is a service designed to bring together a range of practice management technology offerings combined with transcription, electronic medical records, ePrescription and billing services on a single desktop application. The CBayPraxis application will be delivered through ''widget'' technology on a high-definition dashboard. CBayPraxis will target smaller physician practices in the United States, typically in the range of one to four physicians, and is currently undergoing tests with commercial use anticipated to begin in the third quarter of 2007.
Source: CBay Systems (Business Wire India)
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