| |
FRANKLIN, Tennessee –
Passport Health Communications,
Inc.® (Passport) announced today that it has signed an agreement to acquire
Healthworks Alliance, Inc. (Healthworks), a leading provider of front and
back-end software applications designed to assist healthcare providers in
identifying and eliminating denied claims and related write-offs across the
revenue cycle. This acquisition, the second in a year for Passport, will
strengthen Passport’s position as a strategic provider of business solution
services to healthcare providers focused on eligibility and benefit validation,
integrated solutions, financial services, batch processing and claims
clearinghouse.
Healthworks, with corporate offices in King of Prussia, PA and sales team
located in Boston, Chicago, Dallas and San Francisco, has been developing
software for healthcare providers since its inception in 1990. When Medicare
mandated medical necessity validation, Healthworks was one of the first to
incorporate the ability to generate Advance Beneficiary Notices (ABNs) into its
order entry product. Today, Compliance Checker ™ All Payer is one of the leading
products in the segment and has the added ability to perform this same type of
screening on patients with commercial insurance.
The ability to transform Healthworks’ extensive database of reimbursement edits
into additional EDI transactions, along with the licensing of Healthworks’
denial management software applications, will allow Passport to offer the most
robust set of reimbursement management solutions to help healthcare providers
maximize their cash flow and profitability. The acquisition is projected to
close within thirty days.
According to Jim Lackey, Passport’s president and CEO, “With the acquisition of
Healthworks, we can now offer our customers an array of products that can
provide significant return on investment very quickly. Today more than ever,
hospitals need tools to help assure best practices across the revenue cycle.
When you look at the most common reasons for denied claims and the massive
write-offs hospitals experience, typically lack of eligibility and lack of
medical necessity compliance are in the top five reasons for denial.”
Lackey further explained, “Healthworks has been one of those rare companies that
understands both the clinical aspects of order entry as well as the need to
achieve meaningful compliance and reimbursement.”
With a comprehensive knowledgebase of reimbursement edits and the expertise to
develop simple yet effective applications, Healthworks has grown its customer
base in excess of 400 hospitals all across the United States. According to
Lackey, “The Passport vision is to create and deliver integrated solutions that
help healthcare providers verify that the patients they are asked to treat are
benefit eligible, and that the services they are asked to perform are
reimbursable, leading to clean claims that get paid right the first time.”
Lackey went on to say, “Our mission to serve our customers is significantly
advanced by the caliber of people and products that come to us through
Healthworks.”
According to Adolf Paier, Healthworks’ chairman and CEO, “Healthworks has had a
long history of providing industry-leading products that have addressed both the
clinical and financial aspects of healthcare. We are delighted to become part of
Passport Health Communications, a company that shares our values and with whom
we can achieve new heights.”
Fairmount Partners Inc., a leading healthcare and technology investment bank
headquartered in Suburban Philadelphia represented Healthworks Alliance, Inc.
About Passport Health Communications, Inc.®
With insurance information on over 175 million covered lives, Passport Health
Communications, Inc. is focused on delivering innovative, transaction-based
healthcare solutions that help providers manage the balance between patient
access, quality of care and getting paid. Passport’s real-time solutions help
providers maximize their revenue cycle performance by reducing denied claims and
their related write-offs. With the addition of Healthworks, Passport will grow
to over 1,200 hospital customers and 1,500 large physician groups. Passport’s
website is
www.passporthealth.com.
About Healthworks Alliance
Healthworks Alliance, Inc. develops and markets application software and
specialized databases which are used by healthcare providers to validate orders
and claims for compliance with applicable reimbursement edits, and to manage the
appeal of denied claims. Healthworks markets its products directly as well as
through strategic alliance partners. Healthworks’ Compliance Checker™ products
are currently installed in over 400 hospitals and physician practices across the
United States. The Healthworks Alliance web site is
www.hworks.com.
This release contains forward-looking statements that involve a number of
risk and uncertainties. It is important to note that the Company’s performance,
and actual results, financial conditions or business could differ materially
from those expressed in such forward-looking statements.
|
