|
|
FRANKLIN, Tenn. – Passport Health Communications, Inc., a health care technology
company based in Tenn., has acquired fellow revenue cycle management firm Nebo
Systems, Inc., Oakbrook Terrace, Ill., along with its claims consulting and
outsourcing subsidiary, Cosand Group. Details of the transaction, which closed
in early May, were not disclosed.
The combined organization boasts one of the most comprehensive suites of
products and services in the revenue cycle management sector. Passport will add
to its already extensive array of administrative and financial solutions with
Nebo’s established claims management services, scripting expertise and other
real-time, integrated tools.
Nebo’s reputation for exceptional customer relationship building coupled with
Passport’s national footprint bodes well for the joint company’s long-term
growth.
Jim Lackey, Passport chairman and CEO, said, “The addition of Nebo’s solutions
and the talented people behind them will allow Passport to offer our clients a
broader and deeper scope of services. By combining our unique but complementary
strengths we will be better positioned in the marketplace.”
Before the acquisition Passport was already among the leading U.S. companies
providing revenue cycle management technology and services. Founded in 1996, the
nearly 200-person company works with more than 4,300 health care providers
across the country. Its services include patient insurance eligibility
verification, address verification, medical necessity compliance and credit card
processing, among others.
Nebo, founded in 1989, traditionally has had a heavy claims emphasis but has
also offered insurance eligibility verification, address verification and other
services typically used in the front end of hospitals and physician offices. The
company has a reputation for longstanding relationships with its approximately
2,500 clients, the large majority of whom are in Illinois. Nebo employs about
100 people.
“When we started Nebo we had a mission – to build a strong, profitable company
to help health care providers in Illinois,” said Walter Polowczak, president of
Nebo. “For 18 years we’ve held true to that mission here and in other states.
With Passport our reach will be nationwide, allowing us to develop the same deep
and lasting client relationships all over the U.S.”
Goldman Sachs Specialty Lending Group, L.P. provided financing for the
transaction. Brentwood Capital Advisors, Nashville, Tenn., served as Passport’s
exclusive financial advisor. Passport has successfully acquired and integrated
three other companies since 2001.
“We have aggressive growth plans, and this acquisition creates opportunities for
us to take Passport to the next level and provide even better products and
services for our clients,” said Lackey.
About Passport Health Communications, Inc.
Passport Health Communications, Inc. is a national health care technology
provider with corporate offices in Franklin, Tenn., and King of Prussia, Pa.
Passport connects its customers – more than 1,600 hospitals, 2,200 physician
clinics and outpatient centers – with access to payer and patient information to
improve the efficiency and accuracy of the revenue cycle process. Passport is
committed to providing quality data through innovative solutions and unsurpassed
customer support. For more information, please visit
www.passporthealth.com.
|
