Made sixth acquisition – Data Systems Group, Sacramento, CA.
Made fifth acquisition – STAT Scheduling Technologies, Hazlet, NJ.
Scott MacKenzie named Chief Executive Officer; Jim Lackey to remain Chairman of the Board.
Made fourth acquisition – Nebo Systems, Inc., Oakbrook Terrace, Ill. and its claims outsourcing subsidiary, Cosand Group, Springfield, Ill.
Received $232 million investment from Spectrum Equity Investors, Boston, Great Hill Partners, Boston, Primus Capital Funds, Cleveland, Goldman Sachs Specialty Lending Group, New York, and Ares Capital Corporation, Los Angeles. The transaction provided liquidity to long-term venture capital and angel investors.
Refinanced $11 million of subordinated debt to replace it with senior debt.
Processed 100 million transactions in a year for the first time.
Completed a $70 million leveraged recapitalization.
Processed more than 75 million transactions in a year for the first time.
Made third acquisition – Healthworks Alliance, Inc. in King of Prussia, Pa.
Made second acquisition – Milwaukee-based ProServices, Inc.
Took second venture capital investment from CB Health Ventures, New York.
Made first acquisition – Los Angeles-based Medicheck Services, Inc.
Angel investors were joined by a venture capital investment from Dauphin Capital, New York.
Incorporated as Passport Health Communications, Inc.
Processed first billable transaction on debut product, Passport OneSource®.
Company was founded as InterMed, LLC and operated as a bootstrap shop building Web sites for physicians, hospitals and insurance companies. Later in the year it accepted angel investor money from health care leaders in the Nashville, Tenn. area and expanded into Internet-based insurance eligibility verification.