WESTCHESTER, IL, January 08, 2009
/24-7PressRelease/ -- Revenue Cycle Solutions, Inc. ("RCS"), headquartered in the Chicago, Illinois-areas, announced it has completed the purchase of Birmingham, Alabama-based CashRetriever Systems, Inc. ("CSI"). RCS and CSI will merge its operations to form a new combined business under the name of RCS. CSI is to contribute about $10 million of annual revenue to RCS. It has operating centers in Birmingham, Alabama and Tyler, Texas.
RCS and CSI are leading providers of accounts receivable management services for hospitals and other healthcare providers throughout the United States. With proprietary technology, tools and processes, both companies specialize in follow-up of patient liability and resolution of small insurance claims for hospitals. The combined business will have over 200 associates and serves over 150 hospital facilities.
Commenting on the transaction, C. Jeff Pan, RCS' CEO, said, "This acquisition will not only enhance our ability to serve our clients and their patients nationally as well as maintain our high standard of patient experience, but also strengthen our management team with the addition of CSI's Chairman & Founder, Don Payne, and his team of talented professionals."
"RCS and CSI are aligned in our focus around sales success and operating excellence. With CSI's proprietary service offerings such as the Attorney Intervention Group and Transaction & Code Set Solutions, we continue to offer innovative solutions to meet and exceed our client's expectations," Nick DiGiovanni, Managing Partner & Founder of RCS, added.
"Both companies are keen on using leading technology applications linked to business processes, resources and solutions. In addition, the RCS management team has a well-deserved reputation of commitment to its clients, associates and communities, and we are pleased to be joining such an outstanding group of professionals," Payne said. Payne has been appointed as Chief Operating Officer of the combined RCS.
In conjunction with the CSI acquisition, RCS has completed a round of sub-debt funding provided by Capital Resource Partners ("CRP"), headquartered in Boston, Massachusetts. CRP, a leading private equity firm specializes in providing debt and equity capital to middle market companies, has over $1.1 billion under management. RCS' principal shareholder is Austin Ventures, a private equity firm with over $3.1 billion under management. "It not only validates our strategy of consolidation, expanding products and technology, but also secures the company's success in the future. Additionally, having institutional investors like Austin Ventures and CRP definitely separates us from our peer group," Pan said.
For more information, please contact C. Jeff Pan at (708) 409-6000 or visit
www.revcs.com.
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