Mar, 31 2010 |
AHP Billing Services Purchased
SEGF portfolio company, AHP Billing Services was purchased by Advantedge Healthcare Solutions, Inc (AHS), of Staten Island, NY. AHS will be a $30mm privately-held company upon merger, with a 20% increase in sales from the purchase of AHP Billing Services. The acquisition cements AHS as a ‘Top 15’ medical billing provider in the US and expands AHS’ offerings for hospital-based physicians throughout the Northeast.
“We are very proud to welcome AHP into the AdvantEdge family,” said David Langsam, President and CEO of AHS. “AHP’s CEO, Lee Larson, and his team have done a great job building a business with a reputation for outstanding service and performance for all of their clients throughout the United States. By leveraging AHP’s specialty expertise and their operations center in Maine, we look forward to expanding our footprint in the Northeast and New England. As part of AHS, the Falmouth team will continue to provide their clients with the level of performance they have come to enjoy, and offer their employees meaningful opportunities for professional growth."
As part of the transaction, Larson will remain with AHP, serving as Senior Vice President and head of AHS New England operations. AHP’s 100 employees will also join the AHS team. They will remain in their current location, which will become AHS’ fifth processing location in the U.S.
The sale of AHP Billing Services provided a strong return on investment for investors, including the Small Entreprise Growth Fund. The fund invested $425,000 in Anodyne Health Partners (AHP Billings parent) beginning in 2006. In October 2009, athenahealth (NASDAQ: ATHN) acquired the business intelligence (BI) division of Anodyne Health Partners. The combined sales provided investors a 33% rate of return with the possibility of additional proceeds based upon future performance of Business Intelligence sales at Athena. A very attractive feature of the sale was the economic development “return” with the retention of the 100+ jobs in Maine, with the likelihood of growth at the offices in Falmouth. The SEGF will use the proceeds to continue to invest in other promising Maine businesses.
Source: http://www.ahsrcm.com/AHS-medical-billing-acquires-AHP.asp
