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Passport Health Communications, Inc. Acquires United Wisconsin Proservices; Gains Additional Products for Healthcare Administrative and Financial Management
FRANKLIN, Tenn. & MILWAUKEE --(Business Wire)-- April 1, 2004 -- Acquisition Adds Product Depth for Hospitals and other Healthcare Delivery Facilities
One of the nation's leading healthcare information technology companies, Franklin, TN-based Passport Health Communications, Inc., announced today that it has acquired United Wisconsin Proservices, Inc. from WellPoint Health Networks Inc., creating a broader product platform and adding one of the largest payer and provider networks in the State of Wisconsin.
With this acquisition, Passport Health Communications will serve approximately 800 hospitals and over 1,500 large physician groups and other healthcare entities across the US. The broadened product portfolio includes the following electronic transactions: patient eligibility and benefits, claims submission and management, claims status and other related products and services.
Passport Health Communications will:
-- Provide clearinghouse services on a national level with access to one of the largest group of payer connections in the US.
-- Have an innovative technology platform with multiple distribution vehicles, including web-based services as well as products that integrate with practice management and hospital information systems.
-- Bring over 35 combined years of successful business operations to meeting the administrative and financial services needs of hospitals and other healthcare delivery facilities across the country.
-- Have an expanded product offering including patient eligibility, benefits, claim submission and management, claim status, remittance advice, referrals and authorizations, precertifications, self-pay file batch, credit/ATM card processing, patient address verification, credit reporting and scoring, fraud and abuse compliance tools, cash management seminars and other related products.
-- Serve a customer base of approximately 800 hospitals and over 1,500 large physician groups and other healthcare entities across the US.
With this product-expanding move, Passport Health Communications is positioned to offer additional products and services to its extensive national customer base. During fiscal year 2003, Passport grew its transactions by 25% over 2002. This growth rate will be enhanced via the acquisition of United Wisconsin Proservices through both the additional customer base and the cross-selling opportunities that exist with the broader product platform.
Proservices brings to Passport both a large customer base as well as a product portfolio that is complimentary to Passport's offerings, stated Jim Lackey, president and CEO of Passport. The addition of a claims submission product to our portfolio enables us to round out our administrative and financial offering to our customers. This is a significant step in the continued growth of our company. Lackey went on to state: we believe that providers are looking to companies such as Passport to provide a full service financial and administrative offering with superior service. This acquisition gives us that offering.
About Passport Health Communications
Passport Health Communications, Inc., based in Franklin, Tennessee, is focused on delivery of innovative technology solutions to assist health care providers in maximizing their revenue cycle performance. Passport offers real time access to data and proprietary technology essential for accurate patient registration, billing, collections, and self- pay reimbursement. These financial and administrative tools help to reduce claim denials and improve cash flow. The company offers health care providers insurance information on more than 175 million covered lives, including access to Medicaid and Medicare in most states. Passport has a client base of approximately 800 hospitals and over 1,500 large physician groups and other healthcare entities across the US. Services are provided through a real-time browser, electronic batch, point of service terminal or integrated within the providers health information system. For more information, visit www.passporthealth.com.
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