Zavata Completes Strategic Merger with Accordis Inc., Provider of Healthcare Revenue Cycle Services. Check it out:
ATLANTA --(Business Wire)-- Zavata, Inc., today announced that Accordis Inc. a leading provider of business office services for hospitals and emergency transport agencies, has merged with Zavata. This marks Zavata's fourth healthcare transaction in the past two years, and significantly expands upon Zavata's existing Revenue Cycle Managed Services (RCMS) division established last year with Zavata's purchase of the Siemens' RCMS business line.
With the addition of this world-class company, Zavata can now add a complementary set of RCMS services to its existing business, including expertise in areas such as: Emergency Medical Transport billing, bad debt collections, Medicaid and Medicare application services and crossover billing, and Retroactive Claims Reprocessing (RCR) services. Founded in 1974 and a previous subsidiary of HMS Holdings Corp. (HMSY), Accordis brings to Zavata a wealth of healthcare expertise in outsourcing as well as these specialty fields, which will greatly enhance Zavata's ability to offer truly end-to-end revenue cycle services. This transaction will add over 250 US employees with an average of 15+ years in the healthcare industry, and almost double Zavata's existing RCMS business from a revenue standpoint.
"We are extremely pleased to welcome Accordis' employees and customers to the Zavata family. This transaction is a milestone for Zavata, as expanding upon our RCMS services has been a key strategic initiative this year, in large part due to the extremely successful growth of our RCMS practice following the Siemens' acquisition," said Satish Sanan, Zavata's Executive Chairman and CEO. "With this merger, both Accordis' and Zavata's customers will equally benefit from our combined services and solutions that address the growing need for healthcare providers to find one partner that can offer a comprehensive RCMS solution to increase their revenue and reduce operating costs via a blended shore delivery model. The combined synergy of both our companies is noteworthy. We believe with Zavata's full business office services and Accordis' specialty expertise, and proprietary, claims billing and collections technology, that together we will become the leading provider of outsourced RCMS services."
"I am extremely pleased to be a partner with Zavata as a result of this merger," said Hamilton F. Potter III, Accordis' President. "Our business strategies are very much aligned, and we share a common goal to offer the most comprehensive, leading edge set of RCMS services to the healthcare provider community. I am confident this merger will yield great rewards for our existing customers and look forward to continuing our track-record of providing excellent healthcare services to them."
To ensure a smooth transition and provide continuity for all Accordis customers, Potter will continue as the President of Accordis, a wholly owned subsidiary of Zavata, and all of the Accordis employees and senior management will continue on with the Company in their existing roles, and remain a key part to the continued success of the combined companies.
About Zavata
Zavata provides Business Process Outsourcing (BPO) services and Enterprise Support solutions for the healthcare, insurance, and commercial enterprises industries. Zavata helps its customers improve their business performance and profitability by delivering guaranteed business process outsourcing services ranging from claims processing to technical help desk. By optimizing these knowledge intensive services, Zavata enables customers to focus on their core business. Headquartered in Atlanta, Georgia, Zavata was founded in 1995 and employs approximately 1,000 professionals internationally. To date Zavata has raised approximately $80 million in equity financing from its world-class Investors, including noted technology entrepreneur Satish Sanan, Mellon Ventures, BV-Cornerstone Ventures, LP (BV-CV) and WestBridge Capital Partners. This financing has funded Zavata's growth strategy which includes the following transactions; HPS Paradigm, Inc. in March, 2004, Symphony Data in February, 2005, RCMS division of Siemens Medical Health Services in August, 2005 and Accordis, Inc. in August, 2006. For more information, please visit www.zavata.com.
About Accordis
Founded in 1974, Accordis provides business office outsourcing services to healthcare providers nationwide. The Company's services assist clients in increasing revenue, accelerating cash flow, and reducing operating and administrative costs. Through its wholly owned subsidiary, Progressive Recovery Techniques, Accordis also offers full-service healthcare collection agency. Previously a subsidiary of HMS Holdings Corp. (HMSY), Accordis is headquartered in Princeton, NJ, with offices in Chicago, IL; Farmingdale, NY; Los Angeles, CA; New York, NY; Springfield, IL and Sunrise, FL. For more information, please visit www.accordisinc.com.
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