Misys Healthcare Systems Acquires Payerpath Inc.
Web-based electronic processing solutions to complement Misys' existing offerings
RALEIGH, N.C. (Feb. 1, 2006) - Misys Healthcare Systems, a market leader in healthcare IT, has acquired Payerpath Inc., a private company that provides Internet-based solutions for processing health claims. The purchase not only combines the expertise of two of the industry's leading electronic processing providers, but also enables both companies' product lines to be complemented with additional capabilities - thus bringing new, innovative solutions to their respective customer bases and the industry at large.
Specific details of the $49 million cash acquisition were not disclosed.
Misys Healthcare Systems will combine Payerpath's Richmond, Va.-based operations - which currently processes about 50 million claims a year - with its own electronic transactions clearinghouse, M. Transaction Services, which processes more than 420 million electronic transactions a year. The business will operate as Payerpath, A Misys Company, and will be headquartered in Richmond.
"Payerpath's business philosophy aligns well with ours at Misys Healthcare Systems. We both want to help healthcare professionals realize faster and more complete insurance reimbursements at a cost-effective price," said Tom Skelton, chief executive officer of Misys Healthcare Systems. "Payerpath has established itself as one of the nation's leaders in handling Internet-based healthcare claim transactions and currently processes more Web-based claims transactions than any other company. The company has been successful doing this with quality solutions that focus on each step of the reimbursement cycle - providing physician practices, hospitals and payers with a high level of user functionality, revenue cycle management features and adaptability. We're excited to complement our existing offerings with these new capabilities - for both our existing customers and for new customers."
Payerpath President and CEO Jim Brady added that the acquisition will also broaden Payerpath's reach: "Misys Healthcare Systems enables Payerpath's solutions to compete in the market on a wider scale than before. By utilizing Misys' extensive sales channels, the Payerpath offerings will be able to help more healthcare professionals than we could have reached alone."
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About Payerpath
Payerpath is a provider of Internet-based financial management software applications and related services for healthcare providers, hospitals and payers. The company's comprehensive suite of applications, led by Payerpath Claims Management, addresses all steps in the reimbursement cycle-from verifying patient eligibility and correcting inaccurate claims to managing remittance and generating secondary billing. Consequently, providers are able to reduce administrative costs and eliminate payment delays for healthcare services resulting from claims denials. For more information, visit www.payerpath.com .
Payerpath is a provider of Internet-based financial management software applications and related services for healthcare providers, hospitals and payers. The company's comprehensive suite of applications, led by Payerpath Claims Management, addresses all steps in the reimbursement cycle-from verifying patient eligibility and correcting inaccurate claims to managing remittance and generating secondary billing. Consequently, providers are able to reduce administrative costs and eliminate payment delays for healthcare services resulting from claims denials. For more information, visit www.payerpath.com .
About Misys Healthcare Systems
Misys Healthcare Systems, one of the top five healthcare IT companies in North America, develops and supports reliable, easy-to-use software and services of exceptional quality that enable physicians and caregivers to more easily manage the complexities of healthcare. Misys' family of leading clinical products and Web-based technologies - Misys Optimum™ solutions - are designed from the ground up to share patient data across all medical care settings. Misys Optimum connects community-based physicians and caregivers to the acute care enterprise, enabling increased efficiencies, better decision-making and improved hospital-physician relations. For more information, visit www.misyshealthcare.com .
Misys Healthcare Systems, one of the top five healthcare IT companies in North America, develops and supports reliable, easy-to-use software and services of exceptional quality that enable physicians and caregivers to more easily manage the complexities of healthcare. Misys' family of leading clinical products and Web-based technologies - Misys Optimum™ solutions - are designed from the ground up to share patient data across all medical care settings. Misys Optimum connects community-based physicians and caregivers to the acute care enterprise, enabling increased efficiencies, better decision-making and improved hospital-physician relations. For more information, visit www.misyshealthcare.com .
About Misys plc
Misys plc (FTSE: MSY), the global software company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers' markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world's top 50 banks. In healthcare Misys is also a market leader, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance Misys is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to about 7,800 financial advisers in the UK. Misys employs over 6,500 people who serve customers in more than 120 countries. For more information, visit www.misys.com.
Misys plc (FTSE: MSY), the global software company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers' markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world's top 50 banks. In healthcare Misys is also a market leader, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance Misys is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to about 7,800 financial advisers in the UK. Misys employs over 6,500 people who serve customers in more than 120 countries. For more information, visit www.misys.com.
