BIRMINGHAM, Ala.--(BUSINESS WIRE)--SourceMedical today announced a definitive agreement to purchase LaClaro, a company revolutionizing how outpatient centers manage their revenue cycle operations. This acquisition adds management reporting, analytics applications and automated workflows to SourceMedical’s outpatient solutions for ambulatory surgery centers (ASCs) and the extended outpatient continuum.
The acquisition of LaClaro allows SourceMedical to create a more comprehensive outpatient solution by providing a broad set of analytical and workflow capabilities that help these organizations more effectively view and interpret their practice and financial information. In doing so, clients will have greater visibility into billing processes which will allow gaps to be quickly identified thus improving operational efficiencies. The acquisition also benefits SourceMedical’s Revenue Cycle Services division by providing additional visibility into clients’ aging claims which in turn improves cash flow.
“The proposed acquisition of LaClaro demonstrates our commitment to provide next generation software and services solutions for the outpatient continuum,” said Dr. Jamie Coffin, Chief Executive Officer, SourceMedical. “With this addition to SourceMedical’s offerings, we will gain immediate growth opportunities among our current ambulatory surgery centers, particularly those wanting to improve their business operations. The ability to provide our clients with comprehensive tools that allow them to improve their financial oversight, save time, and bring important data to the surface will ensure each facility has the opportunity to reach their full potential and enable them to deliver cost effective high quality patient care.”
Until recently, ASCs were profitable despite a lack of sophisticated business technology. Today centers are facing increasing operating costs, competition among surgeon loyalty and a complex reimbursement environment. Each of these factors contributes to eroding margins. In order for centers to remain profitable despite shrinking fee schedules, growing patient balances, and increased payer scrutiny for claims, the work flow surrounding the revenue cycle must be refined.
LaClaro’s customer centric innovation makes complex data simple and consumable. Their flagship product, Lighthouse, integrates seamlessly with SurgiSource (SIS), AdvantX, and Vision, and provides end users the information necessary to efficiently manage the revenue cycle enabling them to run their practices more efficiently. It will complement SourceMedical’s offerings by deepening the solutions and therefore, the value, SourceMedical provides its customers.
"LaClaro has been working hard over the last several years to bridge a gap in the business operations of ambulatory surgery centers,” shared Terry Rajendran, LaClaro’s Chief Executive Officer. “SourceMedical's expertise and presence in the outpatient space will give Lighthouse a broader audience. This acquisition will facilitate a rapid progression of industry best practices. It is our belief that increasing the efficiency of outpatient centers will lower the cost of healthcare and it is our goal to work toward that result. We are excited to join SourceMedical and look forward to bringing cutting edge solutions and best practices to the extended outpatient market."
The transaction is subject to customary closing conditions. It is expected to be finalized at the beginning of June 2015. The closing will bring with it a wave of development to extend outpatient solutions.
SourceMedical is the largest provider of outpatient information solutions and revenue cycle management services for rehabilitation clinics, ambulatory surgery centers and specialty hospitals nationwide. With 30 years of real-world experience, more than 5,200 satisfied customers, and the confidence of more than 250 consultants and management companies, SourceMedical offers the broadest range of solutions and enhancements available to the industry. The company's unique end-to-end systems improve operational efficiency and cash flow while enabling healthcare facilities to capture, exchange, and analyze data to deliver a higher standard of patient care.