BIRMINGHAM, Ala.--(BUSINESS WIRE)--SourceMedical announced today that the previously publicized investment in SourceMedical by ABRY Partners of Boston has closed. The company also announced that Larry McTavish, current SourceMedical CEO, will resign and assume a consulting role with the company, and that Ralph Riccardi has been promoted to the position of President and Chief Executive Officer.
“I am very pleased to announce Ralph’s promotion to Chief Executive Officer,” said Larry McTavish during an all employees meeting to announce the close of the recent investment in SourceMedical by ABRY Partners, his retirement from SourceMedical, and his successor. “Ralph is taking the reins of the company at the perfect time for the company and our clients. He has been instrumental in the transformation of SourceMedical to an industry leader in healthcare information systems and technology enabled services in the Ambulatory Surgery and Therapy markets. His broad background in healthcare, knowledge of our markets, and our company will assure a continuity of leadership and clear direction as the company continues to seek new ways to serve our clients.”
“The foundational integrity of the company that Larry led over the past eight years and the talented management team we’ve assembled will enable us to continue focusing our attention exclusively on providing exactly what our clients need, innovative products attuned to the constantly changing healthcare environment and reliable service,” said Riccardi. “This focus combined with a renewed source of capital investment by ABRY Partners provides all the necessary ingredients for SourceMedical to continue our leadership position in assisting our clients to navigate what is sure to be a dynamic decade in health care.”
ABOUT SOURCEMEDICAL
SourceMedical is the largest provider of outpatient information solutions and revenue cycle management services for ambulatory surgery centers, specialty hospitals, and rehabilitation clinics nationwide. With 31 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. For more information, please visit www.sourcemed.net/.