FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE:MD), today announced the acquisition of Alegis Revenue Group, a leading, national third-party receivables company, by its affiliate MedData, Inc.
Founded in 2008 by healthcare executives, Alegis specializes in revenue recovery on accounts that require heightened expertise, labor, and capital including third party eligibility, third-party liability, and account resolution and appeals. Alegis manages more than $3 billion in charges for more than 240 hospitals nationwide and is focused on helping clients navigate the complex, and constantly evolving, federal and state regulatory environments in order to maximize revenue. Their patient advocacy approach to eligibility and enrollment reduces revenue cycle time from referral to remittance – improving patient satisfaction and boosting the bottom line for their clients.
“Through this acquisition by MedData, Alegis will be an exciting addition to the MEDNAX portfolio of industry-leading solutions, which we offer to our physicians and our hospital partners across the country,” said Roger Medel, M.D., Chief Executive Officer of MEDNAX. "Being a resource to our hospital partners is more important than ever now, as we work together to grow and achieve success in today’s complex healthcare landscape.”
“Acquiring Alegis adds to our operational scalability and strengthens MedData’s leadership position in the healthcare industry,” adds Ann Barnes, president of MedData. “Alegis’ expertise in third-party recoveries further emphasizes our commitment to delivering industry-leading and patient-focused revenue cycle management solutions to our growing network of more than 1,000 hospital sites nationwide.”
Alegis will continue to operate out of its Texas locations in The Woodlands, Amarillo, and Dallas.
This transaction is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
MedData is one of the nation’s leading providers of a range of patient-focused medical revenue cycle management services including billing, coding, collections, and patient satisfaction. For more than 30 years, the Company has been providing innovative billing solutions to the medical community and serving millions of patients across numerous medical specialties. MedData currently serves more than 3,000 physicians at 700 facilities across 43 states from its headquarters in Brecksville, OH, as well as from offices in Grand Rapids, MI, Roseville, CA, Bellevue, WA, and Peoria, IL.
To learn more about MedData’s patient-focused medical revenue cycle management solutions, please visit www.MedData.com.
MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of neonatal, anesthesia, teleradiology, maternal-fetal and pediatric physician subspecialty services. Physicians and advanced practitioners practicing as part of MEDNAX are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality initiatives and clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Pediatrix Medical Group, a division of MEDNAX, was founded in 1979 and includes neonatal physicians who provide services at more than 370 neonatal intensive care units, and collaborate with affiliated maternal-fetal medicine, pediatric cardiology, pediatric critical care and other physician subspecialists to provide a clinical care continuum. Pediatrix is also the nation's largest provider of newborn hearing screens. American Anesthesiology, a division of MEDNAX, was established in 2007 and includes more than 2,575 anesthesiologists and advanced practitioners who provide anesthesia care to patients in connection with surgical and other procedures as well as pain management. MEDNAX, through its affiliated professional corporations, employs more than 2,750 physicians in 35 states and Puerto Rico. vRad, which MEDNAX acquired in 2015, provides teleradiology services through a network of more than 350 radiologists located in all 50 states. In addition to its national physician network, MEDNAX provides services to medical providers in over 40 states through two complementary businesses, consisting of a revenue cycle management company and a consulting services company. Additional information is available at www.mednax.com.
Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and similar expressions, and are based on assumptions and assessments made by MEDNAX’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and MEDNAX undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in MEDNAX’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well MEDNAX’s current reports on Form 8-K, filed with the Securities and Exchange Commission.