Quality Systems Executes Agreement to Acquire Practice Management Partners
Horsham, Pa. - October 16, 2008 - NextGen Healthcare Information Systems, Inc., a wholly owned subsidiary of Quality Systems, Inc. ("QSI") (NASDAQ: QSII) and the leading provider of ambulatory healthcare information systems and connectivity solutions, today announced that the company has entered into an agreement to acquire Practice Management Partners ("PMP"), a full-service healthcare revenue cycle management ("RCM") company.
Headquartered in Maryland and founded in 2001, PMP provides physician billing and technology management services to hundreds of healthcare providers, primarily in Mid-Atlantic region. The company employs approximately 200 people and generates approximately $16 million in annual revenue.
In May, QSI and NextGen Healthcare announced the acquisition of another revenue cycle management company, Healthcare Strategic Initiatives ("HSI"), headquartered in St. Louis, Missouri.
Patrick Cline, President of NextGen Healthcare said "We have been very pleased with the demand we have seen for our revenue cycle management services, and while we remain committed to organic growth in all areas of our business, PMP will help to build out our RCM capability both geographically and with regard to capacity and talent. This acquisition also continues to build our base of recurring, visible revenue. Like HSI, PMP presents a number of strategic synergies."
"This is an exciting step for PMP. Our proprietary denial management science and account receivable methodologies coupled with our strong management team and diverse client base made PMP an attractive partner for NextGen. Powered by NextGen, we will be able to offer what we know the physician community really needs and what the market is demanding, a truly integrated revenue cycle management solution." said Don Good, President of Practice Management Partners.
Perry Snyder, Founder of PMP, said "We're very pleased to be joining NextGen Healthcare. Our clients will be pleased to know that like PMP, NextGen Healthcare builds longstanding relationships based upon a track record of customer service, excellent results and tremendous value."
The transaction is expected to be accretive in the first year.
About NextGen HealthcareNextGen Healthcare Information Systems, Inc. a wholly owned subsidiary of Quality Systems, Inc. (NASDAQ: QSII), develops computer-based practice management and electronic medical records systems, and provides related services to medical group practices and healthcare systems. For more information about NextGen, please visit www.nextgen.com and www.qsii.com.
About Practice Management Partners
PMP provides revenue cycle management technology and services to community based healthcare practices and provider organizations. For more information, please visit www.pmptrs.com