New York - May 28, 2003 - Professional Billing Controls announced today it has merged with Healthwave Inc., an e-Health company that specializes in streamlining the healthcare transaction process using proprietary technology. The purchase price and transaction terms were not disclosed.
Professional Billing Controls is a leading regional medical billing company serving individual and group medical practices in the New York metropolitan area. With this region having one of the highest total medical costs in the country, Professional Billing Controls has built a strong reputation for providing cost-effective and efficient solutions that help physicians simplify their claims and billing structures, increase collection of claims and select the optimal insurance plan for their practice. As a result of Professional Billing Controls' superior quality of service, the company has established long-term relationships with major customers and has developed a unique relationship with a premier hospital in New York City, as its sole medical billing service provider for all new contract physicians.
Based in based in Hauppauge, N.Y., Healthwave, Inc. provides Internet-based solutions designed to re-engineer the way healthcare administration information is processed with the goal of streamlining workflow and improving productivity
Richard A. Radoccia, Chairman, CEO and founder of Healthwave, Inc. commented: " Professional Billing Controls has a superior reputation among medical service organizations and is poised to rapidly expand its geographic reach and customer base in this marketplace. This transaction will advance important strategic objectives for Healthwave, and we are pleased to join with Professional Billing Controls."
"At Professional Billing Controls, our goal has always been to reduce the administrative costs for individual physicians and group medical practices, while raising satisfaction for patients and personnel," said Michael H. Kemp, President and founder of Professional Billing Controls. "With the pioneering vision and resources of Healthwave, Inc., we will have the opportunity to build on our strong foundation, achieve new levels of growth, and offer cutting edge, cost-effective technological solutions to our customers."
RSM EquiCo, a leading global investment banking firm for the private middle market, served as a financial advisor to Professional Billing Controls, initiating, negotiating and structuring the transaction.
About Professional Billing Controls
Founded in 1987, Professional Billing Controls provides comprehensive medical billing and consulting services to medical practices in the New York metropolitan region. The company executes every function in the collection process, from initial claim entry and status tracking, to actual collection and deposit in to the customer's account. Based in Freeport, New York and Manhattan, the company employs more than 50 personnel and also operates a data entry division from an office in India.
About Healthwave, Inc.
Healthwave Inc., founded in 2000, is an e-Health company that utilizes advanced, proprietary technology and connectivity to greatly improve the efficiency of transactions between doctors, payers and employers. The company is founded on the principle that e-business strategies adopted by other industries provide a model for healthcare. Healthwave has incorporated methods used in finance and manufacturing into its e-Health Platformtm to achieve dramatic reductions in the cost and improvements in the accuracy of processing healthcare transactions. Additional information is available at www.ehealthwave.com.
About RSM EquiCo, Inc.
RSM EquiCo is a leading global investment banking firm serving private middle-market companies throughout North America. With more than 330 professionals and support personnel, we specialize in mergers, acquisitions and divestitures for non-public companies with up to $250 million in annual revenues. Based in Costa Mesa, California, RSM EquiCo is part of RSM McGladrey Business Services, a business segment of H&R Block Inc. (NYSE:HRB). For more information, log on to our web site at www.rsmequico.com.