|
Passport Acquires NEBO Systems, Inc.
Franklin, TN (May 22, 2008) – Brentwood Capital Advisors LLC, based in Nashville, recently acted as the exclusive financial advisor to Passport Health Communications, Inc., a healthcare technology company based in Tenn., in its acquisition of fellow revenue cycle management firm Nebo Systems, Inc., Oakbrook Terrace, Ill., along with its claims consulting and outsourcing subsidiary, Cosand Group. Details of the transaction, which closed in early May, were not disclosed.
The combined organization boasts one of the most comprehensive suites of products and services in the revenue cycle management sector. Passport will add to its already extensive array of administrative and financial solutions with Nebo’s established claims management services, scripting expertise and other real-time, integrated tools.
Nebo’s reputation for exceptional customer relationship building coupled with Passport’s national footprint bodes well for the joint company’s long-term growth.
Jim Lackey, Passport chairman and CEO, said, “The addition of Nebo’s solutions and the talented people behind them will allow Passport to offer our clients a broader and deeper scope of services. By combining our unique but complementary strengths we will be better positioned in the marketplace.”
Before the acquisition Passport was already among the leading U.S. companies providing revenue cycle management technology and services. Founded in 1996, the nearly 200-person company works with more than 4,300 health care providers across the country. Its services include patient insurance eligibility verification, address verification, medical necessity compliance and credit card processing, among others.
Nebo, founded in 1989, traditionally has had a heavy claims emphasis but has also offered insurance eligibility verification, address verification and other services typically used in the front end of hospitals and physician offices. The company has a reputation for longstanding relationships with its approximately 2,500 clients, the large majority of whom are in Illinois. Nebo employs about 100 people.
“When we started Nebo we had a mission – to build a strong, profitable company to help health care providers in Illinois,” said Walter Polowczak, president of Nebo. “For 18 years we’ve held true to that mission here and in other states. With Passport our reach will be nationwide, allowing us to develop the same deep and lasting client relationships all over the U.S.”
Goldman Sachs Specialty Lending Group, L.P. provided financing for the transaction. Passport has successfully acquired and integrated three other companies since 2001.
“We have aggressive growth plans, and this acquisition creates opportunities for us to take Passport to the next level and provide even better products and services for our clients,” said Lackey.
About Passport Health Communications, Inc.
Passport Health Communications, Inc. is a health care technology provider with corporate offices in Franklin, Tenn., and King of Prussia, Pa. Passport’s products and services are used in more than 1,500 hospitals and 2,800 physician clinics and outpatient centers in all 50 states. The company delivers a range of administrative, clinical and financial tools via real-time, batch and integrated technology to improve the efficiency and accuracy of the revenue cycle process. For more information, visit www.passporthealth.com.
About Brentwood Capital Advisors LLC
Brentwood Capital Advisors LLC (BCA), founded in 1999, is a privately held investment bank headquartered in Nashville, Tennessee, providing mergers and acquisition and capital-raising advisory services to middle-market healthcare and business services companies. Since 2002, BCA has completed 31 financial advisory transactions as exclusive financial advisor with healthcare services transactions representing 25 of its 31 assignments. More information about Brentwood Capital Advisors can be found at http://www.brentwoodcapital.com
.
|
