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MedAssets Acquires XactiMed to Expand Revenue Cycle Management Business
ATLANTA (May 23, 2007) -- MedAssets Inc. announced today they have closed the acquisition of XactiMed, Inc., a leading provider of web-based revenue cycle technologies and services to the healthcare industry. The acquisition will expand the offering of MedAssets Net Revenue Systems to include claims management, remittance management, denial management solutions, and an array of revenue cycle services and consulting.
Based in Richardson, Texas, XactiMed is ranked number one in KLAS for Claims Management in 2006. The company also offers Medicare direct claims editing and processing, accounts receivable collections and denials management with more than 350 hospitals and provider organizations as clients.
The addition of XactiMed’s solutions with the MedAssets Net Revenue Systems’ portfolio will offer healthcare providers an integrated suite of technologies and services to improve accuracy in their revenue cycle processes, improve accounts receivable days outstanding, increase charge capture, speed collections and improve compliance – all leading to increased net patient revenue for the customer. MedAssets’ current revenue cycle offerings include chargemaster management, charge capture auditing, defensible pricing, and denials management as well as supply item file and chargemaster linkage.
“The integration of XactiMed’s products and services with MedAssets’ revenue cycle solutions will expand our ability to improve our customers’ financial performance,” said John Bardis, chairman, president, chief executive officer, MedAssets, Inc.
“As a customer of MedAssets Net Revenue Systems and XactiMed, Memorial Hermann looks forward to realizing additional financial and operational benefits for our facilities," stated Jeff Brownawell, chief financial officer, Memorial Hermann Healthcare System. "The integration of their combined services will further streamline our revenue cycle operations and provide additional efficiencies, integrated workflow, better reporting, and positive financial results."
"We are very excited to join a company that shares our vision for excellence and our commitment to the highest levels of service to our customers," said XactiMed's president and chief executive officer, D.T. Nguyen, who will continue leading this business.
XactiMed was advised by the investment banking firm of B.C. Ziegler and Company and the law firm of Hughes & Luce, LLP. Terms and conditions of the XactiMed acquisition are not being disclosed.
MedAssets’ mission is to improve healthcare providers’ margin and cash flow by solving significant operational problems with a customized solution of technology and service.
About MedAssets
MedAssets partners with healthcare providers to improve operating margins and cash flow while supporting quality of care goals. MedAssets implements integrated solutions to address the greatest opportunities for financial and process improvement and drives performance in revenue cycle, supply chain and clinical service line management. MedAssets is a business partner to more than 2,400 hospitals and 25,000 non-acute care healthcare providers. For more information, go to www.medassets.com.
About XactiMed
XactiMed provides web-based revenue cycle solutions and outsourcing services to the healthcare industry. XactiMed's claims, remittance and denial management solutions improve efficiency and effectiveness across the revenue cycle resulting in improved financial performance for the hospitals we serve. XactiMed was founded by D.T. Nguyen in 1998. For more information about XactiMed go to www.xactimed.com or contact Ann Diamond, executive vice president of Marketing, 901 International Parkway, Suite 200, Richardson, TX 75081.
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