Revenue cycle management firm The Consult Inc. this week said it will acquire Physician Management Information Services of Denver, a family owned firm that offers a range of software and services to manage revenue flow for healthcare providers.
Financial terms of the deal were not disclosed, but employees of PMIS will remain in Denver under a leadership team that will include several executives from both companies. Rippe Kingston Capital Advisors helped finance the deal.
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Cincinnati-based TCI said the merger adds a second practice management platform to its portfolio.
“We have a unique combination of customer-focused billing staff paired with an in-house claims clearinghouse,” TCI CEO Doug Davis said in a statement. “Through these efforts, we are able to streamline and simplify physician practices’ revenue cycle to optimize their cash flow.”
The news comes as more healthcare providers are updating their revenue cycle systems to handle new value-based payment models. However, a recent report by Black Book found that many small hospitals are putting off upgrades and focusing instead on the conversion to electronic health records as well as the looming October 2015 deadline to change over to ICD-10 diagnostic codes.