Latest News | Firstsource Solutions Acquires PatientMatters for $13 Mn

New Delhi, Dec 23 (PTI) Business process management (BPM) services provider Firstsource Solutions said it has acquired PatientMatters, a US-based healthcare revenue cycle management (RCM) solutions provider, for USD 13 million (over Rs 95.7 crore).

Founded in 2012, PatientMatters is headquartered at Orlando, US and serves a diverse customer-base across 24 states of the US. It unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services, improving revenue realisation for hospitals.

"The acquisition complements Firstsource's Provider Business in two dimensions: strengthening presence in large markets like Texas and New York, and adding new capabilities of pre-authorisation and patient bill estimation at the front-end of the RCM cycle," a statement said.

The acquisition integrates PatientMatters' InteliPass with Firstsource's proprietary patient engagement solutions MFocus and MGagement, equipping providers with a comprehensive platform-based solution that simplifies the end-to-end patient financial experience, it added.

A regulatory filing said the cost of the acquisition was USD 13 million and the transaction executed and closed on December 22, 2020.

PatientMatters' consolidated revenue was USD 17.7 million in 2019 and is estimated to be USD 17.1 million this year.

"The healthcare space in the US is ripe for digital disruption – a trend further accelerated by the pandemic. Firstsource already has a large presence in the US healthcare market, helping Providers and Health Plans streamline their operations with Intelligent Automation and emerging technologies for enhanced competitiveness," Sanjiv Goenka, Chairman of Firstsource Solutions and RP-Sanjiv Goenka Group said.

He added that this strategic acquisition magnifies the company's strong patient-centric revenue management capabilities and creates adjacent areas for growth for it.

In tandem with the acquisition, Firstsource plans to consolidate its Healthcare Provider brands MedAssist and PatientMatters, under its enterprise umbrella, the statement said.

The move reflects the unified value proposition offered across all Firstsource solutions and services and reinforces the company's brand as a global BPM leader, it added.

"The integrated brand strategy under the Firstsource name will create a seamless organisation with unparalleled service capabilities and geographic reach. While we've built a strong reputation under the MedAssist brand over the past three decades, we believe that Firstsource's distinct track record of successes worldwide will help us create a deeper impact in the marketplace," Vipul Khanna, MD (managing director) and Chief Executive Officer (CEO) of Firstsource Solutions said.

David Shelton, CEO of PatientMatters, said the company's strong eligibility services and intelligent financial management workflows will support Firstsource's strategy of putting clients at the heart of its operations and accelerating success.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)