Ancillary Care Management Raises $8.6 Million in Series B Preferred Stock Financing.Business Editors LOS ANGELES--(BUSINESS WIRE)--Dec. 22, 2003 Ancillary Care Management (ACM (Association for Computing Machinery, New York, www.acm.org) A membership organization founded in 1947 dedicated to advancing the arts and sciences of information processing. In addition to awards and publications, ACM also maintains special interest groups (SIGs) in the computer field. ), the leading provider of technology and management services for ancillary care, raised $8.6 million in a Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. financing. Delphi Ventures, Validus Partners and St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Ventures, all Series A investors in ACM, participated in the financing along with new investor Salix Ventures. As a result of its investment, Marty Felsenthal, a General Partner of Salix Ventures, will join ACM's Board of Directors. "ACM helped create the ancillary care benefit management sector, bringing health plans and providers administrative and process efficiencies and increased control over all aspects of ancillary care," said David Willcutts, ACM's founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We're pleased that Salix Ventures has joined with our existing group of top-tier investors to support the company as we expand operations to meet customers' needs." ACM provides outsourced services and systems to health plans to assist them in managing the cost and delivery of ancillary care. ACM primarily focuses on managing the rapidly rising costs of specialty biologics (high-cost drugs administered by injection or infusion), home health services health services Managed care The benefits covered under a health contract , durable medical equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: "Managing the costs of specialty biologics has become a priority for health plans. ACM has developed unique and superior systems and processes to facilitate the management of these ancillary costs," noted Salix Ventures' Felsenthal. "Through its relationships with Medco and some of the country's leading health plans, ACM has established a very impressive platform that is well positioned to take advantage of this market opportunity." ACM has developed proprietary workflow systems that allow it to manage authorization of services, clinical coordination, claim submission, claim adjudication The legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. , claim status, pricing and network management for its target markets. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , spending on specialty biologics is estimated at $18 billion and projected to grow to $40 billion by 2010. In addition, health plans currently spend over $42 billion annually on home health, durable medical equipment and home infusion services. About ACM ACM is the nation's leading specialty pharmacy and infusion benefits management company focused on improving patient care and reducing costs related to services provided in an ancillary care setting, defined as the home, doctor's office or other non-hospital environment. Founded in 1995, the privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. contracts with health plans nationwide, serving more than 18 million covered lives. ACM applies paperless automation to the traditional paper-based systems used by payers and providers when managing these benefits. ACM is based in Los Angeles and links payers, providers, clinicians, allied health professionals, suppliers and patients through its Web site, which offers a progressive suite of applications that manage all aspects of ancillary care. More information can be found on the Web at www.acmcentral.com. |
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