COMPLETE MANAGEMENT, INC. SIGNS LETTER OF INTENT TO ACQUIRE MEDICAL BILLING AND COLLECTIONS COMPANY.NEW YORK--(BUSINESS WIRE)--May 9, 1996--COMPLETE MANAGEMENT, INC. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. ) today announced that it has signed a letter of intent to acquire a medical billing and collections company located in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The billing company now serves a client base of more than 700 physicians, and 20 hospitals. In 1995, the company generated sales of more than $3 million. Consummation of the acquisition is subject to significant conditions, including a due diligence investigation by CMI confirming the absence of certain changes, the level of 1995 income and the billing company's prospects, as well as the execution of a definitive agreement. Steve Rabinovici, Complete Management's Chairman 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. , said, "This acquisition, if completed, will expand Complete Management's ability to serve its present medical practice and hospital clients, and enhance its ability to grow its client base by offering practice management services to potentially 700 new customers." Mr. Rabinovici continued, "The acquisition will also allow Complete Management to reduce costs over the long-run by consolidating its present billing and collection departments and achieving economies of scale. In addition, the management team brings extensive experience in billing and collecting for certain types of medical services rendered by its clients." Complete Management offers a broad range of management and support services to medical practice groups and hospitals in New York List of hospitals in New York (U.S. state), sorted by hospital name. A to H
CONTACT: Steve Rabinovici Chief Executive Officer and Chairman (212) 868-1188 or Arthur Goldberg Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. (212) 868-1188 or Keith Lippert/Julie Vicelja Lippert/Heilshorn & Associates, Inc. (212) 838-3777 |
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