Crescent Capital Affiliates Invest in Medical Records Leader.Business Editors ATLANTA--(BUSINESS WIRE)--June 14, 2002 Crescent Capital Investments, Inc., announced that its affiliates have completed an investment in Smart Corporation, the leading health document processor in the world. The transaction, which is valued in excess of $50 million, gives Crescent's affiliates a majority ownership stake in Smart. John Smart, the company'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. , will retain a significant interest in the company and will remain as Chairman and CEO after the transaction. Smart Corp. pioneered the "release of information" (ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). ) service in which hospitals and clinics outsource the process of responding to requests for copies of medical records. Today, Smart provides service to over 6,500 hospitals and clinics nationwide and processes 23,000 medical record requests daily, which amounts to 700,000 pages per day. The company's field force of over 1,700 representatives go onsite at client facilities and use mobile computing Using a computing device while in transit. Mobile computing implies wireless transmission, but wireless transmission does not necessarily imply mobile computing. Fixed wireless applications use satellites, radio systems and lasers to transmit between permanent objects such as buildings and digital scanning technology to create digital images of confidential patient information. These images are encrypted, compressed, and securely transmitted to Smart's Data Center where they are automatically printed and packaged for mailing or electronically delivered to a secure website for online viewing, all in compliance with new federal regulations governing the privacy of medical records. Smart's proprietary systems allow the company to handle the massive amount of information and paper processed each day. John Smart founded the company in 1976 and is widely recognized for developing the release of information industry. He was named California's "Entrepreneur of the Year" in 1990 and his company was named to Inc.'s "500 Fastest Growing Privately Held Companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in America" three years in a row from 1987 through 1989. Smart Corporation (www.smartcorp.net) moved its headquarters from California to Alpharetta, Georgia Alpharetta is a city in Fulton County, Georgia, United States. As of 2006 census estimates, the city had a total population of 43,424[1]. Selected for its location next to a spring, it began as a campground, and was originally known as in 1997. The company employs approximately 2,000 people and operates in 44 states. Crescent Executive Director Charlie Ogburn said, "John Smart is a visionary who saw a need 26 years ago, met that need, and has always been a leader in the market. Smart's recent conversion to digital scanning and electronic transmission of medical record documents again puts the company at the forefront of this industry. We believe a very large market opportunity exists as healthcare facilities strive to keep up with the many demands for retrieval and storage of patient information and documents." John Smart added, "This transaction validates our plans for the future and aligns us with a capital partner to help us finance our growth. Smart Corporation will continue to grow as we increase our automation, add to our customer base, and develop new services. This is testimony to the hard work and dedication that our employees commit to every day." Other Crescent Capital transactions include: MediFAX-EDI, a leading provider of health care information services See Information Systems. ; Caribou Coffee Caribou Coffee is a specialty coffee retailer, the second largest in the U.S.[2] Caribou concentrates on selling gourmet coffees, teas, and bakery goods in over 464 coffeehouses in 18 states. Company, Inc., the second leading non-franchised coffeehouse company 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. ; Lee Industries, the number-one manufacturer of commercial paving equipment; DVT See deep vein thrombosis. Corporation, a provider of technology-based machine vision systems; WaterMark watermark: see paper. See digital watermark. , the leading water paddle sports manufacturer; and Yakima, a leading manufacturer of sports-related racks and rack accessories for vehicles. Since 1998, Crescent Capital has completed nine transactions valued at almost $1 billion. |
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