MEDAPHIS ACQUIRES MEDICAL MANAGEMENT OF NEW ENGLAND, INC.
ATLANTA, July 21 /PRNewswire/ -- Medaphis Corporation (NASDAQ-NMS: MEDA) today announced that it has acquired Medical Management of New England, Inc., a privately-held company which provides business management services, primarily billing and accounts receivable management services to hospital-affiliated physicians, for approximately $11 million. The acquisition was financed with borrowings under Medaphis' senior credit facility. Randolph G. Brown, chief executive officer of Medaphis, indicated that the New England based operations acquired today had revenue of approximately $12.6 million in 1992. He said: "This transaction will significantly increase the number of physicians we currently serve in the New England market. Our investment represents a key step in our strategy to expand our operations in the Northeast. We consider Medical Management of New England, Inc. to be well managed and believe it should be a valuable addition to our physician operations." Based in Atlanta, Medaphis is a leading provider of business management services, primarily billing and accounts receivable management services, to hospitals and hospital-affiliated physicians. -0- 7/21/93 /CONTACT: Michael R. Cote, Chief Financial Officer, Medaphis Corporation, 404-319-3349/ (MEDA)
CO: Medaphis Corporation; Medical Management of New England, Inc. ST: Georgia IN: HEA SU: TNM
10:10 -- CH011 -- 3854 07/21/93 10:27 EDT
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|Date:||Jul 21, 1993|
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