MEDAPHIS COMPLETES $24 MILLION ACQUISITION OF THE PRACTICE MANAGEMENT DIVISION OF CYCARE SYSTEMS, INC.
ATLANTA, Nov. 10 /PRNewswire/ -- Medaphis Corporation (NASDAQ-NMS: MEDA) today announced that it completed the acquisition of substantially all of the assets and certain liabilities of the Practice Management Division of CyCare Systems, Inc. (NYSE: CYS) for $24 million. During 1992, the Practice Management Division of CyCare Systems, Inc. had revenue of approximately $26 million and net income of approximately $1.1 million. The parties have also entered into certain processing and licensing agreements in connections with the consummation of the transaction. Medaphis used borrowings under its senior credit facility to finance the acquisition. The Practice Management Division performs billing and accounts receivable management services primarily for hospital-affiliated physicians and has operations located in Michigan, New York and Texas. 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- 11/10/93 /CONTACT: Michael R. Cote, chief financial officer of Medaphis, 404-319-3349/ (MEDA CYS)
CO: Medaphis Corporation; CyCare Systems, Inc. ST: Georgia IN: HEA SU: TNM
GK-TA -- NY015 -- 2587 11/10/93 08:39 EST
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|Date:||Nov 10, 1993|
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