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WebMD to acquire Mediafax-EDI: starts new online healthcare resource.

WebMD (Elmwood Park, NJ), a provider of information and services for physicians, health care professionals and consumers, has entered into a definitive agreement to acquire Mediafax-EDI, Inc. (Nashville, TN), a provider of real-time medical eligibility transaction services and related claims management solutions to hospitals, medical centers and physician practices. The purchase price is $280 million in cash, including some assumed liabilities. Upon closing, expected by the end of this month, Meidafax-EDI will he combined with WebMD Envoy (Nashville, TN), the company's transaction services business.

The purchase does not include Mediafax-EDI's Pharmacy Services unit, which is being distributed to management. Mediafax-EDI electronic transaction services enable providers to verify insurance coverage of their patients on a real-time basis. For the first six months of 2003, the acquired assets had revenues of $28.7 million and EBITDA of $9.8 million.

WebMD reported third quarter income of $250.6 million compared to $217 million in 2002. Net income was $6.1 million compared to $4.5 million last year. As of Sept. 30, 2003, the company said it had $974 million in cash and marketable securities.

In related news, WebMD has entered into a partnership with the American Public Health Association (APHA; Wash., D.C.) to launch "Medscape Public Health and Prevention" (PublicHealth.Medscape.com), an online resource for health professionals that will provide health promotion, prevention and treatment resources. Access is free. Content includes commentary and analysis on public health issues, epidemiological reports, news and CLE courses, as well as articles from relevant Journals and magazines.
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Comment:WebMD to acquire Mediafax-EDI: starts new online healthcare resource.
Publication:Business Publisher
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 16, 2003
Words:254
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