Company also announces new contract wins
TORONTO, March 22, 2016 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia" or the "Company") today announced that it has completed its acquisition to acquire 80% of the issued and outstanding membership interests in Billing Solutions, LLC ("Billing Solutions") (the "Acquisition") as previously announced on March 21, 2016.
For detailed information regarding the Acquisition, please see the Membership Interest Purchase Agreement entered into in connection therewith among Billing Solutions, James Rizzo and a subsidiary of the Company, which can be found on Syncordia's SEDAR profile at www.sedar.com
The Company is also pleased to report that Billing Solutions has been awarded a new contract with an Arizona based mental health rehabilitation medical practitioner. Billing Solutions will provide this new customer with revenue cycle management ("RCM") services including billing and follow up services for their regional center. This relationship is anticipated to contribute approximately $80,000 to $100,000 a year in revenue and will continue in perpetuity until cancelled by either party.
Additionally, Syncordia's wholly owned subsidiary Health Services Integrated ("HSI"), a leader in Emergency Medical Services ("EMS") RCM, has entered into two new contracts for 911 ground EMS transportation RCM services in Utah and California. These contracts have terms of two and three years and have one-year auto renewal clauses after the initial term of each contract. These new customers are expected to contribute approximate $100,000 in annual EBITDA.
About Syncordia Technologies and Healthcare Solutions, Corp.
We are a technology enhanced revenue cycle management ("RCM") company focused on underserved niche segments of the healthcare industry. We are building a diversified software and services business by consolidating healthcare billing providers. Our growth strategy is to acquire RCM businesses with and without software and, improve their profitability by increasing revenues and operating efficiencies using our software, and in time, commercializing the Syncordia Cloud, our cloud-based software offering, to provide customer demanded turn-key solutions from a single provider and to address compelling RCM market opportunities.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Syncordia or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and we assume no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
This press release contains forward-looking statements and information concerning the anticipated completion of the Acquisition and the anticipated timing of the completion thereof. There is no guarantee that the Acquisition will close at the anticipated time or at all, including as a result of unforeseen delays in obtaining regulatory approval. Accordingly, readers should not place undue reliance on the forward-looking statements and the information contained in this press release concerning the Acquisition.
SOURCE Syncordia Technologies and Healthcare Solutions, Corp.
For further information: Michael Franks, Chief Executive Officer, (647) 949-2663, [email protected]