TORONTO, May 18, 2016 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia" or the "Company") today announced that its wholly owned subsidiary Health Services Integration Inc. ("HSI"), a leader in Emergency Medical Services ("EMS") revenue cycle management ("RCM"), has entered into a contract extension with REACH Medical Holdings, LLC ("Reach") a wholly owned subsidiary of Air Medical Group Holdings, Inc. ("AMGH") pursuant to which, HSI will continue to provide RCM services for claims in existence at November 30th 2015 until May 31st, 2017.
On September 2nd, 2015 Syncordia had announced HSI's loss of the REACH and Summit Air Ambulance LLC ("Summit") contracts due to an RCM insourcing mandate from KKR the new owners of REACH/Summit, through AMGH, who bought AMGH from Bain Capital and Brockway Morgan and Partners in or around late spring 2015. Pursuant to the notice, HSI processed new claims until November 30th, 2015, after which HSI only processed the billing and collection of then-existing claims at November 30th 2015 until May 31st 2016. Pursuant to this new agreement effective today, HSI will continue to process the billing and collections of then-existing claims at November 30th 2015 through May 31 st, 2017 rather than May 31st, 2016 The anticipated HSI revenue from these open claims is an estimated $1.3 million.
"Syncordia is pleased it can be of assistance to AMGH," says Michael Franks CEO of Syncordia. "Noting that the extended relationship further reflects the high level of confidence placed on HSI's commitment and ability to maximize revenue for its clients." Mr. Franks added "Syncordia's vision is to be the dominant global leader in the revenue cycle market providing best in class simple solutions to complex problems in a world class fashion, with a customer and employee centric focus, while ensuring complete total ownership to all of the software we use. We believe that you never light a fire if you move the magnifying glass. Focus and execution are of paramount importance." We remain focused on our three-pronged growth strategy: 1) driving organic growth; 2) commercializing our SaaS solutions; and 3) completing accretive acquisitions.
About Air Medical Group Holdings
Headquartered in Lewisville, Texas, Air Medical Group Holdings is a leading provider of air medical services, operating through subsidiaries which collaborate with leading hospital systems, medical centers and EMS agencies to offer access to emergency medical care. Air Medical operates at 231 base locations across 34 states and provides global repatriation medical transports worldwide.
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 focused on using our proprietary software suite as an accelerator for growth. 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.
SOURCE Syncordia Technologies and Healthcare Solutions, Corp.
For further information: Michael Franks, Chief Executive Officer, (647) 949-2663, [email protected]