We specialize in the facilitation of mergers and acquisitions of healthcare organizations. I specifically specialize in Healthcare IT service companies, software development or value-added-reseller companies, medical billing/revenue cycle-management businesses, and medical-specialty collection businesses. I can represent either the buyer or the seller.
If you are a buyer seeking to acquire your first platform RCM business, or you want to add-on to your existing RCM operation, we will be happy to serve you as your non-exclusive Agent, under Abstract’s Buyer’s Agent Agreement”, to solicit, qualify and introduce potential acquisitions to you and work with you, in a role we can mutually agree on, to succeed. In this case, you would pay our “Success Fee”. There are definite advantages to the buyer: we can find companies that would sell to the “right” buyer for the “right” opportunity before the company puts itself on the market. This gives you a definite advantage while there is much less competition in this extremely active market.
If you are a seller, we with provide complete valuation and analysis of your business and consult with you regarding moving forward with a sale, or holding to better prepare your business for sale later. When you decide to sell, using Abstract as your agent, we will work with you to learn enough about your business to create a “High Level Overview” (HLO) presentation to send to qualified buyers who have signed confidentiality/mutual non-disclosure agreements with Abstract. The HLO will provide general company information, revenues and net profit for multiple years, EBITDA, summary of staffing and functions, payor mix, ownership information, description of billing and EHR software, a summary P & L for the prior year and current year-to-date, showing adjustments for “Seller’s Discretionary Expenses”, and a current balance sheet.
With our contacts in this market, finding a potential buyer is rarely an issue. Generally speaking, we can produce a “Letter of Intent” known as “L-O-I” (a letter indicating an interest in purchasing your business) within 30 to 60 days from the receipt of the last of the requested data by potential buyer(s). We will do our best to match your company with multiple qualified potential buyers that we will introduce. Of these we will help you find the “best fit” for you and your clients. Start to finish, the process can take under 60 days or over 120 days. Much of that depends on timeliness of providing the buyer(s) the requested information, and our ability to complete the due diligence process. Of course, some acquisitions close more quickly and some take longer, but the above is the norm.
Career of over 45 years in Healthcare Information Technology
Pioneering designer and developer of insurance claims processing/claims adjudication software, physician practice management and billing software. Developed software systems for Computer Sciences Corporation at the George C. Marshall Space Flight Center in Huntsville, AL; Electronic Data Systems (EDS), owned by Ross Perot, for California Blue Cross Blue Shield in San Francisco, CA; Control Data Corporation in Dallas, TX.
Serial Entrepreneur having owned successful physician practice management software companies in Texas and Mississippi, Medical Billing Services in Texas and Mississippi and authorized business partner for leading practice management and electronic health records software companies: Greenway Medical Technologies and eClinicalWorks. Designed, programmed, sold and implemented his own proprietary MDlogix Medical Office Management software in over 200 medical practices and facilities across the U.S. Was a Chief Operating Officer for Companion Technologies of South Carolina, a subsidiary of Blue Cross Blue Shield of South Carolina, managing over 500 medical practices’ systems in three southern states.
Actively involved in buying and selling multiple businesses of his own and others prior to his work with Abstract.
Long-time active member of HFMA, MGMA, HBMA, and RBMa professional associations.
Established Businesses For Sale