Press Releases
Mirrus Systems, a CBay Group company, enters into acquisition agreement with Certus Corporation
New company will acquire Accounts Receivable Management division; focus is on continuing to help hospitals strengthen their bottom line.
Annapolis, MD - April 11, 2006 - Mirrus Systems Inc., a CBay Group company, announced today that it has signed an agreement to acquire the Accounts Receivable Management division of Certus Corporation. This division delivers specific client solutions for Accounts Receivable Management ("ARM"), Disproportionate Share Hospital payment processing ("DSH") and Crossover Bad Debt Recovery Services (Medi-Medi).
Mirrus Systems acquired substantially all of the division's technology platform and business assets for cash. Forecasted 2006 top line growth is expected to reach $13 million in revenues. The purchase price was not disclosed. EXIM Bank and I&LFS, two leading international financial institutions based out of India, funded CBay and Mirrus in this transaction.
Mirrus Systems was founded by CBay Inc., based in Annapolis, MD, and Nanda Krish, Mirrus President and CEO. Together, CBay, a technology-enabled health care business solutions provider, and Mirrus will bring a comprehensive and robust suite of services to its mutual health care industry customers.
"The acquisition of Certus's well regarded platform, customer base, domain expertise and talented employee base will allow us to better expand Mirrus System's entry into health care patient financial services" said Nanda Krish, President and CEO of Mirrus Systems. "Our clients will continue to benefit, not only from our platform and services, but also from CBay's vibrant market offering, resources and unique position."
As a national provider of Patient Financial Services / Medical Billing, Mirrus solutions help health care providers, including health systems, hospitals, and academic physician faculty practice plans strengthen their bottom line. From maximizing cash flow, to resolving payer delays, to managing government reimbursement, Mirrus's unique technologies and processes solve payment problems and generate high ROI.
In addition to the Certus platform and services acquisition, Mirrus also expects to hire a majority of the Certus team. It will continue to maintain major offices in Boston, MA; Dallas, TX; Fresno, CA; North Hollywood, CA; Virginia Beach, VA; and Walnut Creek, CA.
"This transaction is positive for both companies and completes another step in the evolution of Certus Corporation in terms of fulfilling our commitments to our employees, our customers and our investors," said Terry Peltes, CEO of Certus Corporation.
"This acquisition is consistent with CBay's growth strategy of expanding its technology based service solutions to the healthcare receivables market," said Raman Kumar, Chairman and CEO of CBay. "Our mission is to transform the healthcare industry by helping hospitals and physician practices become more efficient and lower their costs."
"We believe this transition will be seamless from our clients' point of view," added Nanda Krish. "We, at Mirrus Systems, are looking forward to a successful future together and are very excited at the prospect of continuing to help our customers improve their business."
About Mirrus Systems
Mirrus Systems, a CBay Group company, is a newly formed healthcare organization specializing in the provision of accounts receivable management and medical reimbursement services. They provide Accounts Receivable Management ("ARM"), Disproportionate Share Hospital payment processing ("DSH") and Crossover Bad Debt Recovery Services (Medi-Medi) for over 300 hospitals and provider groups. With offices in Boston, MA, Dallas, TX, Virginia Beach, VA, Walnut Creek, CA and Fresno, CA, Mirrus professionals have established a reputation for high quality, high ROI services, delivered promptly at very competitive rates.
About CBaySystems
CBaySystems and Services Inc. is a leading provider of healthcare technology and business process outsourcing (BPO) services and the largest global provider of transcription services to the healthcare industry. CBay delivers fully integrated transcription and receivables management solutions that improve processes, lower costs, and ultimately help physicians to provide superior patient care. Using HIPAA-compliant web-based technologies, CBay's 10,000 highly-credentialed medical language specialists and customer service professionals deliver the highest quality medical documentation to thousands of clients.
Since 1998, CBay has been serving major health systems, hospitals, clinics and physician practices 24 hours a day, 365 days a year — always with a commitment to the highest standards of quality and customer service. CBay is headquartered in Annapolis, Maryland. For more information, visit www.cbaysystems.com.
For additional information, please contact:
Lauren Cohen, Garfield Group
Tel: 215.867.8600 x233
lcohen@garfieldgroup.com