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MiraMed and Medac Join to Create Leading Revenue Cycle Management Platform in Anesthesia Market
JACKSON, Mich., May 13, 2019 /PRNewswire/ -- MiraMed Global Services, Inc. (MiraMed), a leader in healthcare revenue cycle management (RCM) services and business process outsourcing (BPO) solutions, announces it has completed its merger with Medac, Inc., a leading provider of anesthesia revenue cycle management. The combination creates the leading revenue cycle management platform in the anesthesia market with expanded service offerings and capabilities.
Medac has a long history of serving the anesthesia community. The combination of MiraMed's flagship anesthesia billing service provider, Anesthesia Business Consultants, LLC (ABC), newly joined with Medac, is poised to take the anesthesia industry by storm as an unparalleled force for the clients whom we serve.
With this new addition to our Family of Companies, MiraMed is bringing together the nation's most talented professionals in the anesthesia billing and practice management businesses. This partnership means better service and an improved experience for its clients. Partnering Medac with ABC, as a member of the MiraMed Family, MiraMed aims to exceed the higher-level needs and expectations of today's complex anesthesia practices.
Bijon Memar, Chairman and CEO of Medac, states, "both Medac and MiraMed realized that combining the strengths, resources and assets of ABC and Medac would be unique, and have the potential to unlock some enormous opportunities. The primary motivation for this partnership is to accelerate the evolution and distribution of a newly defined level of service. To that end, the goal is for Medac to retain its distinct brand and independence, as well as our culture, which is aligned with MiraMed's. I will continue as CEO of Medac and we will maintain our North Augusta office and employees. My team and I are very excited about this new partnership as we firmly believe that this merger will not only allow us to provide an unparalleled level of service that will exceed today's heightened level of client expectations, it will also facilitate growth—which translates into economic opportunity for everyone."
Tony Mira, Chairman & CEO of MiraMed, states, "anesthesia is a very sophisticated, specialized billing field. It is nuanced and it takes particular expertise to survive and thrive in this industry. With ABC's 40+ years of experience in the industry, together with Medac, we now have over 65 years of experience, expertise and success in this space. No other billing solution compares to what we have to offer. I am very excited about this next chapter for MiraMed as we welcome Medac into the MiraMed Family of Companies."
MiraMed financed the transaction with a new five-year, $135 million syndicated senior secured credit facility. The new facility enhances MiraMed's financial flexibility, providing increased capacity to drive growth through additional strategic acquisitions.
Citibank, N.A. acted as the sole book runner, lead arranger, and administrative agent for the syndicated credit facility. Citizens Bank acted as lead arranger and syndication agent. HSBC Bank and Fifth Third Bank acted as co-documentation agents and Associated Bank and Bank of the West as lenders. Gibson Dunn & Crutcher, LLP advised MiraMed and Reed Smith, LLP acted as agent's counsel on the transaction.
Headquartered in Jackson, Michigan, MiraMed Global Services stands as the premier global provider of business process outsourcing solutions to healthcare organizations nationwide. MiraMed partners with hospitals, health networks, physician practices and related industry service organizations to provide a broad portfolio of customizable solutions, uncover and capitalize on hidden financial opportunities, improve productivity and ultimately increase profits. MiraMed has offices in Jackson, MI, Chicago, IL, Thousand Oaks, CA, Walnut Creek, CA, Baton Rouge, LA, Boston, MA, Dearborn, MI, Portland, OR, Dallas, TX, North Augusta, SC, Chennai, India and Manila, Philippines.
MiraMed pairs healthcare industry experts with world-class processes, infrastructure and technology to deliver meaningful and measurable results. This proprietary model enables sustainable change by delivering a complete, customizable enhanced revenue cycle solutions devised to meet a client's own unique financial and organizational needs.
Contact: Lori Imboden
Medac is one of the nation's largest anesthesia revenue cycle management companies, dedicated exclusively to anesthesia and pain management. Medac's revenue cycle management services are designed to assist clients with the business management functions associated with the delivery of anesthesia services—in particular, the billing and collection functions—thereby permitting providers and facilities to focus on providing quality medical services to their patients. Medac's quality, results-oriented commitment to clients provides the most comprehensive and personalized service possible while optimizing reimbursement.
For more information, please visit https://www.medac.com/.
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SOURCE MiraMed Global Services