Private equity firm RoundTable Healthcare Partners, Lake Forest, Ill., said it has agreed to sell MedAssist Holding, one of its portfolio companies, to an affiliate of India-based Firstsource Solutions for $330 million in cash. Founded in 1989, Louisville, Ky.-based MedAssist provides outsourced revenue-cycle management servicessuch as eligibility, receivable management and collectionsto the healthcare industry. RoundTable has held a majority interest in MedAssist since May 2003. Since then, MedAssist acquired Chicago-based Argent Healthcare Financial Services in 2004, as well as Twin Medical Transaction Services, Las Vegas, and Capstone Solutions, Colorado Springs, Colo., both in 2006.
Michael Shea, founder and chief executive officer at MedAssist, said in a news release that the company is excited to be part of a larger company with both global reach and resources and a commitment to help us grow our business. The deal is expected to close in September, according to Lester Knight, managing partner at RoundTable, who also said FirstSource has a great relationship with hospitals across the country. Firstsource Solutions is based in Mumbai. -- by Jessica Zigmond