University General Health System, a concierge healthcare provider in Houston, said it acquired Autimis, a revenue-cycle company partially owned by some University General owners.
Concierge provider acquires revenue-cycle firm
Terms of the all-stock transaction were not disclosed. Brandon Griffin, president and CEO of Autimis, said some UGHS owners were early investors in the Houston-based software company that he founded with brothers Ryan Griffin, Autimis' chief software architect, and Jordan Griffin, the company's chief technology officer.
The brothers are sons of UGHS Chief Financial Officer Mike Griffin, said Brandon Griffin. UGHS will benefit from Autimis' existing clients and reputation and Autimis will gain new clients as UGHS makes acquisitions, he said. Autimis operates in four states with projected 2011 earnings of $1.6 million on revenue of $4 million, according to a UGHS news release.
Dr. Hassan Chahadeh, chairman, president and CEO of UGHS and a board member of Autimis, said in written statement the deal will allow the provider to “better control cash flow at each of our facilities.”
“We will also be able to market several of the advanced products to Autimis' expanding customer base, which we believe will in turn lead to potential new acquisitions for University General in the healthcare industry,” Chahadeh said.
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