Adds Outsourced Virtual Dental Billing
Platform to a Growing Portfolio of Value-Added Services to Help
Enhance Practice Profitability
Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider
of health care solutions to office-based dental and medical
practitioners, announced today that it has acquired a 70% ownership
position in eAssist Dental Solutions (eAssist), the developer of a
leading and fast-growing virtual dental billing outsourcing service
that will advance the Company's mission to offer best-of-breed
solutions to help dental practices operate more efficiently and
profitably, freeing up practice resources to focus on patient
care.
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the full release here:
https://www.businesswire.com/news/home/20210610005228/en/
To learn more, visit eAssist online at
https://dentalbilling.com/.
Headquartered in American Fork, UT, eAssist was founded in 2011
by James Anderson, DMD, and Sandy Odle to assist with billing
challenges in his dental practices. Dr. Anderson will continue to
manage the eAssist business as Chief Executive Officer, along with
the current eAssist management team. In 2020, eAssist had sales of
approximately $31 million. Henry Schein expects that eAssist will
be slightly dilutive to the Company’s 2021 financial results and to
be accretive thereafter. Financial terms were not disclosed.
“Henry Schein has a long-standing commitment to supporting
dental practice growth, efficiency, and profitability through our
comprehensive offering of solutions,” said Stanley M. Bergman,
Chairman of the Board and Chief Executive Officer of Henry Schein.
“We are delighted to add eAssist to our leading portfolio of
value-added services, which will help our customers improve their
critical insurance and billing functions so dental teams can focus
on delivering quality patient care. We welcome our new colleagues
to Team Schein and look forward to continued success together.”
eAssist uses a combination of technology and human expertise to
provide outsourced insurance billing services to dental practices,
helping practices to free-up resources to focus on patient care and
clinical outcomes. By enhancing collections processes, eAssist
allows dental practices to simplify operations and reduce stress
related to cashflow.
“By addressing the important topic of collections, we not only
expand our value-added services, but also strengthen our
relationship as a trusted advisor to our customers,” said Jonathan
Koch, Senior Vice President and CEO, Henry Schein Global Dental
Group. “eAssist will help practices enhance cash flow from timely
collections and more accurate claims submissions and
processing.”
eAssist is currently designed to support dental practices of all
sizes through technology supported by a network of dental billing
professionals. In addition to its core dental billing service,
newer offerings from eAssist include securing detailed patient
eligibility information, billing certain dental procedures through
medical insurance, and practice bookkeeping.
“Henry Schein represents an exceptional and complementary
cultural fit as a partner for eAssist,” said Dr. Anderson. “Through
new and powerful sales, marketing, and technology resources, we
expect to bring the myriad of benefits from eAssist’s
technology-powered service offerings to many more dental practices.
Henry Schein has a clear commitment to advancing dental practice
efficiency and profitability, and we believe they are the right
partner to help us help even more dentists succeed.”
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for
health care professionals powered by a network of people and
technology. With more than 20,000 Team Schein Members worldwide,
the Company's network of trusted advisors provides more than 1
million customers globally with more than 300 valued solutions that
improve operational success and clinical outcomes. Our Business,
Clinical, Technology, and Supply Chain solutions help office-based
dental and medical practitioners work more efficiently so they can
provide quality care more effectively. These solutions also support
dental laboratories, government and institutional healthcare
clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated
distribution network, with a selection of more than 120,000 branded
products and Henry Schein private-brand products in stock, as well
as more than 180,000 additional products available as special-order
items.
A FORTUNE 500 Company and a member of the S&P 500® index,
Henry Schein is headquartered in Melville, N.Y., and has operations
or affiliates in 31 countries. The Company's sales from continuing
operations reached $10.1 billion in 2020, and have grown at a
compound annual rate of approximately 12 percent since Henry Schein
became a public company in 1995.
For more information, visit Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein, and @HenrySchein on Twitter.
About eAssist Dental Solutions
eAssist Dental Solutions is the nation’s leading provider of
remote dental billing and patient billing services for dental
offices. The more than 1,200 eAssist team members serve over 2,000
dental practices through proprietary technology platforms that
enhance a dental practice’s revenue cycle management. The company’s
end-to-end solution eases the burden on office staff, ultimately
helping practices be more efficient, profitable and
patient-focused.
To learn more, visit eAssist online at: www.dentalbilling.com,
Facebook.com/eAssistMe, and @eAssist.me on Instagram.
Cautionary Note Regarding Forward-Looking Statements
In accordance with the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made by us are
subject to risks and uncertainties and are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance, and achievements or industry results
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These statements are generally identified by the use of
such terms as “may,” “could,” “expect,” “intend,” “believe,”
“plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,”
“to make,” or other comparable terms. Factors that could cause or
contribute to such differences include, but are not limited to,
those discussed in the documents we file with the Securities and
Exchange Commission (SEC), including our Annual Report on Form
10-K. Forward looking statements include the overall impact of the
Novel Coronavirus Disease 2019 (COVID-19) on the Company, its
results of operations, liquidity, and financial condition
(including any estimates of the impact on these items), the rate
and consistency with which dental and other practices resume or
maintain normal operations in the United States and
internationally, expectations regarding personal protective
equipment (“PPE”) and COVID-19 related product sales and inventory
levels and whether additional resurgences of the virus will
adversely impact the resumption of normal operations, the impact of
restructuring programs as well as of any announced and future
acquisitions, and more generally current expectations regarding
performance in current and future periods. Forward looking
statements also include the (i) ability of the Company to make
additional testing available, the nature of those tests and the
number of tests intended to be made available and the timing for
availability, the nature of the target market, as well as the
efficacy or relative efficacy of the test results given that the
test efficacy has not been, or will not have been, independently
verified under normal FDA procedures and (ii) potential for the
Company to distribute the COVID-19 vaccines and ancillary
supplies.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: risks associated with COVID-19, as well as
other disease outbreaks, epidemics, pandemics, or similar wide
spread public health concerns and other natural disasters or acts
of terrorism; our dependence on third parties for the manufacture
and supply of our products; our ability to develop or acquire and
maintain and protect new products (particularly technology
products) and technologies that achieve market acceptance with
acceptable margins; transitional challenges associated with
acquisitions, dispositions and joint ventures, including the
failure to achieve anticipated synergies/benefits; financial and
tax risks associated with acquisitions, dispositions and joint
ventures; certain provisions in our governing documents that may
discourage third-party acquisitions of us; effects of a highly
competitive (including, without limitation, competition from
third-party online commerce sites) and consolidating market; the
potential repeal or judicial prohibition on implementation of the
Affordable Care Act; changes in the health care industry; risks
from expansion of customer purchasing power and multi-tiered
costing structures; increases in shipping costs for our products or
other service issues with our third-party shippers; general global
macro-economic and political conditions, including international
trade agreements and potential trade barriers; failure to comply
with existing and future regulatory requirements; risks associated
with the EU Medical Device Regulation; failure to comply with laws
and regulations relating to health care fraud or other laws and
regulations; failure to comply with laws and regulations relating
to the confidentiality of sensitive personal information or
standards in electronic health records or transmissions; changes in
tax legislation; litigation risks; new or unanticipated litigation
developments and the status of litigation matters; cyberattacks or
other privacy or data security breaches; risks associated with our
global operations; our dependence on our senior management, as well
as employee hiring and retention; and disruptions in financial
markets. The order in which these factors appear should not be
construed to indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that
many of these factors are beyond our ability to control or predict.
Accordingly, any forward-looking statements contained herein should
not be relied upon as a prediction of actual results. We undertake
no duty and have no obligation to update forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210610005228/en/
Investors: Steven Paladino Executive Vice President and CFO
steven.paladino@henryschein.com (631) 843-5500 Carolynne Borders
Vice President, Investor Relations
carolynne.borders@henryschein.com (631) 390-8105 Media: Ann Marie
Gothard Vice President, Corporate Media Relations
annmarie.gothard@henryschein.com (631) 390-8169
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