TORONTO, May 18, 2016 /CNW/ - Syncordia
Technologies and Healthcare Solutions, Corp. (TSXV: SYN)
("Syncordia" or the "Company") today announced that its wholly
owned subsidiary Health Services Integration Inc. ("HSI"), a leader
in Emergency Medical Services ("EMS") revenue cycle management
("RCM"), has entered into a contract extension with REACH Medical
Holdings, LLC ("Reach") a wholly owned subsidiary of Air Medical
Group Holdings, Inc. ("AMGH") pursuant to which, HSI will continue
to provide RCM services for claims in existence at November 30th 2015 until May 31st, 2017.
On September 2nd, 2015 Syncordia
had announced HSI's loss of the REACH and Summit Air Ambulance LLC
("Summit") contracts due to an RCM insourcing mandate from KKR the
new owners of REACH/Summit, through AMGH, who bought AMGH from Bain
Capital and Brockway Morgan and
Partners in or around late spring 2015. Pursuant to the notice, HSI
processed new claims until November
30th, 2015, after which HSI only processed the
billing and collection of then-existing claims at November 30th 2015 until May 31st 2016. Pursuant to this new
agreement effective today, HSI will continue to process the billing
and collections of then-existing claims at November 30th 2015 through
May 31 st, 2017 rather
than May 31st, 2016 The
anticipated HSI revenue from these open claims is an estimated
$1.3 million.
"Syncordia is pleased it can be of assistance to AMGH," says
Michael Franks CEO of Syncordia. "Noting that the extended
relationship further reflects the high level of confidence placed
on HSI's commitment and ability to maximize revenue for its
clients." Mr. Franks added "Syncordia's vision
is to be the dominant global leader in the revenue cycle
market providing best in class simple solutions to complex problems
in a world class fashion, with a customer and employee centric
focus, while ensuring complete total ownership to all of the
software we use. We believe that you never light a fire if you move
the magnifying glass. Focus and execution are of paramount
importance." We remain focused on our three-pronged growth
strategy: 1) driving organic growth; 2) commercializing our SaaS
solutions; and 3) completing accretive acquisitions.
About Air Medical Group Holdings
Headquartered
in Lewisville, Texas, Air Medical Group Holdings is
a leading provider of air medical services, operating through
subsidiaries which collaborate with leading hospital systems,
medical centers and EMS agencies to offer access to emergency
medical care. Air Medical operates at 231 base locations
across 34 states and provides global repatriation medical
transports worldwide.
About Syncordia Technologies and Healthcare Solutions,
Corp.
We are a technology enhanced revenue cycle management
("RCM") company focused on underserved niche segments of the
healthcare industry. We are focused on using our proprietary
software suite as an accelerator for growth. We are building a
diversified software and services business by consolidating
healthcare billing providers. Our growth strategy is to acquire RCM
businesses with and without software and, improve their
profitability by increasing revenues and operating efficiencies
using our software, and in time, commercializing the Syncordia
Cloud, our cloud-based software offering, to provide customer
demanded turn-key solutions from a single provider and to address
compelling RCM market opportunities.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Syncordia or the industry to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward
looking statements involve significant risks and uncertainties,
should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause
actual results to vary significantly from the results discussed in
the forward looking statements. These forward looking statements
reflect current assumptions and expectations regarding future
events and operating performance and are made as of the date hereof
and we assume no obligation, except as required by law, to update
any forward looking statements to reflect new events or
circumstances.
SOURCE Syncordia Technologies and Healthcare Solutions,
Corp.