CEO: $200 Million Deal Will Create JobsPosted: Updated:
The chief executive officer of Indianapolis-based Zotec Partners LLC says its $200 million acquisition of Georgia-based Medical Management Professionals Inc. will create the country's largest medical billing company. Scott Law also tells Inside INdiana Business the deal will "definitely" boost the company's Indiana work force, including additional IT and software development jobs. July 29, 2013
INDIANAPOLIS, Ind. - Zotec Partners, LLC ("Zotec"), an industry leader in physician's revenue cycle services, announced that it has signed a definitive agreement to acquire 100 percent of the stock of Medical Management Professionals, Inc. ("MMP"), a medical billing and practice management company, and a subsidiary of the publicly traded CBIZ, Inc. The transaction is subject to customary closing conditions and regulatory approvals, with an anticipated close on or before September 1, 2013.
The acquisition will allow Zotec and MMP to provide clients with comprehensive solutions and measurable results, supported by exceptional service, leading revenue cycle technology, full service practice management solutions and greater depth of experienced professional resources.
"We are excited for MMP to become a Zotec Partner," said T. Scott Law, Founder and CEO of Zotec. "We recognize that there is tremendous value in MMP's personalized service delivery, client relationships and diversified service areas, including physician practice management and medical billing for the hospital-based specialties."
The combined company will be one of the largest revenue cycle management services firms in the United States, specializing in radiology, anesthesiology, pathology and emergency medicine, with physician practice management services to offer clients support for payroll, accounting and other important services that help them better manage their business.
Darrell Hulsey, President of MMP, stated, "Zotec and MMP have a similar focus – to ensure client success is our first and foremost priority. The partnership of Zotec and MMP will create a stronger company overall with increasingly diversified services."
William Blair & Company provided M&A advisory and debt capital placement services to Zotec in connection with this transaction. Falcon Capital Partners, LLC advised CBIZ, Inc. on the transaction.
Zotec, founded in 1998 by CEO T. Scott Law, is the Indianapolis-based industry leader in specialized medical billing and practice management services for the hospital-based specialty market. The company offers a comprehensive suite of medical billing and practice management tools and services designed to improve collections, enhance access to data and streamline the medical billing process. Zotec Partners' proprietary processes and technology manage in excess of 48 million medical encounters in all 50 states.
Founded in 1993, MMP offers leading medical billing and practice management services to hospital-based physicians in the areas of radiology, anesthesiology, emergency medicine and pathology. It currently serves over 3,000 physicians in 30 states. MMP's flexible solutions range from billing only services to full practice management services.
For more information about Zotec Partners, visit http://www.zotecpartners.com.
About Zotec Partners
Founded in 1998 by CEO T. Scott Law, Zotec Partners is the Indianapolis-based industry leader in specialized medical billing and practice management services for the hospital-based specialty market. Zotec Partners is committed to the continual pursuit of excellence in the physician revenue cycle management industry by delivering effective solutions through its personalized service and measurable client results. Currently, the company serves more than 6,000 physicians in all 50 states.
Source: Zotec Partners LLC