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Clinical documentation solutions company TRANSCEND SERVICES INC. (NASDAQ: TRCR) today announced its acquisition of Salar Inc. (pronounced Sālar), a privately held provider of electronic clinical documentation and billing workflow solutions for healthcare providers, in an $11 million cash for stock transaction that closed July 29, 2011. It is anticipated that the acquisition will give Transcend a stronger foothold in the hospital setting and provide its customers added functionality and flexibility.
Founded in 1999 and headquartered in Baltimore, Salar’s solutions are used by leading academic and community hospitals. The company generated
$4 million of revenue and $1.2 million of operating income in 2010 and is growing.
“This acquisition is key to both our growth
and diversification strategies,” said Larry Gerdes, Transcend chairman and CEO. “From a growth perspective, the purchase is in line with our strategy of complementing our organic growth by completing selected strategic acquisitions, of which Salar is the sixth since the beginning of 2009. Salar, however, allows us to diversify because it’s the first of these companies to offer software
products. Our purchase of Salar’s flexible and physician-centric products combined with the recent availability of our Encore medical transcription platform offered to hospitals under the Software as a Service (SaaS) model, will allow us further entry into the hospital setting.”
“As a leading provider of transcription services, we have been asked by many of our customer partners for assistance with the adoption of meaningful use of clinical data,” stated Susan McGrogan, president & COO of Transcend. “Partnering with our customers has always been vital to providing the highest level of service, and by incorporating Salar’s innovative technology; we will be better positioned to respond to our customers’ needs.”
Salar product solutions – which include Team Notes,™ TeamRelay,™ TeamQuery™ and TAP Charge Capture™ – provide a highly customizable and physician-friendly interface that integrates easily with existing electronic medical record systems, allowing physicians and hospitals to achieve notable productivity, financial and patient safety improvements. Hospitals can enhance their investment in existing Healthcare Information Systems (HIS) by overlaying Salar’s products to achieve high levels of physician adoption and return on investment utilizing a Meaningful Use Stage 1 certified product.