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CBIZ Acquires Anesthesia Billing Company ProMedical, Inc.

Stocks in this article: CBZ





CLEVELAND, Oct. 4, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired the assets of ProMedical, Inc., ("ProMedical"), an anesthesia billing company located in Ocala, Florida, effective October 1, 2012.

Founded in 1993, ProMedical is a full-service provider of medical billing and practice management services exclusively for hospital-based anesthesiology practices. ProMedical is expected to add 58 employees and approximately $4.9 million to CBIZ annualized revenue.

Kaye Knop, President of ProMedical, stated, "In our desire to expand our services and grow nationally we know that CBIZ MMP's reputation, integrity and capacity in the anesthesia health care industry will be paramount to our success. We are thrilled to join CBIZ MMP and believe this partnership will create additional value for our clients as well as additional opportunity for our employees."

G. Darrell Hulsey, President of CBIZ Medical Management Professionals, stated, "The addition of ProMedical to the CBIZ MMP team will further expand our focus in anesthesia, and will expand the knowledge base and tools we use to deliver our services to our anesthesia clients across the country. In addition, ProMedical will benefit from the depth of resources and national footprint of CBIZ MMP, which will create opportunities for organic growth across the company. ProMedical's commitment to world class service mirrors that of CBIZ MMP's, and their strengths combined with ours will enhance our ability to deliver services to anesthesia groups across the nation."

CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 130 Company offices in 37 states.

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting its insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.

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