Edgemont Completes Sale Of Practice Support Resources To Intermedix
NEW YORK and DALLAS, Jan. 24, 2013 /PRNewswire/ -- Edgemont Capital Partners, L.P., a boutique investment bank focused on the advisory needs of healthcare companies worldwide, today announced the sale of Practice Support Resources, LLC ("PSR"), to Intermedix Corporation. Edgemont Capital Partners, L.P. acted as the exclusive financial advisor to PSR. PSR is one of the largest Emergency Medicine Practice Management companies in the U.S., with a growing presence in other medical specialties including Hospitalists and Primary Care physicians, across the United States. PSR will become part of Intermedix's physician services division and David Singley, CEO of PSR, will oversee physician services at Intermedix including practice management and revenue cycle management for all physician specialties. The transaction closed in December, 2012, and was led by Jeff Swearingen, the head of the firm's Physician Services Group and Luke Mitchell, a principal at the firm. Tom Hughes and Kristy Waterman of Fulbright and Jaworski, LLP acted as legal counsel to PSR in the transaction.
PSR was established in 1985 and is a professional physician practice management organization with a superior, information technology-driven service delivery model that meaningfully and measurably improves the operational and financial performance of PSR's physician client practices. PSR initially built its practice management platform in Emergency Medicine and has leveraged its experience and information technology to grow beyond managing Emergency Medicine practices into Hospitalist, Primary Care, and other physician specialty markets.
"Edgemont's market insight and strong transaction execution delivered an outstanding outcome for PSR's shareholders as well as a tremendous strategic fit for Intermedix. Their healthcare industry focus, knowledge of the Emergency Medicine and hospital-based physician services sectors allowed the Edgemont team to hit the ground running," commented David Singley, Chief Executive Officer of PSR.Intermedix focuses on the highly fragmented US healthcare and emergency response systems by delivering information technology and business services to manage the revenue cycle, promote preparedness and interoperability, and support incident response management, documentation, and reporting. Intermedix provides practice management and revenue cycle management services for emergency physicians and hospital emergency departments, emergency medical services (ambulance) agencies, anesthesiologists, primary care physicians, urgent care centers, and fire departments throughout the US. The company also provides technology solutions for federal, state and local government agencies, healthcare providers, and corporations using the brand names WebEOC®, EMResource™, EMTrack™, CORES, TripTix®, and Fleeteyes™.
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