Global Services, Inc. (MiraMed), a leader in healthcare revenue
cycle management (RCM) services and business process outsourcing (BPO)
solutions, announces it has completed its merger with Medac,
Inc., a leading provider of anesthesia revenue cycle management. The
combination creates the leading revenue cycle management platform in the
anesthesia market with expanded service offerings and capabilities.
Medac has a long history of serving the anesthesia community. The
combination of MiraMed’s flagship anesthesia billing service provider, Anesthesia
Business Consultants, LLC (ABC), newly joined with Medac, is poised
to take the anesthesia industry by storm as an unparalleled force for
the clients whom we serve.
With this new addition to our Family of Companies, MiraMed is bringing
together the nation’s most talented professionals in the anesthesia
billing and practice management businesses. This partnership means
better service and an improved experience for its clients. Partnering
Medac with ABC, as a member of the MiraMed Family, MiraMed aims to
exceed the higher-level needs and expectations of today’s complex
Bijon Memar, Chairman and CEO of Medac, states, “Both Medac and MiraMed
realized that combining the strengths, resources and assets of ABC and
Medac would be unique, and have the potential to unlock some enormous
opportunities. The primary motivation for this partnership is to
accelerate the evolution and distribution of a newly defined level of
service. To that end, the goal is for Medac to retain its distinct brand
and independence, as well as our culture, which is aligned with
MiraMed’s. I will continue as CEO of Medac and we will maintain our
North Augusta office and employees. My team and I are very excited about
this new partnership as we firmly believe that this merger will not only
allow us to provide an unparalleled level of service that will exceed
today’s heightened level of client expectations, it will also facilitate
growth—which translates into economic opportunity for everyone.”
Tony Mira, Chairman & CEO of MiraMed, states, “Anesthesia is a very
sophisticated, specialized billing field. It is nuanced and it takes
particular expertise to survive and thrive in this industry. With ABC’s
40+ years of experience in the industry, together with Medac, we now
have over 65 years of experience, expertise and success in this space.
No other billing solution compares to what we have to offer. I am very
excited about this next chapter for MiraMed as we welcome Medac into the
MiraMed Family of Companies.”
MiraMed financed the transaction with a new five-year, $135 million
syndicated senior secured credit facility. The new facility enhances
MiraMed’s financial flexibility, providing increased capacity to drive
growth through additional strategic acquisitions.
Citibank, N.A. acted as the sole book runner, lead arranger, and
administrative agent for the syndicated credit facility. Citizens Bank
acted as lead arranger and syndication agent. HSBC Bank and Fifth Third
Bank acted as co-documentation agents and Associated Bank and Bank of
the West as lenders. Gibson Dunn & Crutcher, LLP advised MiraMed and
Reed Smith, LLP acted as agent’s counsel on the transaction.
Headquartered in Jackson, Michigan, MiraMed Global Services stands as
the premier global provider of business process outsourcing solutions to
healthcare organizations nationwide. MiraMed partners with hospitals,
health networks, physician practices and related industry service
organizations to provide a broad portfolio of customizable solutions,
uncover and capitalize on hidden financial opportunities, improve
productivity and ultimately increase profits. MiraMed has offices in
Jackson, MI, Chicago, IL, Thousand Oaks, CA, Walnut Creek, CA, Baton
Rouge, LA, Boston, MA, Dearborn, MI, Portland, OR, Dallas, TX, North
Augusta, SC, Chennai, India and Manila, Philippines.
MiraMed pairs healthcare industry experts with world-class processes,
infrastructure and technology to deliver meaningful and measurable
results. This proprietary model enables sustainable change by delivering
a complete, customizable enhanced revenue cycle solutions devised to
meet a client’s own unique financial and organizational needs.
Medac is one of the nation’s largest anesthesia revenue cycle management
companies, dedicated exclusively to anesthesia and pain management.
Medac’s revenue cycle management services are designed to assist clients
with the business management functions associated with the delivery of
anesthesia services—in particular, the billing and collection
functions—thereby permitting providers and facilities to focus on
providing quality medical services to their patients. Medac’s quality,
results-oriented commitment to clients provides the most comprehensive
and personalized service possible while optimizing reimbursement.
For more information, please visit https://www.medac.com/.