Narayan AmmachchiIndian outsourcing firm Firstsource Solutions has acquired its American rival PatientMatters for US$13 million, gaining wider access to potential clients in the lucrative U.S. healthcare industry.
Orlando, Florida-based PatientMatters makes much of its money by serving as a back-office for several hospitals and clinics. Once the deal is closed, its patient engagement software, InteliPass, will be integrated into Firstsource platforms, including MFocus and MGagement.
PatientMatters seems to have a close relationship with hospitals. That’s because it not only equips hospitals with technology solutions but also trains their staff to interact with patients.
Such interactions are crucial for hospitals to offer payment plans and in some cases, a discount if the patient can pay the full amount they owe upfront.
Considering a statement from Sanjiv Goenka, Chairman of Firstsource Solutions, it is the perfect time to acquire a US BPO serving the country’s healthcare sector.
The US healthcare sector is “ripe for digital disruption” and the trend has been further boosted by the pandemic,” Goenka said. “This strategic acquisition magnifies our strong patient-centric revenue management capabilities and creates adjacent areas for growth.”
PatientMatters will soon be folded into Firstsource along with MedAssist, another US healthcare BPO that the Indian firm bought in 2013 for US$330 million.
PatientMatters posted US$17.1 million in revenue for 2020, more than US$2 million less compared to US$19.8 million it earned in 2018.
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