AHS Acquires Armanti Financial Services

EHM News Bureau

Sangeeta Reddy, Managing Director, Apollo Health Street

Apollo Health Street Pvt Ltd (AHS), a global healthcare services company of Apollo Group, offering healthcare-focussed Business Process Outsourcing (BPO) and IT services company, recently announced the take over of Armanti Financial Services, LLC (AFS), one of the largest hospital billing and receivables management company in New Jersey, US for an amount of USD 31 million.

AFS already has some of the most prestigious hospitals in the US as their client base. With this acquisition, as a combined Apollo-AFS entity, it is now amongst the largest healthcare processing company in the provider space responsible for receivables management of over USD 1 billion annually. With a commitment to maintain and further grow operations and workforce both in India and the US, the combined entity now has over 1,500 employees with nearly 25 per cent being based in the US. The acquisition brings significant value to the customers in terms of increased efficiencies and greater economies of scale. AFS management would continue to be responsible for ongoing operations and help further expand the Apollo operations in the US. Announcing the acquisition, Sangeeta Reddy, Managing Director, Apollo Health Street, said, "The world today is moving towards controlled co-sourcing as an alternative to outsourcing and AHS is a front runner in setting this global trend in the healthcare space. The acquisition of AFS affirms AHS's commitment to the healthcare space and it's our leadership position by leveraging the best across geographies for delivering value to its customers."

Commenting on the acquisition, William Colgan, Promoter and Managing Partner of AFS said, "This acquisition now brings in a global team of some of the best knowledgeable healthcare professionals and expands the scope of service to AFS's existing customers." This acquisition has been fully supported by all existing shareholders of AHS. Dick Cashin, Managing Partner of One Equity Partners said, "The AHS services are targeted primarily towards healthcare payers, providers and technology companies." Its provider service offerings include end-to-end Revenue Cycle Management (RCM) including medical coding, medical billing, insurance claims management and other related services. Payer services include services such as claims processing and adjudication, benefits management, member customer service and other services. IT services and solutions includes implementation and consulting services, system integration, software development services and other allied services for healthcare companies.