Navigation Links
Apollo's Global Arm Acquires US-based Firm

Apollo Group's global arm has acquired US-based Armanti Financial Services (AFS) for $31 million in a deal that makes the combined entity one of the largest healthcare// processing companies in the hospital business for receivables management.

Apollo Health Street (AHS), the global healthcare service company of Apollo, announced the acquisition Monday.

Apollo Health Street offers healthcare focused business process outsourcing and IT services while Armanti, with its head office in New Jersey, is one of the largest hospital billing and receivable management companies.

Sangita Reddy, managing director, AHS, announced the acquisition at a news conference here in the presence of William Colgan, promoter and managing director, AFS.

The acquisition deal, through internal accruals, equity and debt will be completed in three years and AFS will remain a 100 percent subsidiary of AHS in United States.

"With this acquisition, the combined Apollo-AFS entity is now among the largest healthcare processing companies in the hospital and physician space, responsible for receivables management of over $1 billion annually," said Sangita Reddy.

"This acquisition brings together a global team of some of the most knowledgeable healthcare professionals and would help in expanding the scope of services to customers of both AFS and AHS," said William Colgan.

With US healthcare valued at $2 trillion and $380 billion of this going into back office operations, the combined entity will be leveraging its synergies to make the most of this huge opportunity.

With this acquisition, AHS is expected to increase its revenues to $45 billion in 12 months. The acquisition of two more US-based companies is in the pipeline, and with this the company hopes to push up revenues to $100 million in 18 months.

The combined entity, with 1,500 employees including 25 percent of them in the US, plans to enhan ce the numbers to 2,000 in the next year and to 2,750 in 18 months.

The Apollo Group invested $12 million in AHS, which is growing at over 70 percent since its inception three years ago. J P Morgan Chase and Co and Temasek Holdings are other investors in AHS.

Founded in 1998, AFS handles $1 billion healthcare receivables. Its annual revenues are $26 million and it is growing at 20 percent annually.

Sangita Reddy said AHS, one among top three healthcare companies out of India, aimed to become number one and the acquisition-led growth of the company is expected to be 50 to 60 percent.

Source-IANS
'"/>




Related medicine news :

1. Apollos Foray into the Hearts of Women
2. SARS-Free Taiwan to Mark End Phase of Global Fight
3. Prevent Global Warming by Becoming A Vegetarian
4. India To March Ahead in The Global HealthCare Competition
5. Global Outbreak Of Bird Flu Warning By Chinese Scientist
6. TWO India Doctors Listed in TIME for Contribution to Global Health
7. Global Hospitals coming to city of Joy
8. John Hopkins CGHH program provides Global Health education
9. Ban on Global fund lifted in Uganda
10. Global Warming Could Cause 5 Million Illnesses: WHO
11. Global Health Bonds to Improve Health Care Facilities for the Underprivileged.
Post Your Comments:
*Name:
*Comment:
*Email:


(Date:9/1/2020)... ... September 01, 2020 , ... KitoTech Medical, a Seattle-based medical ... which will be used to accelerate the commercialization of its microMend® family of ... will continue to expand its customer base of healthcare systems as well as ...
(Date:9/1/2020)... (PRWEB) , ... September 01, 2020 , ... As fall ... side”, the Cohn Health Institute has taken this time to expand and ... of its 30th Anniversary, the Cohn Health Institute will be relaunching its brand new ...
(Date:8/31/2020)... ... August 31, 2020 , ... Cardiothoracic surgeons at Allegheny ... from Carnegie Mellon University (CMU) to develop a new heart monitoring device designed ... heart surgery. , The AGH/CMU team was recently awarded a “Trailblazer” grant from ...
(Date:8/31/2020)... ... , ... Just found out your dear friend has cancer? , It’s hard to hear your ... shares their diagnosis. Once the shock wears off, the questions and fears can be overwhelming. ... best ways to help? Words are failing me. I’m scared. I want to DO something. ...
(Date:8/31/2020)... ... ... Want to get moving, break up your routine, and make a difference right ... its fourth annual STEPtember campaign in the United States to raise funds and awareness ... at this moment — encouraging people to move in the ways that work for ...
Breaking Medicine News(10 mins):
(Date:9/2/2020)... ... 2020 , ... Rigaku Analytical Devices , the market ... professionals about successes and challenges of making changes to their organizations’ pharmaceutical workflows. ... will take place on October 15, 2020 at 10:00am PDT / 1:00pm EDT. ...
(Date:9/1/2020)... ... September 01, 2020 , ... ... appointed to serve as Secretary to the Board of Trustees and committee chair ... High United Way is a Denver-based nonprofit organization that fights for the education, ...
(Date:8/31/2020)... ... 2020 , ... If you live in New York City you will always pay more for ... the law of supply and demand, but are plastic surgeons in New York worth the ... their patients that make the four-hour trip to have expert aesthetic treatments by some of ...
Breaking Medicine Technology: