Integreo

August 29, 2005 08:00 ET

Integreo™ Completes Strategic Acquisition of Siemens' Revenue Cycle Managed Services Business

ATLANTA--(CCNMatthews - Aug 29, 2005) -

Integreo™, Inc., formerly STI Knowledge, today announced it has acquired the Revenue Cycle Managed Services (RCMS) service line of Siemens Medical Solutions. This purchase, the third healthcare acquisition made by Integreo in less than two years, marks yet another significant achievement as it continues its successful expansion to become a premier provider of Business Process Outsourcing (BPO) services to healthcare payors and providers, the insurance and corporate sector, as well as government and public health agencies. With the addition of this world-class asset, Integreo can now offer payors and providers a complete suite of healthcare BPO services and solutions that improve their ability to reach peak financial performance.

"Acquiring revenue cycle management services has always been a key strategic initiative for Integreo because it solidifies our end-to-end healthcare BPO services and solutions," said Satish Sanan, Integreo's Executive Chairman and CEO. "With this acquisition, our customers will benefit from our comprehensive healthcare services and solutions that address the many challenges faced by companies in today's complex healthcare market. Both payor and provider organizations in the healthcare industry must increase revenue, reduce operating cost and improve productivity to survive -- and Integreo is now ideally positioned to help them reach these goals."

Siemens' RCMS service line offers full business office services that span the entire healthcare revenue cycle from pre-registration data collection to eligibility to coding and billing through to final payment and collections. These services will seamlessly complement Integreo's strategic solutions approach that integrates people, business and technology to improve customers' financial viability.

"We are pleased to have chosen Integreo as our business partner in this venture," said Jon Zimmerman, group Vice President, Siemens Medical Solutions, Healthcare IT Division. "After an extensive search and comprehensive diligence, Siemens selected Integreo as the acquirer of this business and our preferred solution provider based on our shared business synergy and dedication to delivering superior service to our customers. We are confident that Integreo is the right partner to provide an increased level of high quality services and benefits to our customers and we are looking forward to a successful transition and a mutually beneficial business relationship in our quest to deliver positive and improved financial results for our customers."

To ensure a smooth transition and provide continuity for all RCMS customers, Integreo has appointed Graham Sykes, currently the senior director of Siemens RCMS business, to remain in this key role as Integreo's senior vice president of its RCMS business. "I am very pleased to become part of the Integreo team and am anxious to apply my extensive healthcare industry experience to the continued success of Integreo and our customers," said Graham Sykes, existing head of Siemens RCMS business. "There is a tremendous need for RCMS as healthcare providers struggle with staff shortages and the mix of payer models. We can now offer our customers every opportunity to overcome these challenges and positively affect their bottom line."

About Integreo (formerly, STI Knowledge)

Integreo is a business process outsourcing (BPO) company that provides technology-enabled BPO services and solutions to healthcare payors and providers, the insurance and corporate sector, as well as government and public health agencies. The company delivers end-to-end services and solutions, including Healthcare Revenue Cycle Management, Healthcare Administration, Medical Management, PPO Network Management and Database Management, Customer Relationship Management and Technical Help Desk Services, Business Process Re-engineering/ Consulting Services, and Healthcare and Help Desk Education and Certification courses, via a blended shore model. Our unique integration of experienced professionals, process optimization services and technology-enabled solutions gives our customers exceptional value. Over 1,200 world-wide customers, including healthcare PPOs, HMOs, TPAs, and MGUs, insurance companies, government agencies, and other corporate enterprises, benefit from Integreo's services with improved profitability, increased productivity and quality, as well as reduced cycle times. Headquartered in Atlanta, Georgia, Integreo was founded in 1995 and now employs over 1,000 process-certified professionals, across the U.S. and abroad. Integreo, formerly STI Knowledge, is currently recognized in Gartner Group's Magic Quadrant of Help Desk Outsourcers for the second consecutive year. For more information, visit www.integreo.com/.

Financial Information

In 2003, entrepreneur Satish Sanan, Mellon Ventures and BV-Cornerstone Ventures, LP (BV-CV) made a strategic investment in Integreo, formerly STI Knowledge. A year later, Integreo acquired HPS Paradigm, Inc., to augment its healthcare administrative services. In mid-2004, additional funding was secured from WestBridge Capital Partners to strengthen the company's growth strategy. Integreo acquired India-based Symphony Data in February, 2005 to provide a blended-shore delivery model for customers and to further strengthen the company's BPO services to the healthcare marketplace, specifically to PPOs, HMOs, TPAs, and MGUs. The company changed its name to Integreo in May, 2005.

Copyright 2005 Integreo, Inc. All Rights Reserved INTEGREO(SM) and INTEGREO (plus design)(SM) are service marks of Integreo, Inc. Note: The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

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