NU Online News Service, June 11, 3: 00 p.m. – Patient Infosystems Inc., Rochester, N.Y., says it has agreed to acquire Health Data Solutions, Brownsburg, Ind., and its subsidiary, American Care Source, Dallas, Texas.
Under the agreement, Patient Infosystems will acquire the assets of Health Data Solutions and American Care Source in exchange for shares of common stock of Patient Infosystems. Roger Chaufournier will remain president and CEO and Mark Bodnar, the current CEO of Health Data Solutions and American Care Source, will become chairman of the newly constituted board which will be controlled substantially by the former shareholders of Health Data Solutions.
Financial terms of the agreement were not disclosed.
The combination of the companies is expected to double the revenues of Patient Infosystems for the current fiscal year and accelerate the company’s drive toward profitability, says the company in a statement. The new combined enterprise will focus on integrating care management programs with claims administration and network management services.
Patient Infosystems is a provider of interactive health management programs utilizing Internet and call center communications technology.
Health Data Solutions is a provider of software and automated solutions that assist clients in processing health care claims. American Care Source manages a network of ancillary providers serving the group health and workers compensation market sectors.