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January 02, 2003 at 07:00 PM
NU Online News Service, Jan. 2, 11:52 a.m. – Managed care companies have ended a $70 million effort to start their own electronic communications consortium by selling the consortium, MedUnite Inc., San Diego, to ProxyMed Inc., Fort Lauderdale, for $10 million in cash and $13.4 million in debt through what ProxyMed says was a competitive bidding process.
The seven founding companies had hoped that MedUnite would help encourage hundreds of thousands of U.S. physicians to file insurance claims electronically.
ProxyMed reports that MedUnite now has relationships with 30,000 doctors and generates about $20 million in annual revenue by handling 90 million health care transactions per year.
The acquisition will give ProxyMed a total of $70 million in annual revenue and relationships with 140,000 health care providers, ProxyMed says.
