AMN Healthcare Acquires Peak Health Solutions
Expands Portfolio of Workforce Solutions Offerings
Adds Health Information Management Services
SAN DIEGO, June 6, 2016 /PRNewswire/ -- AMN Healthcare, healthcare's leader and innovator in workforce solutions and staffing services, today announced the acquisition of Peak Health Solutions, a growing Health Information Management services company, providing remote medical coding and consulting solutions to hospitals and physician medical groups nationwide.
"As the industry leader in workforce solutions, AMN takes great pride in listening and responding to the ever changing needs of our clients through both internal innovation and strategic acquisitions," said Susan Salka, President and Chief Executive Officer of AMN Healthcare. "The addition of Peak Health Solutions will expand our workforce solutions and enable AMN to offer our clients services in accurately coding diagnosis and procedure codes, which is critical to clinical quality reporting and the financial health of healthcare organizations."
John Morris, President of Peak Health Solutions added, "Our purpose is to help healthcare providers classify and improve clinical documentation to ensure accurate outcomes and timely reimbursement. With more than 150,000 ICD-10 codes to choose from, healthcare organizations have an ongoing need for coding support to reduce potential lost revenue, minimize compliance risk and augment their billing teams. Together with AMN Healthcare, we can deliver even greater value to the evolving healthcare community."
Peak Health Solutions is currently generating annualized revenue of approximately $33 million and an adjusted EBITDA margin of greater than 15%. The acquisition is expected to be immediately accretive to AMN's earnings per share. The acquisition was funded out of cash on hand and borrowings under the Company's existing revolving credit facility. The business will be included in the Company's Other Workforce Solutions segment for financial reporting purposes.
Jim Gogek, Corporate Communications
Director, Investor Relations
About AMN Healthcare
AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. The Company provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency, and improve patient outcomes. AMN delivers managed services programs, healthcare executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, and other consulting services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, and many other healthcare settings. For more information about AMN Healthcare, visit www.amnhealthcare.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include expectations regarding expected EBITDA margins for Peak Health Solutions and the accretion to earnings per share. The Company based these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and its other periodic reports as well as the Company's current and other reports filed from time to time with the Securities and Exchange Commission. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated.
SOURCE AMN Healthcare