Parallon Business Solutions, a provider of healthcare business and operational services, announced Monday it has completed the acquisition of St. Louis-based The Outsource Group, a national healthcare revenue cycle management firm. Terms were not disclosed.
The successful completion of our acquisition of The Outsource Group presents opportunities for Parallon to provide more flexible, end-to-end revenue cycle services and supports the companys overall growth strategy by enhancing our depth and breadth of services, said Michael OBoyle, president and CEO, Parallon. Together, we are well-positioned to meet the evolving needs of hospitals, physicians and other non-acute care providers.
Along with other service offerings, Franklin, Tenn.-based Parallon operates revenue cycle shared service models for the healthcare industry, serving providers in 38 states. The acquisition brings complementary offerings to Parallons existing revenue cycle and financial services, which include: consulting; full-service revenue cycle and health information management outsourcing; early out services; payment compliance and denials management; and payroll services.
The Outsource Group specializes in hospital business office outsourcing, insurance billing and follow up, third-party liability, primary and secondary bad debt collections, Medicaid eligibility, early out/self-pay services, onsite financial counseling and physician billing and follow up. The Outsource Groups clients include hospitals, as well as private and hospital-based physician practices.
Parallon partners with hospitals, healthcare systems and non-acute care providers. The company employs more than 22,000 professionals and, along with its Healthtrust Purchasing Group L.P. affiliate, serves more than 1,400 hospitals and 11,000 non-acute care providers, including ambulatory surgery centers, physician practices and alternate care sites.