Indian Healthcare BPO Firm Acquires US Medical Collector

by Patrick Lunsford, CollectionIndustry.com

India-based healthcare BPO and IT firm, Apollo Health Street (AHS), announced Monday that it has acquired US-based healthcare billing and collection firm Armanti Financial Services. AHS reportedly paid $31 million for the New Jersey-headquartered Armanti.

AHS intends to keep Armanti?s operations in New Jersey, operating it as a wholly-owned subsidiary. AHS itself is the BPO and IT outsourcing arm of India?s hospital giant Apollo Group.

Founded in 1998, AFS handles $1 billion in healthcare receivables. Its annual revenues are $26 million and is growing at 20 percent annually.

With this acquisition, AHS is expected to increase its revenues to $45 million in 12 months. The acquisition of two more US-based companies is in the pipeline, and with this the company hopes to push up revenues to $100 million in 18 months.