Advantedge Healthcare Solutions Acquires Medical Biller

Advantedge Healthcare Solutions ("AHS"), a technology-enabled applications services provider ("ASP") that offers medical billing services to physician groups using its proprietary software called Virtual Manager, today announced its acquisition of Professional Billing & Management Services, Inc. ("PBMS"), a premier and long standing anesthesia billing company located in Chambersburg, PA.

Founded in 1999 by Stephen G. Sullivan, Sr., a long-time industry veteran, AHS represents the next generation of medical billing, operating as a Software as a Service ("SaaS") provider, a new generation of ASP service, and as a business process outsourcer providing revenue cycle management services. AHS employs proprietary, on-demand, web-based technology and continuous business process improvement methods to increase the operating efficiencies of medical billing and to improve results for its physician customers.

In April and November 2006, AHS received a $20 million commitment from Founders Equity Inc., a New York-based private equity firm, and Safeguard Scientifics, Inc., a leading provider of capital to growth-stage technology and life sciences companies. As a result of this financing, AHS is fulfilling its objectives to accelerate organic growth and pursue strategic acquisitions.

"The outsourced physician billing market is extremely fragmented," said Mike Doyle, Chief Executive Officer at AHS. "However, our proprietary technology and commitment to customer service provide physicians with a platform to increase their revenue in a fully compliant way. Additionally, our focus on strategic acquisitions should stimulate higher revenue growth rates and ultimately facilitate enhanced, more valuable offerings for our customers. PBMS has long established itself as a leading provider of billing and management services. Our strategic acquisition of PBMS, coupled with implementing our proprietary software and our extensive experience in the healthcare, software and medical claims billing markets, provides the template for future partnerships and acquisitions."