Accentia Technologies to acquire GSR Systems Inc, GSR Physicians Billing Services Inc

Accentia Technologies Ltd has announced that the Company on June 30, 2007, has signed the final agreements at Fort Lauderdale, Florida, U.S.A for the acquisition of two Companies namely G.S.R.Physicians Billing Service Inc (GSR PBS) and GSR Systems Inc.

GSR PBS, a medical billing services Company operated as an S- corporation since 1996. The customers are all doctors, 90% of which are chiropractors. Many of these chiropractic offices have medical doctors on staff as well. Contracts are Long Term in Nature.

GSR PBS, Employees:

Tech support people on staff to handle all the billing services are about 40, who do all the work in house.

GSR Systems Inc has a proprietary Application Server program (ASP) developed and then refined over the last 22 years. The software implemented in 600+ Chiropractic clinics across Florida, North Carolina and Georgia in the USA. This Application Server Program is the back-bone of GSR Physical Billing Systems Inc (GSR PBS) in routing the entire workflow back and forth from the client hospitals to GSRPBS and then to the Insurance companies for collections.

The GSR Systems Inc. is being acquired mainly to get the robust ASP platform form to network all the existing & new billing and collections clients with Indian back office.

For the year 2007, the two acquisitions are going to add USD 2.5 M in terms of revenues.

Source : Equity Bulls

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