Firstsource Solutions gains 5% on acquisition of PatientMatters

The management said this strategic acquisition magnifies strong patient-centric revenue management capabilities and creates adjacent areas for growth for the company

Shares of Firstsource Solutions traded 5 per cent higher at Rs 79 on the BSE on Wednesday after the company announced that the firm has acquired PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. On Tuesday, Firstsource's stock had recovered 19 per cent from its intra-day low of Rs 66.50 on the BSE. It hit a 52-week high of Rs 81.75, on December 17, 2020.

Firstsource Solutions, a RP-Sanjiv Goenka Group company, is a global provider of Business Process Management (BPM) services.

PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services, improving revenue realization for Hospitals. The acquisition complements Firstsource’s Provider Business on two dimensions: strengthening presence in large markets like Texas and New York and adding new capabilities of pre-authorization and patient bill estimation at the front-end of the RCM cycle, the company said in a press release.

This strategic acquisition magnifies our strong patient-centric revenue management capabilities and creates adjacent areas for growth for us, said Dr. Sanjiv Goenka, Chairman, Firstsource Solutions and RP-Sanjiv Goenka Group.

In tandem with the acquisition, Firstsource plans to consolidate its Healthcare Provider brands MedAssist and PatientMatters, under its enterprise umbrella. The move reflects the unified value proposition offered across all Firstsource solutions and services and reinforces the company’s brand as a global BPM leader, it said.

At 09:32 am, the stock was trading 4 per cent higher at Rs 78.60 on the BSE, as compared to 0.06 per cent rise in the S&P BSE Sensex. A combined around 880,000 equity shares had changed hands on the counter on the NSE and BSE, so far.