Accentia Tech acquires New Jersey company

In line with its plans to buy more companies, healthcare receivable cycle management (HRCM) company Accentia Technologies has taken over New Jersey-based Oak Technologies and its Hyderabad-, based subsidiary, Vasant Scribes.

Pradeep Vishwambharan, the CEO of Thiruvananthapuram-based Accentia Technologies, said by acquiring Oak Technologies its Hyderabad-based subsidiary had also became a part of the takeover. He further added: "The takeover involved $4 million."

With these acquisitions, Accentia now owns three units in Hyderabad, located at Begumpet, Dilkush Nagar and Kukudappally. Furthermore, the Bhubaneswar unit of Vasant Scribes has also become a part of the Accentia network.

Vishwambharan said: "The acquisition is a part of Accentia's efforts to strengthen its presence and share in the global HRCM market. The company has already acquired three US companies, two in Florida and one in Oregon."

The Accentia Tech chief said the company had firmed up plans to buy more companies this year. The targeted companies include three overseas and five Indian firms. "We have lined up over half a dozen more acquisitions in India and abroad."

The company had ensured job security for all the 700 employees at Oak Technolgies and Vasant Scribes, the CEO said.

About the ongoing US recession, Pradeep Vishwambharan said, "Health problems, both mental and physical, aggravate when a recession sets in. Medical transcription, billing, coding and collection services will continue to be in huge demand, and that is exactly where Accentia concentrates, and therefore there is no threat from the recession."

Meanwhile, Accentia Technologies has bagged an order worth $4.5 million for its healthcare receivables management services from a leading US-based hospital chain.

The order has to be executed by the company over a period of 18 months, starting from May 5.

Commenting on the order, Pradeep Viswambharan said the current order was a natural extension of the company's value-added services.