CareMedic Systems

CareMedic Expands Its Revenue Cycle Management Capabilities

ST. PETERSBURG, FL, and ATLANTA, GA, September 16, 2005 – CareMedic Systems, Inc. (CareMedic) of St. Petersburg, Florida, and Third Millennium Healthcare Systems, Inc. (TMHSI) of Atlanta, Georgia, announced today a merger of the two companies.

Founded in 1996, CareMedic is a leading provider of revenue management, regulatory compliance solutions and billing office services, serving over 1,400 hospitals and 1,000 ancillary facilities nationwide. TMHSI founded in 1999, is a leading provider of revenue cycle solutions, including denial management, claims tracking, document imaging and outsourced services. The company serves over 130 clients nationwide.

The revenue cycle management services industry is approximately a $2.4 billion market with a current compounded annual growth rate of approximately 13%.  Revenue and margin management are among the most significant financial challenges facing the nation’s 5,500 acute care hospitals.

Combining the companies’ product lines expands the ability to address the healthcare community’s revenue cycle management needs. TMHSI’s post-billing denial management, claims tracking, document management, imaging and outsourced services are a perfect complement to CareMedic’s real-time billing and receivables products and services.  “The merger greatly enhances the company’s capability to serve the eighteen functional areas of the revenue cycle,” explains Dennis Byerly, CEO of TMHSI.

The combined products and services provide a solid, complementary foundation upon which to layer even more sophisticated and efficient revenue management tools. “We will continue to grow our capabilities to touch all phases of the revenue cycle in our effort to deliver unmatched value and results for our customers,” said Sheila Schweitzer, Chairperson and CEO of the combined companies.

The combined company is positioning itself as a dominant provider of revenue cycle management products and services.  This merger comes on the heels of both companies’ previous acquisitions in 2004 when CareMedic acquired Omega Health Systems of Tampa, FL and TMHSI acquired Receivable Process Management (RPM) of Alpharetta, GA.

The leadership team for the combined company, which will be known as CareMedic Systems, Inc., will be headed by Sheila Schweitzer, who will be the Chairperson and CEO. Dennis Byerly will serve as President and Joseph Dunham will continue as EVP and CFO. Foster North of TMHSI will lead the company’s sales team. In addition, the company is pleased to announce that Thomas Wohlford, formerly SVP of Submitter Services at ProxyMed, Inc., has joined as COO. 

About CareMedic Systems, Inc.

CareMedic Systems (www.caremedic.com) is a healthcare information technology provider that designs, implements and supports innovative revenue management and regulatory compliance solutions. The company, which also provides extended billing office services to hospitals and other healthcare facilities, has developed a unique “one view” work list for its range of products and services, offering customers a single-view of their LMRP compliance edits, EDI edits, and a real-time, virtual claim review by their Medicare Fiscal Intermediary, all prior to claim submission.

About Third Millennium Healthcare Systems, Inc.

Third Millennium Healthcare Systems, Inc. (www.tmhsi.com) provides revenue cycle management software solutions and outsourced services for healthcare organizations. Third Millennium’s i.suite solutions efficiently automate rejected/denied claims management, document imaging, claims tracking, workflow, document management, reporting, secondary claims processing and other functions, to increase revenue and decrease operational expenses.

Contact:     Corporate Information
Caremedic Systems, Inc.
(727) 329-7812
Pressinfo@caremedic.com

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