My high school friend who works at AdvancedMD shared this story with me:
ADP Acquires AdvancedMD, A Leading Provider of Cloud-based Solutions for Practice Management, Electronic Health Records, and Revenue Cycle Management
ROSELAND, N.J. – March 1, 2011 – ADP ®, a leading provider of human resource, payroll and benefits administration services, today announced that it has acquired AdvancedMD, a highly respected, privately-held provider of practice management (PM) and electronic health records (EHR) solutions targeting small and mid-sized medical practices.
Ranking among the top 10 PM and EHR providers today, AdvancedMD’s innovative, cloud-based solutions are utilized by more than 10,000 physicians in 4,100 practices and by more than 300 regional billing partners across the United States. At the same time, ADP’s Small Business Services currently provides an array of integrated HR, payroll and benefits outsourcing services to more than 45,000 physicians in approximately 13,500 small to mid-sized practices. By leveraging the collective offering of AdvancedMD’s PM and EHR solutions, and combining that with ADP’s full set of services and long-standing history of serving medical professionals, ADP is now uniquely positioned as an integrated, single-source provider of Medical Practice Optimization.
Jan Siegmund, ADP’s chief strategy officer, commented, “With a trusted brand, best-in-class solutions, and experienced management team, AdvancedMD is a highly strategic fit with ADP and will enhance our offerings to small- and medium-sized medical clients. A partnership with ADP means that physicians can dedicate themselves to what they care about most— patient care —while letting ADP take care of the rest. With our newly combined team, ADP and AdvancedMD will compete effectively for the small- and mid-sized physician practice market, which is going through a rapid technology adoption cycle and moving aggressively toward outsourced solutions—clearly ADP’s strength.”
“Becoming a part of ADP is a terrific opportunity that creates immediate and compelling benefits for our customers, our business and our employees,” said Eric Morgan, president and chief executive officer of AdvancedMD. “AdvancedMD will benefit from becoming part of a global company with extensive resources and a strong reputation built on a foundation of superior client service. Emerging technology standards, coupled with incentives related to the Health Information Technology for Economic and Clinical Health (HITECH) Act enacted as part of the American Recovery and Reinvestment Act (ARRA) of 2009, are also spurring medical practices to evaluate and adopt electronic health record systems. Together, we will be in an excellent position to capitalize on the attractive long-term growth prospects of physicians seeking cloud computing-based solutions to the clinical and administrative aspects of their practices.”
Based in Salt Lake City, Utah with approximately 200 employees, AdvancedMD has achieved rapid and sustained growth since its founding in 2002.
Automatic Data Processing, Inc. (NASDAQ: ADP), with nearly $9 billion in revenues and about 550,000 clients, is one of the world's largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of HR, payroll, tax and benefits administration solutions from a single source. ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine and recreational vehicle dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1 (800) 225-5237 or visit the company's website at www.ADP.com.
AdvancedMD provides market-leading medical billing software, which includes cloud-based electronic health records software (EHR) and practice management software (PM), delivered to more than 10,000 providers and 300 medical billing service providers nationwide. As a complete Medical Practice Optimization solution, the product combines the clinical with the financial to improve workflow and revenue capture. AdvancedMD medical office software includes EHR software, medical scheduling, electronic eligibility verification, electronic prescribing, and mobile access capabilities for the practice. It provides sophisticated, efficient claims processing, denial tracking and revenue management for the billing professional. Processing more than one million claims per month through our platform, the company consistently achieves first-pass claim acceptance rates of 95 percent or better, compared to the national average of 70 percent creating a powerful return on investment for small physician offices. For more information on our medical software, please visit www.advancedmd.com.
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