athenahealth to Acquire Proxsys, LLC for $28M

athenahealth, Inc. ATHN announced today that it has signed a definitive agreement to acquire Proxsys, LLC, a leading provider of cloud-based care coordination services between physicians and hospitals. This acquisition accelerates the development of athenahealth's emerging care coordination service, now known as athenaCoordinator. Terms of the merger agreement include a cash payment of approximately $28.0 million with the potential for additional consideration of up to $8.0 million, based on the achievement of certain business and financial milestones. The transaction is expected to close during Q3 2011. Based in Birmingham, Alabama, Proxsys offers innovative services for care coordination, order transmission, referral management, hospital patient registration, and insurance pre-certification. Proxsys simplifies care transitions from physicians to their supply chain partners including: specialists, laboratories, imaging centers, hospitals and ambulatory surgery centers. This results in improved quality of care and patient satisfaction, decreases in denied or delayed claims payments and bad debt, and increases efficiencies and revenue. Proxsys serves approximately 90 clients, including certain athenahealth enterprise hospital clients, representing approximately 8,000 physicians and 60,000 patient registrations every month.