A publicly traded New Jersey healthcare IT company has acquired Meridian Medical Management, a billing and medical records provider with a presence in Windsor.
MTBC Inc. said it paid $15 million in cash for Meridian, as well as 200,000 of its preferred stock, with warrants to acquire 2.2 million common shares. MTBC is also assuming $4.8 million in debt.
The seller is Los Angeles private equity firm Gores Group, which acquired Meridian in 2013 from GE Healthcare.
Meridian is known as a “revenue cycle management” provider in the healthcare world. Its assets include software that automates mundane, repetitive processes and provides analytics and reporting capabilities to large physician groups and healthcare systems.
MTBC has more than 200 employees spread across five U.S. offices, including 1095 Day Hill Road in Windsor.
Mike Cuesta, MTBC’s chief marketing officer, said Thursday that there are no planned changes to the Windsor office due to the acquisition. He declined to say how many Meridian employees work there.
As part of the deal with Gores, MTBC also acquired a pain management and anesthesia billing affiliate of Meridian called Origin Healthcare Solutions.
