BILLERICA, Mass., Sept. 27, 2011 /PRNewswire/ -- Orbograph Ltd.,
the subsidiary of Orbotech Ltd. (NASDAQ/GSM: ORBK), today announced
that it has signed a definitive asset purchase agreement with
Correct Claims Now, a privately held company that provides services
in the field of Healthcare Revenue Cycle Management (RCM).
Today, many healthcare providers utilize a manual process for
reconciling and posting payments which is cumbersome, costly and
error-prone. The integration of CCN into Orbograph capitalizes on
the best of both companies' competencies to provide a full,
end-to-end electronic solution for the efficient processing of
payments between the healthcare provider and the payer. This
includes identifying, matching and reconciling several complex,
paper-based or electronic forms such as claims, explanation of
benefits (EOB) and other data necessary to ensure accurate, timely,
and automated posting of receivables into the provider's practice
management system.
"Orbograph has extensive field experience and strong operational
capabilities in deploying effective recognition-centric automation
solutions for mission-critical financial environments. CCN
provides deep expertise and know-how in healthcare payments
processing," said Barry Cohen,
General Manager at Orbograph. "By joining forces, we can
achieve an unprecedented level of revenue cycle efficiency that
will provide critical advantages for providers including: lowering
the cost of collecting and posting a payment, reducing aging of
receivables, and increasing reimbursement amounts."
By entering into the area of healthcare RCM, Orbograph is
investing in an additional, synergistic line of business that
builds upon its core technologies and knowledge and fully
complements its existing solutions portfolio and customer base in
the financial industry. Orbograph, whose solutions are utilized in
the processing billions of checks and related documents annually,
remains fully committed to its core check processing business. The
Company expects that this acquisition will bring expanded revenue
potential for its clients and business partners, including many
large top-tier U.S. banks, by enabling them to provide new payment
processing services for their medical lockbox customers.
Mr. George Bryan, President of
CCN, commented: "We are confident that combining our two companies
will provide a sustainable growth opportunity for our business and
greatly benefit the market with ground-breaking solutions that fill
a distinctive void in healthcare revenue cycle management.
Both Orbograph and Orbotech have excellent reputations as
industry leaders and innovators. We look forward to being
part of their highly respected professional team."
Commenting on the announcement, Mr. Amichai Steimberg, Chief Operating Officer of
Orbotech Ltd. and Board Member of Orbograph Ltd., said: "This
acquisition by Orbograph is consistent with our company's growth
strategy of diversification into promising new areas that leverage
our core expertise, technologies and infrastructure. We look
forward to Orbograph realizing the full business potential of this
emerging market."
Financial terms of the acquisition, expected to close today, are
undisclosed. Following completion, CCN will be fully
integrated into Orbograph.
About CCN
Correct Claims Now (www.correctclaimsnow.com) is a Dallas, Texas based specialty service company
that uses public and private databases, proprietary algorithms and
methodology, and innovative technological applications to file
claims, review inbound payments for accuracy, scrub claims for
proper PPO discounting to ensure proper and timely collections on a
pre-file basis. It offers paper EOB conversion to electronic ERA
formats such as 835, PPO Contract management services, archive
storage and workflow to tie all healthcare provider records
together in one easy to access, secure environment.
About Orbograph
Orbograph (www.orbograph.com) is a leading provider of
recognition-centric software and services for the check processing
industry. Orbograph's innovative technologies are in use in over
1000 financial institutions and service bureaus, processing
billions of checks and related documents annually. Through its
check processing solutions which include; automation, fraud
prevention, and data mining for marketing, Orbograph enables
clients to envision more for their organization by reducing costs,
managing risk and driving revenue growth, while ensuring that
achieving more is a reality.
About Orbotech
Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of
the electronics industry supply chain, as an innovator of enabling
technologies used in the manufacture of the world's most
sophisticated consumer and industrial products, for over 30 years.
The Company is a leading provider of yield-enhancing and production
solutions, primarily for manufacturers of printed circuit boards
and flat panel displays; and today, virtually every electronic
device is produced using Orbotech technology. The Company also
applies its core expertise and resources in other advanced
technology areas, including character recognition for check and
forms processing and solar photovoltaic manufacturing.
Headquartered in Israel and
operating from multiple locations internationally, Orbotech's
highly talented and inter-disciplinary professionals design,
manufacture, sell and service the Company's end-to-end portfolio of
solutions for the benefit of customers the world over. For more
information visit www.orbotech.com.
SOURCE Orbograph Ltd.