Covington Associates Completes the Sale of MDeverywhere, Inc. to Med e-Manager, Inc.
Boston, MA – June 24, 2003 – Covington Associates, seasoned M&A advisors to technology and healthcare, today announced the sale of its client MDeverywhere, Inc. (“MDeverywhere”), a leading provider of point-of-care solutions for physicians, to Med e-Manager, Inc. (“Med e-Manager”), provider of physician revenue cycle services. The combined company will integrate the MDeverywhere encounter capture solution into Med e-Manager’s current product suite to help physicians manage the revenue cycle more efficiently. The terms of the transaction were not disclosed.
MDeverywhere’s mobile charge capture technology coupled with Med e-Manager’s management services allows physicians to control the administrative process more efficiently and reduces the stress of revenue collection for physicians’ practices.
Howard Jewell, MDeverywhere President and CEO, said in an earlier statement, “We are enthusiastic about the merger. We had been working with Med e-Manager as a client and found that the companies’ missions align well. Based on the initial response to our combined marketing initiatives, we believe that the merger will facilitate greater penetration of the market, and clients will benefit from a broader selection of customizable solutions to help improve their revenue cycle results.”
According to Med e-Manager’s President and CEO, David Fetterolf, “MDeverywhere’s market-leading technology strategically positions Med e-Manager to profitably expand operations and revenue. We have helped our customers confront and manage billing issues for more than 15 years and were so impressed with the proactive nature and robustness of the MDeverywhere solution, we sought to make it a permanent element of our revenue management tools.”
MDeverywhere offers superior point-of-care solutions designed to streamline the business of medicine for physicians. The solution components, EveryCharge® (charge capture), EveryNoteSM (integrated dictation), EveryOrderSM (order capture) and EveryReferenceSM (reference tools), build efficiency and productivity into physicians’ workflow, reclaiming dollars previously lost as the result of bulky administrative processes. Seven published studies at major healthcare organizations proved an average of more than 300 percent return on investment.
MDeverywhere interfaces with major practice management systems and is available on Palm OS- and Pocket PC-based handheld devices or desktop workstations. For additional information, please visit www.mdeverywhere.com.
About Covington Associates
Covington Associates are seasoned M&A advisors to technology and healthcare. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since 1991, the firm has successfully completed over 50 transactions ranging in size from $10 million to over $1 billion in e-services, software, IT services, and healthcare technologies. To learn more about Covington Associates, visit www.covingtonassociates.com.