CVC-owned SPi to sell US healthcare business for $235m

SPi Global will retain its healthcare BPO operations in the Philippines. The asset being sold comprises two organizations: Springfield Service Corporation, a provider of revenue cycle management and physician billing services bought by SPi in 2007; and Laguna Medical Services, a health information management services specialist acquired in 2009. The two groups were united under the SPi Healthcare brand in 2011.

John O'Donnell, CEO of SPi Healthcare will join Conifer's senior management team, reporting to Stephen Mooney, president and CEO of Conifer. The transaction is expected to close in the fourth quarter of 2014.

"Since we acquired SPi Healthcare seven years ago, the leadership team has more than doubled the business and made it one of the top providers of revenue cycle management and health information services in the US. We believe that Conifer Health Solutions, with its expansive healthcare network, is the right home for SPi Healthcare at this juncture as it aspires to strengthen its leadership position in the marketplace," said Maulik Parekh, president and CEO of SPi Global, said in a statement.

Conifer provides technology-enabled healthcare solutions intended to help clients improve financial performance and the level of service offered to patients. The company works with 700 clients and has more than 19 million patient interactions across all its service lines. It manages more than $25 billion in patient revenue and $17 billion in medically managed spend.

SPi Healthcare has 600 employees serving more than 3,700 physicians across 21 states, handling over $3 billion in charges from around 2.5 million patient encounters, and auditing approximately 150,000 health records each year. In addition to is Illinois headquarters, the company has six service centers nationwide.

CVC bought an 80% stake in SPi Global from Philippine Long Distance Telephone Company (PLDT) in 2013. Valuing the company at more than $300 million, it was the Philippines' largest-ever buyout deal. PLDT still owns the remaining 20%.

SPi Global has 30 offices and facilities around the world - including the US, the Netherlands, the Philippines, India, Vietnam, China and Nicaragua - with 19,000 employees working on customer relationship management, content and healthcare offerings.

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