Firstsource Solutions Limited is a subsidiary of RP- Sanjiv Goenka Group which is most commonly known as RPSG Group. The company has recently announced to have acquired US-based PatientMatters in a deal worth USD 13 million.
Firstsource Solutions is a business process outsourcing services company that provides management services to financial and banking sector, customer services, media and telecom sector, and most importantly healthcare sectors.
Having said that, according to multiple reports, this acquisition is a strategic move by the company to strengthen its presence in the United States of America, especially in the healthcare industry to expand its healthcare services wing internationally.
PatientMatters, headquartered in Orlando, Florida was founded back in 2012 and provides the first, one of a kind, all-inclusive patient receivables solutions. According to the company profile on CrunchBase, the company ensures proper training, tools and equipment, and insight in each partnered hospital to enhance patient’s cash value, decrease bad debt and improve the overall relationship between the patient and the hospital. It is a patient-healthcare provider start-up that offers complete revenue cycle management solutions.
This acquisition benefits Firstsource Solutions with new capabilities that are already operational in the company acquired. Pre-authorisation and patient bill estimation services of PatientMatters will add value to Firstsource to provide additional offerings to its clients.
On the acquisition, Sanjiv Goenka, Chairman, Firstsource Solutions said that the United states Healthcare sector is ripe for digital disruption and the trend has been further boosted by the Pandemic. He further acknowledges the acquisition as a strategic move that magnifies the company’s strong patient-centric revenue management system and creates adjacent areas for its growth.
According to Inc42, RPSG or RP- Sanjiv Goenka Group acquired a 51% stake in Editorji, an Artificial Intelligence-based news app. This deal amount was undisclosed and the Founder, Vikram Chandra continues to serve as the Managing Director of the News company. This news was announced in July.
Machine Learning and Artificial Intelligence is the future of technology and digital disruption in any market relies mainly on the advancements of these two factors.
According to a report by Bloomberg Quint, Firstsource also plans to include its healthcare provider services, namely MedAssist and newly acquired PatientMatters under its enterprise umbrella.
Following the acquisition, shares of the company also spiked up by 4.6% on Wednesday to INR 79 per share. The shares are considerably up for the second consecutive day and analysts are recommending a ‘buy’.