Tracy Bahl Joins Board of Directors as Chairman
NASHVILLE, Tenn., Feb. 11 /PRNewswire-FirstCall/ -- Emdeon Business Services (Emdeon) announced today that General Atlantic LLC (General Atlantic) and affiliates of Hellman & Friedman LLC completed the purchase of all remaining interests in Emdeon held by HLTH Corporation (Nasdaq: HLTH). General Atlantic purchased a 52% interest in Emdeon from HLTH in November 2006.
Emdeon also announced that Tracy L. Bahl, formerly Chief Executive Officer of Uniprise, a multi-billion dollar UnitedHealth Group company, has joined Emdeon's board of directors as Chairman. Mr. Bahl will work closely with Emdeon's board of directors and leadership team to pursue its strategic growth objectives.
Emdeon CEO George Lazenby commented, "We are extremely pleased that General Atlantic continues to show strong support for our business and the broader revenue cycle and claims administration marketplace. We are also pleased to welcome Hellman & Friedman as a partner alongside General Atlantic given the firms' collective experience in information services and healthcare. The opportunities ahead for Emdeon remain significant, and with these firms working with us as strong capital partners and strategic advisors, we are well positioned to continue to serve our clients with the highest-quality products and services."
General Atlantic managing director, Jonathan Korngold, commented, "We are very excited about this next phase in Emdeon's development and are looking forward to working with the Company to build upon its leadership position as a provider of intelligent revenue cycle management and communications solutions for the healthcare industry."
Mr. Lazenby added, "We are also very excited to have Tracy join Emdeon as Chairman as his experience and skill set complement the strengths of our existing team. His involvement will be a tremendous asset to us as we continue to focus on driving innovation around our core capabilities and delivering our services to the healthcare market."
Mr. Bahl said, "I am delighted to be a part of the Emdeon team. Emdeon is addressing the growing demand among healthcare constituents for electronic payment and remittance solutions as payers and providers seek to reduce paper and improve the overall speed, accuracy and efficiency of billing and payment administration. We see substantial growth opportunities in Emdeon's markets, and I look forward to working closely with the Emdeon team and our directors in building the leading provider of healthcare solutions."
Mr. Bahl, 45, currently serves as a Special Advisor to General Atlantic, a global growth investor and Emdeon's majority owner. As CEO of Uniprise, a division of UnitedHealth Group, Mr. Bahl was responsible for leading Uniprise's growth and advancing the Group's position as the leading provider of healthcare solutions to the large employer marketplace. He also led UnitedHealth Group's International business operations, including cross-border health benefits services and extensive in-country operations across the globe.
Mr. Bahl joined UnitedHealth Group in 1998 as president of domestic and multi-national employers, governments and institutions. After serving in this position for four years, he was named chief marketing officer of UnitedHealth Group. He was appointed CEO of Uniprise in 2004.
Joining Mr. Bahl as new members of Emdeon's board of directors will be Allen Thorpe and Philip Hammarskjold, managing directors of Hellman & Friedman. Existing board members include General Atlantic managing directors Mark Dzialga and Jonathan Korngold.
Allen Thorpe, Managing Director of Hellman & Friedman LLC added, "We strongly believe in the strength of the Emdeon franchise and look forward to partnering with management and General Atlantic to continue its growth."
About Emdeon Business Services
Emdeon Business Services is a leading provider of revenue cycle management and clinical communication solutions that enables payers, providers and patients to improve healthcare business processes. Our solutions are designed to simplify the business and improve the delivery of healthcare for providers, payers and patients. Emdeon Business Services is owned by General Atlantic LLC and Hellman & Friedman LLC. For more information, visit http://www.emdeon.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Founded in 1980, GA manages approximately $17 billion in capital and has more than 70 investment professionals based in Greenwich, New York, Palo Alto, London, Dusseldorf, Hong Kong, Mumbai and Sao Paulo. For further information and a listing of GA's public and private portfolio companies see http://www.generalatlantic.com.
About Hellman & Friedman LLC
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including business services, asset management, information services, media, energy and healthcare. Since its founding in 1984, Hellman & Friedman has raised and, through its affiliated funds, managed over $16 billion of committed capital and is currently investing its sixth partnership, Hellman & Friedman Capital Partners VI L.P., with over $8 billion of committed capital. Other recent investments include: Catalina Marketing Corporation, Kronos Incorporated, Sheridan Healthcare, Inc., Gartmore Investment Management plc, IRIS Software Group Limited, LPL Holdings, Inc., DoubleClick, Inc., The Nasdaq Stock Market, and Texas Genco LLC. For more information, visit http://www.hf.com.
|SOURCE Emdeon Business Services|
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