| Community Health Systems Invests in Medical Transcription Developer |
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| Written by Staff | |
| Tuesday, 11 November 2008 | |
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A subsidiary of Community Health Systems (CHS) has made an equity investment in Franklin, Tenn.-based Spheris, one of the largest global providers of clinical documentation and computer-aided medical transcription products and services to health systems, hospitals and medical practices.
CHS joins Warburg Pincus and TowerBrook Capital Partners as shareholders of the company. Along with the equity investment, another subsidiary of CHS entered into a five-year services agreement in which Spheris will become the exclusive provider of medical transcription technology and services to all affiliated hospitals. CHS owns, leases and operates 118 acute care hospitals in 29 states with more than 17,000 licensed beds; it also owns imaging centers and ASCs outright and through physician partnerships. With 2007 revenue of approximately $200 million, Spheris offers medical transcription through both service and technology platforms. Spheris has a global infrastructure with offices in both the United States and India. Avondale Partners served as the exclusive financial advisor to CHS throughout the transaction, assisting in structuring the transaction and negotiating with Spheris and its existing shareholders.  |
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