Navigant Consulting Acquires HP3, Inc.
CHICAGO, Dec 01, 2006 (BUSINESS WIRE) -- Navigant Consulting, Inc. (NYSE:NCI), an international consulting firm providing dispute, investigative, operational, risk management and financial advisory solutions to legal counsel, government agencies and companies experiencing regulatory or structural challenges, announced today that it has acquired HP3, Inc. The investment enhances Navigant Consulting's Healthcare practice, specifically in the area of revenue cycle performance improvement.
"HP3 is well-known in the healthcare provider sector and is highly regarded for their work in clinical documentation and coding," stated David Zito, Managing Director of Navigant Consulting's Healthcare practice. "HP3's specialized expertise, as well as its proprietary tools and software, enhance our national Healthcare platform and are exceptionally complementary to our existing capabilities. The combination with HP3 allows us to offer important additional solutions to our healthcare clients."
HP3 is a specialized management consulting firm which assists senior healthcare executives with clinical documentation, coding, and data solutions for improved reimbursement, compliance, and patient care. HP3 professionals assist healthcare providers nationwide in providing solutions such as clinical documentation improvement (CDI), coding management, health information management (HIM), operational improvement, coding audits, and data services.
"For more than eight years, HP3 has assisted healthcare organizations across the U.S. in addressing documentation management and reimbursement issues through programs such as clinical documentation improvement and others focusing on coding, auditing and compliance," stated Ruthann Russo, CEO and one of the founders of HP3. "Our success has been achieved by the longevity of our business relationships and client loyalty. We are excited to join Navigant Consulting's national Healthcare practice because both organizations believe in delivering the highest levels of client service. Our professionals and clients will benefit greatly from the opportunities that arise from working together and merging best practices."
Founded in 1998, HP3 has a team of nearly 100 billable professionals based in Bethlehem, Pa. and Baltimore, Md. HP3 began as the HP3 Research Institute to develop and distribute healthcare education products designed to improve the reimbursement process for healthcare providers. Stressing quality, innovation and continuing customer satisfaction, the company expanded rapidly and was renamed HP3 in 2001.
The purchase price was approximately $19 million, including accounts receivable. Revenues and pro forma EBITDA for the last 12 months approximated $19 million and $2.7 million, respectively. The acquisition is expected to be accretive in 2007.
About Navigant Consulting
Navigant Consulting, Inc. (NYSE:NCI) is a specialized independent consulting firm providing dispute, financial, regulatory and operational advisory services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change including healthcare, energy and financial and insurance services, and on the issues driving these transformations. "Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.
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SOURCE: Navigant Consulting, Inc.
Navigant Consulting, Inc. Ben W. Perks Executive Vice President and Chief Financial Officer 312-573-5630 or Andrew J. Bosman Executive Director of Marketing and Communications 312-573-5631