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hart associates logo transaction falcon capital partners pennsylvania
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etransmedia technology logo transaction falcon capital partners pennsylvania

Falcon Capital Partners Advises Hart Associates in its Sale to Etransmedia Technology, Inc.

Falcon served as sell-side advisor to Hart Associates, a provider of medical billing services, in its sale to Etransmedia.

Vikash Agrawal, chairman of the North Greenbush, N.Y.-based Etransmedia, told The Business Review today that the company closed on the purchase of Hart Associates Inc. of Dedham, Mass.

Terms of the deal with Hart founder Judith Hart-Killelea were not disclosed.

Hart, which has operated for 32 years, provides “revenue cycle management,” including claims and billing services, for about 30 medical practices ranging from solo practitioners to hospital-based groups.

The acquisition added about 90 employees to Etransmedia’s payroll. The company now employs about 500 people, including 55 in North Greenbush. The others are in offices in Philadelphia; Stamford, Conn.; Pittsburgh; Charlotte; Red Bank, N.J. and now Boston.

Revenue cycle management and other support services for physicians and hospitals account for about 40 percent of Etransmedia’s run rate revenue of more than $50 million a year. Electronic health records and other software products accounts for the other 60 percent.

The acquisition, which closed during this summer, is the eighth acquisition Etransmedia has made in its 11-year history, and CEO Vikram Agrawal said the company has “several more planned” for the next few years.

Falcon Capital Partners served as transaction advisors to Hart Associates Inc.