NightHawk Radiology Holdings has acquired Midwest Physician Services, the business services division of St. Paul Radiology of St. Paul, MN.
The new business unit, NightHawk Business Services, will provide radiology group customers with revenue cycle management, facilities and human resources management, transcription, and other services, according to the Coeur d'Alene, ID-based firm.
As part of the acquisition, NightHawk has also signed a long-term agreement with St. Paul Radiology for business services with NightHawk, including use of NightHawk's Talon clinical workflow technology. The deal also included Emergency Radiology Services, the off-hours emergency teleradiology division of St. Paul Radiology. Those contracts will become part of NightHawk's core business, according to the firm.
NightHawk paid $62.5 million in cash for both companies, along with a warrant entitling St. Paul Radiology to purchase 300,000 shares of NightHawk common stock. The purchase was financed as part of a larger debt facility recently completed by NightHawk.
By AuntMinnie.com staff writers
July 17, 2007
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