Kolb sells medical billing business; California company acquires Netconcepts of Madison
Kolb sells medical billing business
Brookfield-based Kolb+Co. SC has sold its ownership interest in Kolb+Co. Medical Billing LLC (KMB) to New England Medical Practice Management Inc. (NEMPM).
KMB has been renamed Revenex LLC and will serve as NEMPM’s Midwest regional office providing services to medical practices and skilled care facilities throughout Wisconsin, Illinois and Minnesota.
The 16 employees of KMB, including the management team, have been retained and will work for Revenex.
Although Kolb+Co. will have no continuing ownership interest in Revenex, it has entered into a shared services agreement with the new owner.
Tom Luken, president of Kolb+Co., said, “This strategic arrangement will allow Kolb+Co. to focus on our core competencies of providing high quality tax, auditing, accounting and consulting services to our health care clients with a recognition that if they need medical billing or revenue cycle management services, we can refer them to a quality operation that specializes in this type of service.”
Kolb+Co. provides integrated business and financial services and coordinated solutions to privately held businesses and their owners. The group has more than 100 employees and six affiliated advisory firms.
The union of KMB and NEMPM will enhance the services offered to current and prospective clients, expand the breadth of specialty areas served and provide greater resources to medical practices. Jointly, the two entities currently serve such medical specialties as: anesthesiology, dermatology, gastroenterology, general surgery, internal medicine, long-term care, OB GYN, orthopedics, otolaryngology, podiatry, radiology and urology.
“It is our mission to establish Revenex as the leading revenue cycle management company in the Midwest,” said Tom Murphy, president of NEMPM. “I am looking forward to working with the employees of Kolb+Co. Medical Billing to make this a successful endeavor for our clients and for us.”
Financial terms of the transaction were not disclosed.
California company acquires Netconcepts of Madison
Covario Inc., a provider of large-scale search advertising software and services, has acquired Netconcepts LLC of Madison.
Netconcepts specializes in the management of website search engine optimization (SEO) strategies.
The combined firms will do business as Covario Inc. and will be headquartered in San Diego, Calif.
The merged company will have nearly 100 customers in key industries such as high-tech, financial services, ecommerce, retail, consumer electronics, media, life sciences, and consumer packaged goods.
Covario will leverage the acquisition by integrating Netconcepts’ GravityStream technology into Covario’s SEO consulting practice and Organic Search Insight software.
"With the acquisition of Netconcepts and the GravityStream technology, Covario is bringing a unique solution to advertisers to help them accelerate their ability to present their brands on all the major search engines globally," said Russ Mann, chief executive officer of Covario. "By coupling Covario’s Organic Search Insight with NetConcepts’ GravityStream technology, advertisers will be able to identify the SEO actions that drive better rankings, and also deploy those strategies quickly, and in a highly scalable way to achieve their ROI goals."
"Advertisers who have constraints on their web development teams, usually do to the underfunding of information technology departments, need to build websites that are well optimized for Google," said Stephan Spencer, founder and president of Netconcepts. "The combined solution offers advertisers a fully automated SEO solution that spans keyword research, link building and web content management, strategy deployment, and ongoing reporting. There is no other solution like this on the market."
Spencer and Brian Klais, executive vice president of Netconcepts, are being retained by Covario. Alan Kipust, interim CEO of Netconcepts, is not being retained. The employees of Netconcepts have been offered positions with Covario, and the Madison office will remain open, Covario spokesman Josh Wozman told BizTimes this morning.
