Fidelity National Financial, Inc. has agreed to acquire to acquire T-System Holdings (“T-System”), a provider of emergency department clinical documentation and coding solutions for $200 million in cash.
Founded in 1989 by physicians Woodrow Gandy, M.D., and Rob Langdon, M.D., T-System provides emergency department documentation to advance care delivery and financial outcomes for episodic care. Through clinically-driven services and documentation solutions as well as charge capture and coding solutions, T-System solves clinical, financial and operational challenges for their customers.
Today, about 40 percent of the nation’s hospital-based EDs, freestanding emergency centers and urgent care centers use T-System to improve the clinical encounter, including the documentation of the patient visit as well as the downstream outcomes related to that event. Additionally, the patented T-Sheet is the industry standard for emergency department documentation, with more than 800 customers.
The Coding Software & Outsourced Solutions segment provides a full-service outsourced coding solution as well as a cloud-based SaaS solution for self-service coding. These offerings help more than 75 customers at over 300 sites optimize their revenue cycle workflow and customer revenue reimbursement through improved coding accuracy and compliance and coder productivity compared to in-house coding.
“T-System is a great company with an experienced management team that operates in a very large and fragmented medical documentation and coding market, with a business model that is shifting to a majority of recurring revenue streams,” said Chairman William P. Foley, II. “We believe that the documentation business is at an inflection point with a significant near-term organic growth opportunity. We are also confident that we can assist T-System in making multiple acquisitions that can accelerate future growth and further expand the product and services that the company offers to its customers. We expect T-System to be a great acquisition that will generate significant future value for our shareholders.”