HealthPort Postpones its IPO
HealthPort Inc., a vendor of outsourced release of information services and revenue cycle management software and services, has postponed its planned initial public offering of stock.
The Alpharetta, Ga.-based company cited current market conditions for the decision. HealthPort in August filed documents for an IPO with the Securities and Exchange Commission. The vendor hoped to raise $100 million by becoming a publicly traded company.
The IPO filing came one week after claims clearinghouse/revenue cycle management software vendor Emdeon Inc. conducted an IPO.
Counting for the full year the operations of ChartOne Inc., acquired in September, 2008, HealthPort had revenue in 2008 of $242.1 million, but lost $59.4 million. For the first half of 2009, the company had a net loss of $6.9 million on revenue of $126.8 million. As of June 30, the company had cash and cash equivalents of $637,000. It had total assets of $330.1 million and total debt of $245.8 million.
All Health Data Management articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, e-books, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and specialized topics like EHR's, revenue cycle management, health insurance exchanges, analytics, and more!