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Consonance Capital Partners, a prominent U.S.-based healthcare private equity firm, has expanded its leadership team by adding distinguished healthcare figures Dr. Hyong (Ken) Kim, Dr. Jeffrey Le Benger, Bill Lucia, and Eric Major to its Operating Council and Senior Advisory Board. These experts bring extensive experience in healthcare management, policy, and analytics, enhancing the firm's capabilities to partner with top management teams in the healthcare sector. This change aims to improve deal sourcing, diligence, and advisory support for portfolio companies.
HMS has announced a $20,000 donation to Girlstart for the second consecutive year, supporting their 2021 Summer Camp program focused on STEM education for young girls. This donation will fund high-quality science kits enabling campers to build Micro:bits, contributing to the goal of reaching 850 participants. The camp will operate in a hybrid format due to COVID-19, ensuring safety and accessibility. Girlstart's executive director expressed gratitude for the support during uncertain times, highlighting the importance of such contributions in fostering future leaders in STEM fields.
HMS (NASDAQ: HMSY) has launched a new Coordination of Benefits (COB) on Demand solution, enhancing its suite of payment accuracy tools utilized by over 300 health plans and 40 state Medicaid agencies. This solution identifies existing third-party health insurance for Medicaid members, improving billing accuracy and helping reduce the estimated $56 billion in improper Medicaid spending. It can be deployed via API or other interfaces and has already proven effective in states like New Mexico, which identified 92% of third-party liabilities within seven months, leading to estimated annual savings of $2.2 million.
HMS Holdings Corp. (HMSY) reported FY'20 revenue of $673.3 million, a 7.5% increase from FY'19. However, net income fell 19.6% to $70.1 million, with GAAP EPS at $0.78, down from $0.98. Adjusted EPS improved to $1.33, up 18.8% year-over-year. Q4 revenue was $194.0 million, up 18.7%, while net income reached $32.8 million. Notably, Coordination of Benefits (COB) revenue surged 32.4% to $130.5 million, although Population Health Management (PHM) revenue declined 20.6%.
HMS Holdings Corp. (NASDAQ: HMSY) has been recognized with the 2021 Best in KLAS award for its Care Management Solutions, marking the second consecutive year for its Essette platform. This award is based on feedback from thousands of healthcare professionals, affirming HMS’s position in delivering high-quality software solutions designed to enhance patient care. The company’s Essette solution integrates data across healthcare systems, enabling effective, evidence-based care management. HMS aims to improve healthcare outcomes while reducing costs through its comprehensive technology offerings.
HMS (NASDAQ: HMSY) has expanded its partnership with the WTC Health Program to provide payment accuracy services, continuing its support through July 2026. This partnership has resulted in over $31 million in recoveries since 2015, ensuring eligible medical claims are prioritized. The WTC Health Program aids over 105,000 responders and survivors affected by 9/11, and HMS will enhance operational efficiency and cost control through its comprehensive recovery programs.
HMS (NASDAQ: HMSY) has announced a definitive agreement for Gainwell Technologies to acquire it for approximately $3.4 billion, with shareholders receiving $37.00 per share in cash, reflecting a 52% premium on HMS’s share price. The agreement aims to enhance Gainwell’s capabilities in healthcare technology, specifically targeting Medicaid and other markets. The transaction is expected to close in the first half of 2021, pending shareholder and regulatory approvals. This merger promises to expand service offerings and improve healthcare outcomes through data-driven technology.
HMS Holdings Corp. (Nasdaq: HMSY) has announced its participation in the Credit Suisse Virtual Healthcare Conference on November 11, 2020, at 11:45 a.m. ET. The management will present an overview of HMS and engage in a virtual fireside chat session. A webcast and the presentation will be accessible on the Company's website. HMS specializes in reducing healthcare costs and improving outcomes through advanced technology and analytics, saving billions annually. For more details, visit www.hms.com.
HMS Holdings Corp. (Nasdaq: HMSY) reported a third-quarter total revenue of $165.2 million, a 12.5% increase compared to the previous year. Net income was $18.0 million, down from $21.1 million in 3Q'19. The GAAP EPS was $0.20, while adjusted EPS rose to $0.30, reflecting a 20.0% increase year-over-year. Adjusted EBITDA also increased by 33.5% to $43.8 million. Despite strong revenue growth, net income declined due to previous gains on investments in 2019. The company maintained its 2020 financial guidance, projecting revenue between $680 million and $690 million.
