Amherst Medical Billing Firm Expands with Acquisition
An Amherst medical billing and coding company is expanding with the acquisition of a local firm.
Practicefirst Medical Management Solutions completed an acquisition July 1 for Phymedco, a Tonawanda medical billing firm owned by Andy Archer. The deal adds about $350,000 in revenue to Practicefirst, a 10 percent bump to the $3.5 million firm.
Terms of the deal were not disclosed.
Tom Maher, president & CEO, said the acquisition allows his firm to expand the lines it serves, adding psychiatry, orthopedic surgery and neurology. It also allowed him to bring over four experienced billers.
“It’s been a difficult market to find billers,” Maher said. “The expansion of service lines was another reason. That’s what interested me in this acquisition.”
Founded in 1985 as Physicians Medical Management Co., Phymedco adds six more employees to Practicefirst’s 55-person workforce. Practicefirst operates from a 9,000-square-foot facility on Northpointe Parkway off North French Road.
More growth is expected, both organically and through acquisition. Practicefirst currently serves a market that extends from Western New York down to Philadelphia; Hartford, Connecticut; and out to New Jersey.
Founded in 1960, the company expanded in 2012 with the acquisition of the medical billing division of Dopkins & Co. LLP. Today, Practicefirst offers medical coding and billing, credentialing, corporate compliance, chart auditing and overall practice management to more than 75 clients.
“We can basically do work anywhere in the United States now based on technology, so it’s easy for us to break into other areas,” he said. “For the right price, we’re always looking to expand our footprint.”