Constellation Healthcare Technologies, which provides services including an outsourced revenue cycle management solution, practice management and group purchasing services to U.S. physicians, voluntarily filed for Chapter 11 bankruptcy March 16 to facilitate the sale of its businesses.
The company is in negotiations with several prospective buyers, but all Constellation businesses should operate as usual throughout the sale. Those businesses include:
- Allegiance and Orion Healthcorp, its two RCM businesses;
- Integrated Physician Solutions, which includes both physician practice management and group purchasing capabilities; and
- the holding company for New York Network Management.
"After evaluating a range of possible alternatives, Constellation has determined that our various business divisions will be better positioned for long-term growth and success under new ownership with the financial strength necessary to invest in their offerings and opportunities," said Constellation Interim CEO Timothy Dragelin. "We are taking decisive action today to give our businesses — and all the people who depend on them — the best possible future."
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