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During the IPO season Francis Gaskins, editor of IPOdesktop.com & director of research for Equities.com, regularly appears on CNBC TV, Bloomberg, thestreet.com & other financial cable channels. On the day of the Visa IPO he appeared on four cable TV financial shows including Bloomberg... More
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  • IPO -- Accretive Health (AH) lost hospital account in March qtr 0 comments
    May 17, 2010 7:45 PM | about stocks: AH, ATHN, ECLP, MDAS
    Accretive Health (NYSE:AH) expected IPO May 20
    $1.35bb market cap at $15 price range mid-point

    BUSINESS
    . Provides healthcare revenue cycle management services.
    . Mission is to help U.S. hospitals, physicians and other healthcare providers manage their revenue cycle operations more efficiently

    SUMMARY
    . Going into IPO with $8mm stockholder equity, pre-IPO
    . Mid-range expected market cap value of $1.35bb
    . Lost a hospital client in the March quarter, not a good sign pre-IPO.  As a result the March quarter showed declines in revenue, profit and ‘net patient revenue under management’, relative to the December 2009 quarter
    In a high P/E multiple segment

    COMPETITION
    Currently competes with three categories of external participants in the revenue cycle market, most of which focus on small components of the hospital revenue cycle:
    •  Software vendors and other technology-supported revenue cycle management business process outsourcing companies, such as athenahealth, Eclipsys and MedAssets;
    •  Traditional consultants, either specialized healthcare consulting firms or healthcare divisions of large accounting firms, such as Deloitte Consulting and Huron Consulting; and
    •  IT outsourcers, which typically are large, non-healthcare focused business process outsourcing and information technology outsourcing firms, such as Perot Systems and Computer Science Corporation/First Consulting.

    see 'compare & contrast' and financial analysis in the AH IPOreport





    Disclosure: none
    Themes: IPO Stocks: AH, ATHN, ECLP, MDAS
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