Assure Holdings and Clever Claims Enter Joint Venture

Assure Holdings (TSXV:IOM, OTCQB:ARHH) has announced it has entered into a joint venture with Clever Claims LLC to form a billing and collection company called Velocity Revenue Cycle.

As quoted in the press release:

Velocity will serve as Assure’s exclusive, in-house billing and collection vendor.

Under the terms of the agreement, Assure will own a majority stake in Velocity. Through its minority stake, Clever will handle all historical and future billing and collection processes. In addition, Velocity will be managed by a three-person management board, with two board members being appointed by Assure and one board member being appointed by Clever.

“The Clever management team has nearly two decades of billing and collections experience with a reputable pedigree of generating consistent collection results for neuromonitoring claims,” said John A. Farlinger, executive chairman and CEO. “We are impressed with their industry knowledge, strong management team and automated workflow processes. So, entering into this joint venture is a significant step forward for Assure.”

In conjunction with the agreement, Assure has terminated its relationship with all other third-party billing and collection vendors and will utilize Velocity’s services exclusively going forward.

Click here to read the full press release.