Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

RevWorks Acquisition

On June 2, 2020, the Company entered into a definitive agreement to acquire the RevWorks services business (the “RevWorks Acquisition”) from Cerner Corporation.

Pursuant to the terms of the definitive agreement, the Company will acquire RevWorks for $30 million in cash. The Company intends to fund the RevWorks Acquisition and the related fees and expenses with cash on hand. The payments to Cerner Corporation will occur in three installments between the closing and the second anniversary of closing.

The closing of the acquisition occurred on August 3, 2020.

Emergency Medical Services Sale

On July 19, 2020, the Company entered into a definitive agreement to dispose of its emergency medical services (EMS) business, including EMS Revenue Cycle Management and Electronic Patient Care Reporting (the “EMS Disposition”).

Pursuant to the terms of the definitive agreement, the disposition price will be $140 million, inclusive of a $5 million hold-back amount subject to the completion of certain transition services, to be paid approximately one year from the date of the disposition. The disposition price is subject to customary adjustments for working capital, cash, and transaction expenses.

The closing of the EMS Disposition is expected to take place in the third quarter of 2020, subject to satisfaction of certain closing conditions. As of June 30, 2020, the assets and liabilities of the EMS business were not classified as held-for-sale as management had not committed to a formal plan to sell the business.