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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co. Ltd. ("Mitsui") announced today that, thorough its wholly owned subsidiary, Mitsui & Co. (U.S.A.) Inc. ,it has agreed to invest in a recapitalization of MED3OOO Group Inc. ("MED3OOO"), a US based provider of healthcare management and technology services for healthcare providers and employers, and acquired approximately 47% (approximately 62 million US dollars) of total interest of MED3OOO. Mitsui will also hold an option that enables it to further increase its stake in MED3OOO in response to the growth strategy of the company.
MED3OOO has operation centers in fourteen locations across the United States and provides its advanced medical and business information systems to facilitate evidence-based management and population health management reporting for physicians, hospitals, employers, government municipalities and other health risk organizations. Each MED3OOO product and service is focused on the improvement in the cost and quality of healthcare delivery. MED3OOO's offerings include comprehensive practice and network management services for physicians, revenue cycle management services and technology services which include standalone or integrated practice management, electronic medical records, data warehousing, patient portal information systems and coding & compliance consulting focused on compliance with the HIPAA (Health Insurance Portability and Accountability Act) regulations, and are highly regarded by medical experts as a contributor to providing services that facilitate reliable and high quality medical services.
Mitsui positions MED3OOO as a key strategic partner in the global healthcare marketplace, and in collaboration with other domestic and overseas strategic partners, will support the expansion of MED3OOO's evidence-based management and population health management capabilities.
Although the framework of healthcare delivery and financing systems in each country, including Japan, is significantly different from that of the U.S., the interest in the optimizing resource allocation for more secure, safer and better healthcare delivery is increasing, and Mitsui believes that the business concept of MED3OOO could accommodate the needs of consumers and medical experts in any country.
|Company Name||MED3OOO Group Inc.|
|Establishment||1995 (founded in 1987)|
|Headquarters||680 Andersen Drive, Foster Plaza 10, Pittsburgh, PA 15220|
|Chairman & CEO||Patrick V. Hampson|
|No. of Employees||1,400|
|Major Business||Healthcare management and technology services for physicians, hospitals, employers, government municipalities and other health risk organizations
· Comprehensive physician group and physician network management services focused on evidence based management and population health management reporting;
· Revenue Cycle Management services for physicians and government municipalities;
· Standalone or integrated technology offerings including practice management systems, electronic health record systems for physicians and patients, smart communication systems and data warehousing;
· Advanced third party administration services (TPA) for employers and health plans
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.