Healthcare

Greenfish Fund Purchases Another Large Medical Debt Portfolio

2009-11-06T08:26:40-07:00

PHILADELPHIA—Greenfish Fund II, LP, a leading buyer of healthcare receivables, announced today that it successfully completed the acquisition of another portfolio of accounts receivable from a large non-profit hospital system. The cumulative face value of accounts purchased since the inception of the first Greenfish fund in early 2008 now exceeds $950 million. Greenfish expects to surpass the important $1 billion milestone by the end of 2009.

Commenting on the purchase, Greenfish Fund II 's Managing Director, Eric Raymond, said, “Hospitals are facing severe margin contraction as a result of declining reimbursement levels and increasing self-pay and insurance-related bad debt. Recently enacted Medicare and Medicaid audits create enormous administrative cost and threaten even to rescind past reimbursement. In purchasing old receivables, which have typically already been written-off, Greenfish provides hospitals with much-needed immediate cash for an otherwise dormant asset. A meaningful trend we are seeing is that hospitals are now willing to sell accounts receivable much earlier in the cycle than in the past.”

About Greenfish Fund II, LP
Greenfish and its predecessors have been active buyers of healthcare-related receivables since 2006. Capital deployed to purchase accounts has grown by double digits every year and is expected to increase again—by 100% or more—in 2010.

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As the Health Care Debate Rages On, Health Savings Accounts (HSAs) Continue to Gain in Popularity

2009-11-06T08:13:41-07:00

While the nation's lawmakers debate possible ways to improve the health care system, a national consumer organization reports that thousands of Americans apparently believe they've already found an answer: Health Savings Accounts (http://usafact.org/HSA-HealthSavingsAccountforMedicalinsurance.html) (commonly known as HSAs).

"An HSA is a lot like an IRA," explains Vicki Rolens, managing director of the Federation of American Consumers and Travelers (FACT). "The money you put into the account offers above-the-line deductibility, reducing your adjusted gross income and thereby reducing your tax burden each year."

She adds that "There is one main difference between an IRA and an HSA: With an HSA, you are allowed to make tax-free withdrawals at any time to meet medical expenses that your health insurance doesn't cover."

In a bulletin to its members, entitled "How a Health Savings Account Can Save You Money and Simplify Your Life," FACT briefly outlines HSA basics:

   1. The consumer purchases a high-deductible health insurance plan (HDHP), which costs less -- often far less -- than a "conventional" health plan.

   2. Part or all of the money saved on premiums -- and saved on taxes --can then go into a tax-free health savings account (HSA). The account belongs to the consumer, not the insurance company.

   3 If a health issue arises, the consumer uses his or her HSA to pay any qualified expenses which the high-deductible plan doesn't cover. The money is withdrawn tax-free.

    4. In general, "qualified" expenses include dental bills, over-the-counter medicines, prescription drugs, eye care, hearing aids, and many other health-related items and services that the HDHP doesn't pay.

   5. All money remaining in the fund at retirement can be used to meet Medicare deductibles, long term care expenses, et al, or can simply be withdrawn -- without penalty if the consumer is over the age of 65.

   6. In 2010, an individual will be able to contribute up to $3,050 tax-free ... $6,150 for a family. The HSA can be opened in addition to any IRA the consumer may already have.

"The basic concept is simple," says Rolens. "You save money by having a higher health insurance deductible than usual, and you put that savings in a tax-free fund to meet medical expenses if and as needed."

"In essence, you pay a portion of your health-care budget to yourself instead of an insurance company, and you gain some distinct tax advantages in the process."

To qualify as an HDHP, a health plan's deductible amount must be at least $1,200 for an individual plan or $2,400 for family coverage.

Rolens points out that an HSA may not be right for everybody, and she recommends that anyone who's interested consult with his or her insurance expert or financial planner.

FACT is a consumer organization, formed under the not-for-profit corporation laws of the District of Columbia in 1984. It currently serves more than 1 million consumers nationwide. Additional information on FACT may be found in the Encyclopedia of Associations, and by visiting the association's Web site (www.usafact.org).

FACT's administrative office is located at 318 Hillsboro Avenue, Edwardsville, IL 62025.

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ACA International Board Halts Plans for Self Regulation in Collection Industry

2009-11-05T03:00:57-07:00

ACA International’s Board of Directors moved quickly Wednesday to halt proposed legislation that sought to create a self-regulation structure for the debt collection and purchasing industry after complaints from some of the board members.

The plan would have included federal mandates for state licensing and registration for agencies and collectors, and called for an industry education program run by ACA International.

Some board members told insideARM that ACA’s executive committee submitted the proposal in late September to Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, as an amendment to legislation that would create the Consumer Financial Protection Agency (CFPA). Sources said Frank could have introduced the proposal within two weeks.

In July, ACA board members gave its executive committee the power to study and, if feasible, draw up a plan for a self-regulatory structure, complete with a nationwide debt collector registry and dispute resolution program.

But during a special meeting Wednesday of the board at ACA’s annual Fall Forum Conference in Chicago, directors voted to take away that authority. The board also directed the executive committee to withdraw, in writing and within 24 hours of the meeting’s end, its amendment proposal, and confirm to all board members the proposal’s withdrawal to Rep. Frank and other political bodies by Friday.

ACA National Board of Director member Jerry Greenblatt told insideARM he was “very happy” with the outcome of the vote. “What’s happened with the passage of this motion is that the decision making within ACA is slowly being given back to ACA members.” He added that the vote to withdraw the proposal “is a great victory for the members of the association, especially the small and mid-size agencies.”

ACA spokesman John Nemo told insideARM that the association will continue to study the issue while incorporating and addressing the concerns of the membership.

“We are a member driven organization. We listen to our membership,” Nemo said. “There was no intent to try to deceive anyone or do anything behind the scenes. We understand that this is an incredibly sensitive and important issue, perhaps the biggest one since the Fair Debt Collection Practices Act (FDCPA) passed, and we want to make sure we do as good a job as possible of being transparent about the process and making sure our board of directors and our membership at large are informed and able to give their input.”

ACA’s actions regarding a self regulation program raised questions within its membership and in the broader accounts receivable management industry.

Emil Hartleb, executive director of Commercial Collection Agency Association, told insideARM that ACA’s approach to self regulation was “fraught with danger for the industry.”

“Anytime you look at licensing or registration, there are unintended consequences that will come out. We don’t need more licensing. What we need is hard enforcement against rogue agencies who are committing these atrocities,” Hartleb said.

David Goch, legislative counsel for the Commercial Law League of America told inside ARM he was “surprised” to learn about a proposal by ACA to apparently legislatively create a debt collection industry licensing body.

Lloyd Dix, vice president and general counsel of Union Adjustment Co. in Burbank, Calif., said ACA’s amendment proposal has some California Association of Collectors (CAC) members considering renewing its motion to amend its bylaws requiring CAC members to also be ACA members (“California Association of Collectors Votes to Stand Pat on ACA Membership Ties,” Sept. 25). Dix is also the chairman of the Legislative Council for the CAC.

Days before the meeting and vote, Rubin attempted to explain the executive committee’s action in a letter to the ACA Board of Directors.

In her letter, Rubin said ACA submitted the proposal, modeled after the SAFE Act for the mortgage brokerage industry, after a failed attempt to get Rep. Frank to include an exemption of the debt collection and asset purchase industry from CFPA oversight in legislation to create the new regulatory agency.

“He indicated there would be no carve out for the collection and asset purchasing industry and he would consider introducing the SAFE Act amendments for the collection and asset purchasing industry as a floor amendment,” Rubin wrote of ACA’s meeting with Frank.

Critics of the proposal, however, said it would drastically change the debt collection industry and was potentially more damaging than governance by the CFPA because on the surface, the proposal appears to require collectors and asset purchasers to obtain a license in each state they conduct business.

Some key elements of ACA’s proposal included a call for:

All agencies and asset purchases to be licensed and registered by their state or by the CFPA if no state licensing and registration program exists one year of the legislation is passed.
ACA International to be the sole provider of all training materials associated with 20 hours of mandated initial education required to be licensed, under the scheme the amendment proposes and 8 hours of education necessary for annual renewals
Every collection agency must be licensed by the state as a debt collector before engaging in the collection of debt
Every individual debt collector must work for a state-licensed debt collector and must be individually registered by the state as a debt collector within 90-days of employment
The proposal also called for each collector to be subject to criminal background checks, finger printings by the Federal Bureau of Investigations and criminal background checks
Establishment of national licensing for states which do not adopt their own state licensing programs, with no preemption of state laws, thus adding an additional level of bureaucracy.

Greenblatt, who is also President-elect of the CAC, called the proposal “a monumental detriment to small and mid-sized debt collection agencies because of the additional costs and burden, and the monopoly that ACA attempted to mandate through federal legislation on education.”

Dix said the resolution program proposed also did not preempt any state or federal legal actions or bar any judicial remedies. “It was quite a blow when we saw it,” Dix said. “We had no idea it was coming.”

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Capio Partners Partners with Aequitas Capital Management to Purchase Bad Debt Receivables

2009-11-02T08:15:15-07:00

Atlanta, Georgia – Capio Partners, LLC, has partnered with Aequitas Capital Management, Inc., an alternative investment firm providing a $20 million revolving facility to purchase late-stage, patient self-pay healthcare receivables. The agreement between both organizations represents a commitment to provide alternative revenue cycle options to healthcare entities nationwide.

"Aequitas is pleased to work with Capio Partners, a company that shares our continued interest and commitment to the healthcare industry” said Robert Jesenik, CEO of Aequitas Capital Management. "Capio’s leadership and staff have more healthcare specific knowledge than any other organization of its kind, and their Complaintless Collection™ philosophy and our core principles fall hand-in-hand.”

“Aequitas Capital Management has a long history of service in the healthcare sector with their already established CarePayment® product. Healthcare providers should improve their revenue stream from their self-pay receivables with the combination of CarePayment®, a front-end solution, and Capio’s debt purchasing product, a back-end solution” said Jim Richards, President and CEO of Capio. “By partnering with Aequitas, Capio is positioned to achieve its revenue goals with a partner that truly understands the intricate healthcare market. We look forward to a long and lasting partnership and believe this is a mutually beneficial union of two great companies.”

About Aequitas Capital Management, Inc.
Established in 1993, Aequitas Capital is a value-oriented alternative investment firm providing private equity and commercial finance products to investors and capital to the middle-market, healthcare, manufacturing, services and energy sectors. Within the healthcare sector, Aequitas offers a hospital-branded finance program called CarePayment®. The program enables patients to pay for hospital services at 0% interest while providing hospitals with immediate funding for patient-pay receivables. For more information, visit www.aequitascapital.com or call (503) 419-3500.

About Capio Partners, LLC
Capio Partners is considered to be one of the premier healthcare debt purchasers in the industry. As the pioneers of Complaintless Collections™, Capio Partners coordinates the hospital’s patient-centered culture with its fiscal need for a profitable and predictable cash flow. With a 35-year track record in the healthcare receivables industry, Capio Partners delivers results while keeping hospitals compliant with CMS Regulations. Capio Partners is headquartered in Duluth, Georgia with operations in Sherman, Texas. Visit www.complaintless.com for additional information.

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Collection Associates Announces Acquisition of Money Recovery Nationwide

2009-10-30T06:33:45-07:00

Chicago, IL - LaSalle Capital Group, L.P.'s ("LaSalle Capital") portfolio company Collection Associates, LLC ("CAI") is pleased to announce the acquisition of Money Recovery Nationwide ("MRN").

MRN, headquartered in Lansing, Michigan provides debt collection services to the healthcare industry. MRN has been active in the industry dating back to 1988, and is regarded as a premier provider of third-party collections for hospitals and physician groups in the state of Michigan.

MRN is the fourth collection agency purchased by CAI, and represents a significant addition to CAI's Midwestern focused strategy.

"Alan Jacoby and his team have built one of the most important agencies in Michigan. Their broad reach throughout the state increases our geographic footprint substantially and firmly establishes our combined organization as the premier Midwest-based healthcare accounts receivable management business," stated Rocco Martino, a Partner at LaSalle Capital.

Mark Schabel, CEO of CAI added, "MRN will be an outstanding addition to our portfolio of agencies, and we are excited that Alan Jacoby and Gary Ferdig are going to continue on as part of the management team to take the organization to a new level."

Alan Jacoby stated, "Our acquisition by CAI will allow us to deploy new product offerings and leading technology to best serve our clients in this tough economic environment. I am excited about the business combination and think that this will expand our ability to serve the needs of the Michigan market."

If you have questions on this Company or would like to discuss other opportunities in the healthcare collections industry, please contact either Rocco Martino or Nick Christopher at LaSalle Capital.

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Officers and Board Of Directors Elected at MDHBA Annual Conference

2009-10-30T06:33:45-07:00

Elmhurst, Illinois -- The Medical-Dental-Hospital Business Associates (MDHBA) elected its 2009-2010 Officers and Board of Directors during its annual meeting, Oct. 21-23, 2009, in Newport Beach, California.

Officers who were elected include: President Philip Rosenthal, CPBE, vice president, HealthCare Associates, Inc., Alexandria, Virginia; President-Elect Bill Hopkinson, CPBE, president, Charlottesville Bureau of Credits, Inc., Charlottesville, Virginia, and Secretary/Treasurer Todd Gillis, CPBE, vice president, Medical Business Bureau, LLC, Park Ridge, Illinois.

Roxie Kracl, CPBE, director, Credit Bureau Services, Inc., Fremont, Nebraska, will serve as immediate past president. Maggie Pollard, CHC, inside client representative, Regional Collection Services, Inc., Marietta, Ohio, will continue on the Board, and Mary Inscore, president, Credit Services of Oregon, Inc., Roseburg, Oregon, was elected to her first term on the Board of Directors.

Medical-Dental-Hospital Business Associates is the healthcare accounts receivable management community for accreditation and networking. Formed in 1939, MDHBA and its members set a tone of collaboration and continuous improvement within the demanding and competitive world of healthcare financial services. MDHBA provides a nationwide forum for idea exchange, continuing education and certification. For more information, contact: MDHBA, 350 Poplar Ave., Elmhurst, IL 60126. Telephone 630.941.8100; Fax 630.359.4274; E-mail info@mdhba.org; www.mdhba.org.

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Removing Antitrust Exemption Will Have Little Impact on Health Insurers

2009-10-29T07:19:11-07:00

With affordability being the biggest obstacle to health care reform, some federal lawmakers have shifted the discussion towards insurer antitrust protections they say keeps markets closed and premiums high.

The House Judiciary Committee last week voted on a bill to repeal parts of the 1945 McCarran-Ferguson Act which gives health insurers limited protections from federal antitrust laws into price fixing and other business practices. A day later, Democrat House Speaker Nancy Pelosi said she plans to include a provision in the health care reform bill to repeal McCarran-Ferguson.

Critics say the move is an attempt by Democrats to silence the insurance industry for criticizing proposed reform legislation that forbids insurers to deny coverage for pre-existing conditions but does not require all Americans to have health insurance.

Congress passed the McCarran-Ferguson Act in 1945 shortly after the Supreme Court ruled that insurance companies that conduct substantial business across state lines are engaging in interstate commerce and subject to federal regulation. It was enacted to ensure that states would have the authority to regulate how insurance companies do business within their borders.

Brad Ellis, director at Fitch Ratings’ Insurance Group, said the Judiciary committee’s proposal, if passed, won’t impact how insurers operate. But it would increase the cost of health care because insurers will pass the expense onto consumers. Ellis added that insurers haven’t benefitted much from the statute from a regulatory perspective.

“Some say state regulations are more onerous and expensive than federal regulation for insurance carriers,” Ellis said. He cited state laws that mandate insurers establish their HMO plans as operating entities.

Insurers and consumers, however, might benefit if insurers are allowed to sell policies across state lines, Ellis said.

“It could reduce some of the expense associated with HMOs, where you have to satisfy specific statutes to set up an HMO,” he said. There also could be savings associated with maintaining and accessing medical records because insurers keep detailed claims on members as long as they are with the company, Ellis said.

Hospitals, meanwhile, may have more negotiating power with insurers if more carriers are in the market, said Fitch Ratings Corporate Finance Director Lauren Coste, who covers For-Profit Health Care Facilities. But Coste said the hospitals’ bad debt expense won’t subside without health care reform that includes Medicaid expansion, subsidiaries for the poor, and coverage mandates on individual, she said.

Susan Voss, vice president of the National Association of Insurance Commissioners (NAIC) NAIC said the organization hasn’t taken a position on the issue of states selling across state lines. But she said states should be given an opportunity to work together to find solutions that meet the needs of their residents, particularly neighboring states that have common health care providers. And there needs to be more discussion about how consumers will be protected if insurers are allowed to sell across state lines, she said. “Who helps consumers when they have a problem? The state where they purchased (coverage) or the state where get it?”

Ed Haislmaier, an expert on health care policy and markets with the Heritage Foundation, said states can work together now to allow licensed insurers to sell across state lines, though a federal law could make it easier. But he said that isn’t the cure all for more competition and affordable health care.

“At the end of the day, it comes down not to insurers, but the claims they are paying. It’s what the hospital and doctors do and what they charge,” he said.

Haislmaier thinks a state run health exchange similar to what Massachusetts and Utah offer, where the state invites insurers to sell policies through an exchange, is a better solution.

“Make it a buyer driven rather than seller driven. Line the insurers up and let (consumers) pick.”

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Revenue Cycle Solutions, Inc. selects ZirMed as Financial Services Platform Strategic Partner

2009-10-29T07:19:11-07:00

WESTCHESTER, IL, and LOUISVILLE, KY – Revenue Cycle Solutions, Inc. (RCS) today announced a strategic relationship with ZirMed, Inc. to leverage its technology and expertise in delivering comprehensive revenue cycle management solutions to healthcare providers.

“This partnership complements the respective strengths of both companies thereby greatly reducing the administrative burden placed on our clients while simultaneously increasing their cash flow.” said C. Jeff Pan, RCS’ CEO.

Further increasing its distinctive edge in the accounts receivable management space, RCS now offers its clients an extensive array of revenue cycle management solutions including credit/debit processing, ACH processing, e-commerce, secure patient payments along with, insurance eligibility services, and claims management. This holistic suite of products automates many manual – and time consuming – procedures such as early-out follow-up, reconciliation, and payment posting.

“Having the ability to offer a comprehensive suite of PCI-DSS compliant payment options to its customers, along with RCS’ proven differentiation as an automatic and efficient early-out collection solutions, gives RCS a truly unique advantage over its competition.” said Jim Lacy, CFO & Counsel of ZirMed.

About RCS
Founded in 2002, RCS is a leading provider of accounts receivable management services for hospitals and other healthcare providers throughout the United States. With proprietary technology, tools and processes, it specializes in follow-up of patient liability and resolution of small insurance claims for hospitals. For more information about RCS, visit www.revcs.com.

About ZirMed
Founded in 1999, ZirMed is a nationally recognized leader in delivering revenue cycle management solutions to healthcare providers. ZirMed solutions include eligibility verification, credit/debit card processing, check processing, claims management, coding compliancy, electronic remittance advice, patient statements, patient e-commerce solutions, provider credentialing, business analytics and lockbox services. For additional information, visit www.zirmed.com/pr.

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MDHBA Offers Recognition At Annual Conference In California

2009-10-28T06:07:38-07:00

Elmhurst, Illinois — The Medical-Dental-Hospital Business Associates (MDHBA) presented several awards during its Reception, Silent Auction and Dinner on Friday, October 23, at its Annual Conference at the Balboa Bay Beach Club & Resort, Newport Beach, California.

Then MDHBA President Roxie Kracl, CPBE, Credit Bureau Services, Inc., Fremont, Nebraska, oversaw the ceremonies. During the program, MDHBA’s new officers were sworn in, and Kracl became immediate past president.

Robert T. Hellrung Awards were presented to Terri Boettcher, director of development, BC Services, Inc., Longmont, Colorado, and Eric Mock, CPBE, president, Medical Business Bureau, LLC, Park Ridge, Illinois. The Hellrung award recognizes individuals for their contributions to the medical economics profession and to MDHBA.

Todd Gillis, CPBE, vice president, Medical Business Bureau, LLC, Park Ridge, Illinois, received the President’s Award. The President’s Award is presented annually by the current MDHBA President to recognize an individual or individuals who did the most to advance MDHBA's interests during his or her tenure as President.

Medical-Dental-Hospital Business Associates is the healthcare ARM community for accreditation and networking. Formed in 1939, MDHBA and its members set a tone of collaboration and continuous improvement within the demanding and competitive world of healthcare financial services. MDHBA provides a nationwide forum for idea exchange, continuing education and certification. For more information, contact: MDHBA, 350 Poplar Ave., Elmhurst, IL 60126. Telephone 630.941.8100; Fax 630.359.4274; E-mail info@mdhba.org; www.mdhba.org.

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Public Health Care Plan Option Gains Favor with Americans Amid Health Insurer Mishaps

2009-10-23T07:49:57-07:00

As federal lawmakers get closer to drafting a health care reform bill, recent polls show that public support for health care reform has increased and more Americans support the inclusion of a public health care plan as part of the reform.

A September Kaiser Research Foundation poll showed that 57 percent of Americans believe that health care reform is more important than ever, up from 53 percent in August. Additionally, a joint poll conducted last week by the Washington Post and ABC News showed that 57 percent of those surveyed would support a government created health insurance plan to compete with private insurers, with the majority of those responding saying they were strongly in favor of a government run plan.

Support for a government run plan jumps to 76 percent if the government plan is run by the states and available only to people who did not have a choice of affordable private insurance. Under those conditions, the Washington Post/ABC News poll shows a majority of Republicans say they would support a government plan.

The polls suggest that momentum has shifted towards more government-involved policies because more Americans can’t afford insurance or believe they would be better off. Kaiser’s September survey showed that 33 percent of those polled reported that they or someone in their household had problems paying their medical bills during the past year. The percentage of Americans who reported having trouble paying bills jumped nine percent since August, and the total, according to Kaiser, is the highest recorded in nearly a year. On top of that, 56 percent of those polled said they have put off getting medical care over the last 12 month because of the cost.

Larry McNeely, health care advocate for U.S. PIRG, said he believes support for health reform and a public health plan option also is growing because Americans who avoided thinking about health care reform can no longer ignore it. He said Americans soon will renew their annual insurance choices through their employer-sponsored plans and many will be hit with increases in their annual premiums and deductibles (“Workers Pick up the Tab for Rising Health Care Premiums in Employer-Sponsored Family Plans,” Sept. 17).

“They are looking at a paycheck every week, and wages are barely inching up at all. The only thing going up in this economy is the amount they are paying to insurance companies,” said McNeely. “That alone provides real motivation to support health reform.”

McNeely added that recent legislation action on health reform and attempts to by some health care insurers to mislead the public about how the Senate Finance Committee bill would affect seniors and people with private insurance hurt health insurers’ credibility.

“I believe Americans saw through those as scare tactics,” McNeely said. “But I think the ridiculous tactics (by health insurers) backfired with the media and policy makers. “

The House Judiciary Committee voted 20-9 on Wednesday to strip health insurers of the federal antitrust protections that have shielded them from federal investigations into price fixing and other business practices. The bill was supported by three republications.

“The industry overplayed their hand,” McNeely said. “There is a direct line between that inflammatory and bogus scare tactics and a new willingness on behalf of folks in Congress to make sure health care insurance companies are competing on their own merit.”

But Joseph Antos, a health care policy expert with the American Enterprise Institute, said unless the bill completely repeals the 1945 McCarran-Ferguson Act and allows insurers to sell policies across state lines, the House Judiciary Committee’s bill has little meaning.

“It’s just a naked threat,” Antos said. “It doesn’t do anything. No action is necessary. You could have a federal investigation, but under what conditions, it doesn’t say. It’s just a threat. They (The White House) are trying to kick the insurers and AHIP in line.”

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Equifax to Acquire IXI Corporation

2009-10-22T07:12:59-07:00

ATLANTA -- Equifax Inc. (NYSE: EFX - News) announced today it has reached a definitive agreement to acquire IXI Corporation, a leader in collecting, analyzing and delivering consumer wealth and asset data. Equifax will pay $124 million in cash for the company.

With its proprietary measures of wealth, assets, income, spending and other data, IXI helps its clients better segment households, resulting in improved marketing and customer management. IXI's client base includes leading companies in the financial services industry (such as banks and brokerage firms) and emerging opportunities in the insurance and healthcare industries.

IXI's data, sourced through more than 95 leading banks, brokerage firms and other financial entities, is the most comprehensive database of invested and deposited consumer wealth in the country. IXI directly measures data on more than $10 trillion in U.S. consumer assets and investments, representing more than 42 percent of all U.S. consumer invested assets.

"Bringing together the differentiated data and analytic capabilities of each of the companies will allow us to deliver a deeper view of the consumer that includes wealth, credit, income, spending and other demographic data ," said Dann Adams, president, Equifax Consumer Information Solutions. "The caliber and breadth of intelligence and data we'll offer will significantly improve the opportunities for our clients to acquire, expand and retain customer relationships."

"We have worked closely with Equifax over the last 18 months and know their people, the solutions they offer, and their culture. I am convinced this will be a strong combination that will benefit customers and employees of both companies," said Tom Dailey, president and CEO of IXI.

IXI's unique capabilities combined with Equifax's expertise will allow the companies to offer more differentiated and in-depth income, wealth and other data, helping companies improve their marketing, collections, portfolio monitoring and customer management efforts across all product segments.

"This is a good match and our companies know each other well from a history of collaboration. Each of the companies excels in its particular area of the business; the skills and knowledge are complementary; and we serve similar customer bases," said Adams. "But the biggest beneficiaries will be our clients, who will have broader, deeper and more accurate customer information backed by a company with a strong tradition of protecting the security and integrity of the data entrusted to us."

The closing of the transaction is subject to the usual conditions and is expected to occur in the near future.

IXI was advised in the transaction by Wells Fargo Securities.

About Equifax (www.equifax.com)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.

With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability. Businesses - large and small - rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.

Headquartered in Atlanta, Equifax Inc. operates in the U.S. and 14 other countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.

About IXI Corporation (www.IXIcorp.com)
For over 15 years, IXI has helped the nation's leading financial services and consumer marketing firms optimize marketing efforts, manage risk, identify growth markets, and enhance practice and performance management. IXI solutions enable marketing, sales, and risk management executives to differentiate and target consumer households based on measures of wealth, income, spending, credit, investment style, share-of-wallet, and share-of-market.

Through its exclusive network of more than 95 leading U.S. financial institutions, IXI directly measures approximately $10 trillion in U.S. consumer assets and investments, comprising over 42% of all U.S. invested assets. IXI combines its patented process for collecting and classifying consumer asset data with proprietary measures of income, spending, and credit, to create the most reliable and granular financial database available today. Using this unrivalled database, IXI builds solutions that provide firms financial and economic insight for every U.S. household.

IXI is a privately held company headquartered in McLean, Virginia. It was recently named to the Deloitte Touche 500 Fastest Growing Technology companies list.