An acquisitive strategy is delivering for Constellation Healthcare Technologies (CHT), with the three acquisitions made during the year helping to lift its headline operating profit by 76 per cent to $19.2m (£13.5m). The purchase of Physicians Practice Plus, Phoenix Health and Northstar First Health also boosted the number of doctors using Constellation's billing services to more than 9,000, moving the group closer towards its aim of becoming the largest US healthcare and technology services business.
In the short term, post-tax earnings have been diluted by fundraising and share-based payments for these businesses. The Aim-traded group raised a further £30m in a fundraising that closed in January. This allowed it to wipe the $12m of net debt that had built up at period-end and to purchase yet another business, MDRX Medical Billing.