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Gulf Capital Acquires a Controlling Stake in ACCUMED, the leading Revenue Cycle Management Company Serving Healthcare Providers in the GCC

Gulf Capital Acquires a Controlling Stake in ACCUMED, the leading Revenue Cycle Management Company Serving Healthcare Providers in the GCC
March 12, 2018

Gulf Capital, one of the largest and most active alternative asset management firms in the Middle East, announced today that it has acquired a majority stake in ACCUMED Practice Management, the leading revenue cycle management (RCM) company in the GCC. The company post acquisition will continue to deliver its services under the current leadership and will be looking to expand its management team and add key executives to strengthen its operations.

ACCUMED leverages its proprietary technology and processes to help public and private healthcare providers in the UAE, KSA and Kuwait to improve medical documentation, enhance billing cycles, optimise revenues and accelerate collections. The firm is the first, and currently the largest, in the Middle East to offer RCM managed services, and has managed more than nine million medical claims worth over AED 4.1 Billion till date. The scope of ACCUMED’s services include comprehensive business process outsourcing, medical coding, technology solutions, consultancy services and staff augmentation, covering all medical insurance billing needs for hospitals, clinics, diagnostic centres and other healthcare providers.

The company is benefiting from the general growth in the healthcare market in the Middle East, the growing penetration of health insurance, maturing regulation and the growing outsourcing trend in the industry. Today, many healthcare providers perform non-core activities such as medical coding and billing in-house. This is expected to change with increased penetration of outsourcing in non-core functions, allowing for higher efficiency and lower costs and enabling healthcare providers to focus on the delivery of high quality medical care.

Dr. Karim El Solh, Chief Executive Officer of Gulf Capital, said: “This strategic investment in ACCUMED is an exciting one for Gulf Capital, as it offers our investors exposure to the fast-growing healthcare industry in the GCC, but without the capital intensity or regulatory risks usually associated with investments in the industry. ACCUMED is the clear market leader in revenue cycle management in the GCC, and we look forward to funding and supporting the growth of the company, so it can continue to deliver enhanced operational and financial performance improvements to healthcare providers in the GCC."

The RCM industry is expected to grow at a compound annual growth rate of over 20% in UAE and the Kingdom of Saudi Arabia, as hospitals shift increasingly toward outsourcing non-core activities and reimbursement standards are streamlined. Currently in the UAE and KSA, up to 95% of all insurance claims are processed in-house by healthcare providers in what can be a labour intensive and costly process. In more mature markets such as the US, up to 50% of all insurance claims are outsourced to specialised RCM companies that have the scale and resources to invest in proprietary technology and highly trained staff. The GCC healthcare industry is expected to see a big shift towards the outsourcing of non-core RCM activities in line with the US market trends.

Dr. Ayham Refaat, Founder and CEO of ACCUMED, said: “ACCUMED is thrilled to partner with Gulf Capital, whose support and growth capital will allow us to extend our market leadership position and to accelerate our growth in the UAE, KSA and other regional markets. In addition to aggressively growing our core outsourced RCM business, the partnership with Gulf Capital will also allow us to add new services and to invest in cutting-edge technology to streamline and automate workflows – something our hospital clients don’t have the scale or the appetite to do in-house. We are excited about this new chapter in ACCUMED’s growth story in partnership with Gulf Capital.

This latest acquisition represents Gulf Capital’s fourth investment in the technology sector. Gulf Capital has become one of the largest technology investors in the GCC, having injected to date over half a billion dirhams in regional technology, internet and e-commerce companies.

Ernst & Young acted as the financial and tax advisor, Alvarez and Marsal acted as the commercial advisor and Eversheds Sutherland acted as the legal advisor to Gulf Capital on this transaction. Guggenheim KBBO and Tribonian Law Advisors acted respectively as financial and legal advisors to the sellers.

Download Press Release in Arabic

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
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Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Credit Partners (DIFC) Ltd. and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcp.com, @gullfinvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

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