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 | | http://www.contentmanager.net/magazine/news_h12609_south_carolina_bluecross_invests_in_optical.html |
Companion Capital Management Inc., a BlueCross BlueShield of South Carolina subsidiary, recently acquired Optical Image Technology Inc. (OIT), the company that developed the DocFinity® suite of document management software used in a variety of industries.
Headquartered in State College, Pa., OIT is now a wholly-owned subsidiary of Companion Capital Management.
Established in 1986, OIT developed a suite of DocFinity products that electronically capture, store and index organizations' paper-based documents and files. OIT customers include Fortune 500 companies, Big Ten universities, and organizations in major industries such as insurance, manufacturing, retail, transportation, education, financial services, government and healthcare.
"BlueCross BlueShield of South Carolina is known for its technology outsourcing to the healthcare industry through its cimrONE System and other subsidiaries, and we're pleased to be part of its group of companies," said Scott Buchart, OIT president and CEO.
"We are happy to welcome OIT to our group of companies. DocFinity products streamline workflow and documentation processes for multiple industries, including BlueCross BlueShield of South Carolina in the healthcare industry. We expect OIT's customer base will continue to expand as more organizations get into automatic workflow and document imaging technology," said Mike Mizeur, president of Companion Capital Management.
"Our philosophy in business acquisition or investment is that we are heavy users of technology in our cimrONE System for the benefit of our customers and we want to support those companies that make our business efficient and effective. We will leave OIT to continue to expand and grow their business across all of the industries they currently serve and to develop new markets as well," said Mizeur.
BlueCross subsidiaries solely focused on technology are Companion Technologies, which develops practice management and medical records software for doctors' offices and electronic data interchange services for hospitals nationwide, and CIMR, which provides business process outsourcing and application service provider services to other insurance companies on the cimrONE System.
In addition, investments have been made in technology-based companies such as BenefitFocus, a Charleston, S.C.-based company that provides online benefits enrollment for BlueCross and other companies; and OpenNetwork Technologies, a Clearwater, Fla., company that develops e-business identity security software.
29.07.2005, Companion Capital Management Inc.
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