Meridian Resource Corporation

Meridian Resource Corporation, based in Pewaukee, WI, is a national provider of insurance audit and subrogation services to health plans including TRICARE, the Defense Department’s health insurance program for more than 8 million active and retired members of the military and their dependents.

Subrogation and audit services have a very long sales cycle and these lines of business have complex accounting issues relating to when and how revenues can be recognized. Meridian wanted to grow through acquisitions, but because of its involvement in government and other operations sensitive to the public’s trust, it was especially cautious about acquiring a business whose accounting practices could in any way be open to challenge.

Tammie Miller, now a Vice President at Grace Matthews, led Meridian to HCX, Inc., a private company with $12 million in annual revenues that was liquidating its assets to avoid bankruptcy. Ms. Miller negotiated and structured a transaction whereby the Audit Services Division of HCX, located in Naperville, IL was acquired by Meridian. The Audit Services Division included an independent national network of nurse auditing professionals; a provider discount network; and services relating to hospital bill audits, nurse directed negotiations, inpatient and outpatient bill review and refund assistance. In addition to negotiating the deal, Ms. Miller oversaw the sensitive due diligence process that insured the quality of the business that Meridian was acquiring.