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ALN Medical Management, Inc. Announces Latest Investment by Crossbow Ventures, Ticonderoga Capital, and The Aurora Funds

(May 6, 2005) ALN Medical Management, Inc. announces the closing of a $5.0 million equity investment by existing investor Crossbow Ventures, and two new investors, Ticonderoga Capital, and The Aurora Funds.  Tyler Wick of Ticonderoga and Grant Jackson of Aurora will join ALN Board.

ALN, headquartered in Denver, Colorado, is a nationwide provider of outsourced revenue cycle management and information technology services to physician practices.  As evidenced by dramatic growth rates of the past two years, ALN has established a firm leadership position in the industry and is capitalizing on the coming consolidation of the physician billing industry.

Matt Shaw of Crossbow, an ALN board member, reported, “Our sense of the business opportunity facing ALN, and the ability of the management team to grow the business lead us to invest at the end of 2003.  We are coming in again as part of this round because of the results that have been achieved and the upside that remains in front of ALN.  We are pleased to have Aurora and Ticonderoga joining us.”

"Ticonderoga Capital is focused on technology-enabled healthcare services companies as part of our general business services focus. We are impressed by the way ALN leverages information technology in order to deliver to physicians higher collections rates and real time practice data. With the increasing information technology demands placed on physicians by HIPAA and the changing reimbursement landscape, ALN's value proposition is timely. We look forward to supporting ALN's continued growth."

Mr. Jackson commented that “the fractured nature of the physician billing industry and the growing importance of information technology in the processes” point to significant consolidation and disruption in the sector.  “Currently, outsourced physician billing is in a $4 billion industry, and all signs point to an increase in the number of physicians that outsource.  Aurora is very excited about this investment because we believe ALN is well positioned to take advantage of these structural changes.”

Tim Coan, CEO of ALN, said, “We are very excited to add Ticonderoga and Aurora to the ALN team.  Along with our BlueStreak, our initial investors, these three institutional partners, Crossbow, Ticonderoga, and Aurora, give us a very solid board that understands this business, knows what it will take for us to be successful, and are working hard to help us get there.  As we navigate the growth of the next few years, the experience and expertise of these three firms will be invaluable.”

About ALN

Founded in 2000, ALN provides outsourced business services to private practice physicians across the United States, specifically related to the revenue cycle and information technology of the practice.  ALN has rapidly grown to one of the largest physician outsourcing companies in the country.  By leveraging state of the art information technology, ALN has demonstrated an ability to materially improve a physician’s cash flow and provide powerful business information and intelligence to help manage the business side of the practice.  More information is available at

About Crossbow Ventures

Crossbow Ventures Inc. is a West Palm Beach based venture capital firm managing $160 million on behalf of European and American institutions and individuals. Placing investments through two managed funds, Crossbow Equity Partners LP and Crossbow Venture Partners LP (a Small Business Investment Company, "SBIC"), our firm concentrates its lead investments in the Southeastern US and co-invests with a number of other venture capital funds across the US. Industry sectors include Information Technology, Telecommunications, Life Sciences/Healthcare and Financial Services/Transaction Processing.  More information is available at

About The Aurora Funds

Founded in 1994, The Aurora Funds is a venture capital firm that provides capital and strategic help to entrepreneurs with early stage healthcare and information technology companies predominantly in the Southeastern and mid-Atlantic United States.  The firm has more than $155 million of total capital under management and is currently investing out of its fourth fund of $85 million.   The firm has the capacity to invest between $4 million and $7 million throughout the life cycle of an investment. More information is available at

About Ticonderoga Capital

Ticonderoga invests in later stage business services, healthcare services and enterprise software firms, with a focus upon those companies with sustained revenue and proven gross margins. The firm seeks growth businesses, which have achieved a balance between sustainable growth and expense control. Capital is typically used to accelerate revenue growth, make acquisitions, or provide liquidity to founders and existing shareholders. The objective is to create long-term partnerships with exceptional management teams who are building growth businesses and require Ticonderoga’s experience, knowledge, contacts and capital to maximize their success. More information is available at

For additional information, please contact ALN at 720.382.7440 or


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