Healthcare startup hopes to receive $75 million for IPO

Provider of health benefit management services and Medicare exchange operator ExtendHealth registered for its initial public offering today, although the number of shares and price range have yet to be determined.

The San Mateo, California-based healthcare company earns revenue by offering a product to businesses that allows employers to switch retirees from group-based, defined benefit health plans to individual, defined contribution health plans, The Associated Press reports.

Its clients include more than 30 Fortune 500 companies.

As of June 30, 2011, ExtendHealth earned revenue of $51.1 million, the Silicon Valley/San Jose Business Journal reports. This continues a positive trend, up from $44 million in 2010 and $17.7 million in 2009.

The AP adds that with the offering proceeds, which EH predicts will reach about $75 million, the company hopes to repay a loan they had with Silicon Valley Bank, expand sales and marketing and acquire businesses, services and technologies. 

As one of the highest-ranked Boston accounting firms, KLR boasts 160 team members across the East Coast. Because of its expansive reach, employees are able to specialize in support for healthcare-based companies, including practice management consulting, corporate compliance assistance and business valuation services.