Welsh, Carson, Anderson & Stowe plans to take Accuro Healthcare Solutions Inc. public three years after first investing in the healthcare outsourcer.

On Wednesday, Dallas-based Accuro filed to raise about $143.8 million in an initial public offering led by bookrunner Citigroup Inc. Other underwriters on the deal include Piper Jaffray & Co., William Blair & Co. and Jefferies & Co.

Accuro did not disclose how many shares it would sell, their offer price or how much would be allotted to the underwriters. That information will come in future filings. Accuro is expected to trade on the Nasdaq, under the ticker symbol ACCU.

Accuro provides software services that help hospitals and healthcare providers manage patient registration, billing, collection and reimbursement process. Customers include more than 800 hospitals and about 360 ancillary healthcare providers. In 2007, Accuro generated $50.4 million revenue for the nine months ended September 2007. Operating income was about $5.4 million. Adjusted Ebitda was $15.2 million. The company has total liabilities of $120.7 million as of Sept. 30, 2007, including long-term debt of $99 million.

In December 2004, Welsh Carson disclosed that it had committed $100 million to Accuro, which was then a five employee holding company. The New York private equity firm's first investment, of $33.6 million came in September 2004. It stumped up another $15 million in October 2005 when Accuro bought Innovative Health Holdings, LLC, a Dallas provider of Internet-based contract management services for hospitals, surgery centers and other healthcare organizations.

Accuro appears to have paid about $25 million for Innovative Health, according to the Jan. 23 prospectus for the IPO. Welsh Carson invested a further $49.2 million in January 2006 when Accuro bought CodeCorrect LLC for $101.4 million.
The company paid a $52.6 million dividend to common and preferred shareholders last year after refinancing its debt. Welsh Carson now owns about 80% of Accuro. It was unclear whether the buyout shop will sell shares in the offering.

John Carlyle, Accuro's chairman and CEO, has more than 6% while Brent McCarty, president and chief operating officer, has 1%. The filing did not disclose whether they will sell any stock.

Robert Little of Vinson & Elkins LLP is advising Accuro. Alexander Lynch of Weil, Gotshal & Manges LLP is the underwriters' counsel.