ReviveHealth Expands Integrated Whole-Person Care Solution with Addition of BHS

Eir Partners backs ReviveHealth to acquire leading mental health solution, BHS.

Ponte Vedra, Fla., February 26, 2024

ReviveHealth, a pioneering alliance at the forefront of transforming integrated whole-person care through virtual-first access to counselors, coaches, physicians, nurse practitioners, and mail-order pharmacy, proudly announces the integration of BHS, renowned for its industry-leading employer and student mental health solutions. This strategic collaboration positions Revive to offer a comprehensive, integrated mental health solution, reinforcing its commitment to leading the employee benefits industry in comprehensive virtual care.

For over four decades, BHS has established itself as the most trusted provider of high-touch mental health and well-being solutions focused on bettering lives and driving desired outcomes for its diverse range of clients. By joining the Revive alliance, BHS bolsters the alliance’s mission of addressing holistic health needs one individual at a time, empowering them to take control of their healthcare journey.

Eric Leaver, CEO of Revive, expressed enthusiasm about the collaboration’s positive impact: “BHS is undeniably the market leader in mental health, attracting and retaining high-profile clients and supporting their people. We are honored to welcome them to Revive. Through collaboration with our innovation team and alliance members, we will strengthen BHS’ commitment to providing convenient access to high-quality, innovative mental health and well-being resources. Our shared mission is to consistently deliver the best whole-person care participant experiences available in healthcare.”

Dawn Motovidlak, President of BHS, shared her excitement about the partnership: “We are thrilled to join ReviveHealth and leverage their expansive resources and expertise. This collaboration advances our mission of bettering lives. It ensures our clients continue to receive the outstanding support they are accustomed to, guiding our participants to the very best mental health care resources and providing organizations with outcomes they value.”

The alliance between Revive and BHS exemplifies a commitment to excellence and innovation in integrated whole-person care, offering a seamless and comprehensive virtual-first experience that optimizes health and productivity.

About ReviveHealth

Revive is driving the Virtual First healthcare revolution, building the first comprehensive, fully integrated virtual healthcare ecosystem: physicians, nurses, counselors, pharmacists, and medications. Revive’s concierge virtual care is available through employers, universities, and associations as a health benefit. Employees and members receive care and medications free of charge, without deductibles or copayments. Learn more at www.revive.health.

About BHS

As the most trusted provider of high-touch mental health and well-being solutions, BHS is focused on bettering lives and driving desired outcomes for its customers. With over 40 years of experience, BHS has provided long-standing, comprehensive programs to employers and their employees, higher education institutions and their students, unions/associations and their members, healthcare systems and their patients and communities and their residents. Since its inception, BHS has been committed to providing high-quality clinician-led experiences, as evidence proves that a human-to-human approach leads to better participant results and more substantial customer outcomes. BHS is dedicated to guiding individuals to the right resources at the right time and enhancing their health, productivity, and safety while simultaneously improving the culture, performance, and profitability of the organizations it serves. Helping people and organizations is our priority and passion. Learn more at www.BHSonline.com.

About Eir Partners

Eir Partners is a Miami-based private equity company focused exclusively on healthcare technology and tech-enabled services. Eir has completed or partnered on over $5.5 billion in healthcare technology transactions across payer, provider, employer, and pharma tech since inception in 2015. The firm has been involved in several large-scale health tech companies. Targeted stages of investment include growth equity through control buyouts. Learn more at www.eirpartners.com.

Eir Partners and New Mountain backed ClaimLogiq merges with Apixio

Eir Partners provides additional capital to support the transaction.

SAN MATEO, Calif. & MT. PLEASANT, S.C., June 13, 2023 /Business Wire

Apixio, an artificial intelligence company that supports health plans and provider groups in their delivery of value-based care, announced today that it has completed its merger with ClaimLogiq, a healthcare technology business that delivers savings for health plans by reducing claim errors prior to payment. Together, the combined entity will be branded as Apixio.

The merger creates a leading healthcare data and analytics company powered by an advanced AI-driven platform that applies both clinical and financial data to minimize reimbursement inaccuracies, reduce total cost of care, and optimize the patient experience for health plans and provider groups. The merger is being supported by New Mountain Capital ("New Mountain”), a leading growth-oriented investment firm with more than $37 billion in assets under management. Eir Partners, ClaimLogiq’s first institutional investor, has backed ClaimLogiq since 2021 and will remain a significant minority investor in the combined company. The transaction closed on June 13th, 2023, and terms of the transaction were not disclosed.

Together, the combination of Apixio and ClaimLogiq’s critical infrastructure, artificial intelligence, and proprietary healthcare data will accelerate the shift toward outcomes-based reimbursement models by reducing costs, minimizing claim adjudication errors, and optimizing the delivery of both payments and care. The combined company will have more than 280 employees and the experienced leadership teams of Apixio and ClaimLogiq will come together to continue to develop innovative solutions for their payer and risk-bearing provider customers. Apixio Chief Executive Officer Sachin Patel will become Chief Executive Officer of the combined entity, and ClaimLogiq Chief Executive Officer Tom Magnotta will become President and Chief Operating Officer.

“With the completion of Apixio’s merger with ClaimLogiq, our combined platform will serve as a compelling offering for the nation’s leading health plans and provider groups,” commented Sachin Patel. “Apixio’s healthcare expertise and cutting-edge application of natural language processing enables us to improve the clinical, operational and financial outcomes for our customers and the patients they serve.”

“We are excited to come together with Apixio as we build the nation’s leading connected care platform,” added Tom Magnotta. “By leveraging the unique technology capabilities, rich data assets and advanced analytical models of two innovative healthcare technology companies, Apixio’s combined solution suite allows us to provide a broader offering to our healthcare partners.”

“We view the merger of Apixio and ClaimLogiq as creating a truly differentiated player in the healthcare technology industry,” said Matt Holt, Managing Director and President, Private Equity at New Mountain Capital. “We intend to continue investing in the combined company’s existing artificial intelligence capabilities while also launching new products with the aim of building the leading ‘connected care’ platform in the marketplace, enabling health plans’ and provider groups’ transition to value-based care.”

“Since our original investment in ClaimLogiq, applying leading technology to reduce cost and improve outcomes for our customers has been core to our thesis,” added Brett Carlson, Managing Partner at Eir Partners. “We have been impressed by Apixio’s capabilities and we believe that the combined company will help payers and risk-bearing providers be on the forefront of innovation in healthcare.”

J.P. Morgan Securities LLC served as financial advisor to New Mountain Capital and Ropes & Gray LLP served as its legal counsel.

About Apixio

Apixio is a leading technology and analytics platform offering risk adjustment and other value-based care solutions for health plans and risk-bearing providers through a highly scalable technology platform. By leveraging its proprietary artificial intelligence and machine learning technology, Apixio develops high-fidelity patient health profiles to streamline the risk adjustment process for payers and risk-bearing providers and thereby improve the clinical, operational and financial outcomes for its healthcare partners. For more information, visit https://www.apixio.com/.

About ClaimLogiq

ClaimLogiq is a leading technology-enabled payment integrity provider that delivers savings for health plans by reducing errors in complex claims prior to payment. ClaimLogiq offers a valuable service through its ability to process complex, unstructured claims data quickly and accurately by leveraging its proprietary software platform to reduce claims processing times. ClaimLogiq offers a flexible delivery model whereby customer can use its technology platform to enable their own internal payment integrity teams to process complex claims in-house or work with ClaimLogiq’s on a fully outsourced basis. For more information, visit https://claimlogiq.com/.

About Eir Partners

Eir Partners is a Miami-based private equity company focused exclusively on healthcare technology and tech enabled services. Eir has completed or partnered on over $5.5 billion in healthcare technology transactions across payer, provider, employer and pharma tech since inception in 2015. The firm has been involved in several large-scale health tech companies. Targeted stages of investment include growth equity through control buyouts. For more information about Eir, visit www.eirpartners.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease real estate funds with more than $37 billion in assets under management. New Mountain seeks out what it believes to be the highest quality leaders in carefully selected "defensive growth" industry sectors and works intensively with management to build the value of these companies. Additional information about New Mountain Capital is available at www.newmountaincapital.com.

Contact: Brett Carlson, Founder, Eir Partners bcarlson@eirpartners.com

Eir Partners Takes a Majority Stake in GiftHealth

Emerging Market Leader accelerates growth through securing fundraising round

COLUMBUS, Ohio, April 4, 2023 /PRNewswire

Gifthealth, a leading pharmaceutical software company built to streamline the Rx experience through intelligent scripts, secured a growth investment from Eir Partners, a Miami-based private equity firm that invests in high-growth healthcare companies. (Eir Partners took a majority interest in Gifthealth as a part of the transaction.) Through this capital raise, Gifthealth will enhance its platform functionality, make key hires, and expand into new medical specialty verticals.

Gifthealth was founded by Nick Potts, CEO and Co-Founder, and John Romano, President and Co-Founder, both healthcare technology veterans who aimed to create a scalable solution for the cost and complexity of prescription drugs. The company launched a pilot program in Ohio and quickly expanded across the US.

Today, Gifthealth has expanded to 70+ full-time employees across data science, technology, patient care representatives, pharmacists and business development. With an initial focus on the gastroenterology market, Gifthealth serves over 15% of Gastroenterologists in the United States and has reached this level of penetration in only two years. Gifthealth's differentiated software solution allows for a frictionless experience for patients to receive their prescription medications, and at the best price available.

The Company has improved fill rates for its manufacturing customers by roughly 300% within its therapeutic areas of focus.

"After getting to know Brett and the Eir team, we couldn't be more excited about this partnership. They are true healthcare experts, from both a strategy and operations perspective. What we'll build together will help millions of patients across the country. The Rx space needs continued disruption and we're now better positioned to deliver exactly that," said Nick Potts.

"The Gifthealth team is thrilled to join forces with Eir Partners. This merger represents a significant milestone for both companies and is a testament to our teams' hard work and dedication. We owe our early success to the talented individuals at Gifthealth, who have worked tirelessly to create a company that is both innovative and patient-focused. Together with Eir Partners, we are excited to build on this foundation and create even more value for our patients and medical professionals," said John Romano.

"The acquisition of Gifthealth represents the culmination of a proactive sourcing effort in the pharma services spaces. We have met with a number of rapidly growing competitors over the past 18 months and come to the conclusion that Nick and John have built the best solution for the space. Gift is in front of a massive opportunity to reduce the cost of drugs to consumers and meet the need of specialty providers, said Brett Carlson, Managing Member at Eir Partners. "We are delighted to back entrepreneurs that have developed the solution set to improve healthcare for all patients across the United States."

FundingVerse.com served as the exclusive financial advisor to Gifthealth.

About Gifthealth

Gifthealth is a pharmacy software company that provides innovative solutions to simplify the prescription process for patients, healthcare providers, and pharmacies. By removing barriers in the Rx process, Gifthealth drives a seamless and efficient prescription experience, ultimately improving healthcare outcomes and patient satisfaction.

Visit https://gifthealth.com/ 

About Eir Partners

Eir Partners is a health tech private equity company. Eir has completed or partnered on over $5 billion in healthcare technology transactions since inception in 2015 and has been involved in large scale health tech companies including Claimlogiq, Capta Health Partners, CloudMed, Equian, Millennia, ReviveHealth, Convey, Signify and others.  Targeted stages of investment include growth equity through control buyouts and check sizes ranging from $15 - $75 million. Visit www.eirpartners.com.

Contact: Nick Potts, CEO & Co-Founder of Gifthealth, nick@gifthealth.com

Contact: Brett Carlson Founder, Eir Partners bcarlson@eirpartners.com

Eir Partners Announces Combination of ReviveHealth and SwiftMD Through a Majority Recapitalization

Emerging Market Leader Continues to Execute on Successful Growth Strategy

JACKSONVILLE, Fla., Jan. 24, 2023 /PRNewswire

ReviveHealth, a whole health and integrated care company, has acquired SwiftMD, a virtual care services company with a strong physician network. This acquisition was facilitated by Eir Partners, a Miami based private equity firm that invests in high growth healthcare companies. Eir Partners took a majority interest in ReviveHealth as a part of the transaction.

“The Eir Partners team brings expertise in the digital healthcare market.  Through our partnership, ReviveHealth is in a strong position to innovate, scale, and create lasting transformative value, said Howard Buff, ReviveHealth Executive Chairman.  “Along with our recent acquisitions of ManifestRx, iSelectMD and now SwiftMD, ReviveHealth has rapidly advanced its contemporary approach to the traditional healthcare delivery system by offering a broader suite of on-demand health services previously unavailable.”

“It is a massive opportunity and unmet need in the market to deliver a truly disruptive employee healthcare experience,” said Brett Carlson, Managing Member at Eir Partners.  “We can do much better in this country and we believe we have the leadership, solution set, and mission to execute on our ambitious vision.”

“Adding SwiftMD’s infrastructure and provider network to the ReviveHealth platform expands our membership to over 1,000,000 nationwide,” said Jeff Bernhard, ReviveHealth CEO. “We are excited to bring SwiftMD into the ReviveHealth portfolio as we pursue our shared vision of providing access to an exceptional quality of care at the most competitive cost in the market.” 

“SwiftMD is proud to be partnering with such a great team of executives at ReviveHealth that share our mission to provide affordable, quality healthcare that is accessible to all demographics,” said John Lawlor, SwiftMD CEO. “We look forward to sharing our years of experience in successfully providing the highest utilization in our space while creating a profitable foundation.”

Bailey & Company served as exclusive sell side financial advisor to SwiftMD.

About ReviveHealth

ReviveHealth is an affordable Whole Person Care subscription solution providing employees and consumers fully integrated everyday care including primary and urgent care, mental health therapy, physical therapy, pharmacy benefits, and care solutions across all 50 states. ReviveHealth offers customizable offerings for employers, plans sponsors, individuals, associations and affinity groups with many plans less than $1/day. Visit www.revive.health.

About SwiftMD

SwiftMD is a digital virtual health company with the highest utilization rate in the industry, thanks to its unique business model and exclusive group of physicians. With a mission of providing a quick and easy way for patients and caregivers to connect with physicians virtually. Their digital platform features U.S. trained board-certified doctors that provide 24/7 care exclusively for SwiftMD patients, which makes scheduling telehealth sessions faster and more efficient, improving the quality of care. www.swiftmd.com

About Eir Partners

Eir Partners is a health tech private equity company. Eir has completed or partnered on over $5 billion in healthcare technology transactions since inception in 2015 and has been involved in large scale health tech companies including Claimlogiq, Capta Health Partners, CloudMed, Equian, Millennia, Convey, Signify and others.  Targeted stages of investment include growth equity through control buyouts and check sizes ranging from $15 - $75 million. Visit www.eirpartners.com.

Contact: Robin Handy, ReviveHealth Rhandy@revive.health
Contact: Brett Carlson Founder, Eir Partners bcarlson@eirpartners.com

Eir Partners Announces Acquisition of Helpware, a Global B2B Digital Engagement, Experience and Support Platform

LEXINGTON, Ky., Sept. 20, 2022 /PRNewswire

Helpware, a global digital customer experience, content control and verification, and AI services to Fortune 5000 enterprises has completed a majority recapitalization with Eir Partners, a Miami based private equity firm. Helpware combines robust cultural engagement with modern platform support to build innovative, digital solutions for complex business initiatives at blue-chip enterprises in the fintech, ecommerce and retail, consumer services, and healthcare verticals.  The Company's global presence includes three offices throughout the U.S. as well as development centers in Mexico, Europe and the Philippines.

Brett Carlson, Managing Partner at Eir Partners, said, "Helpware is the ideal platform in our journey to build a global digital services powerhouse – rapidly growing and with a strong management team.  The consummation of an Eir – Helpware partnership is the next important and transformational chapter in the Company's evolution.  We are committed to accelerate the investment in their product portfolio and provide an even more compelling set of world class digital service offerings and capabilities to the Fortune 5000 marketplace. I look forward to working with them to capitalize on organic and inorganic growth opportunities."

Helpware CEO, Robert Nash, stated, "We are ecstatic about the opportunity to work with the Eir Partners team and continue our vision of delivering best in class digital solutions to the market. Our focus will continue to be on building a culture of execution supported by the latest technology and vertical expertise. I am so proud of the business we are building and couldn't be more excited for the next phase of opportunities for our Helpware team members and client partners. We are laser focused on continued investment, growth, scale and delivery in a massive market."

Nick Mannella, Helpware Chief Revenue Officer, said, "Together with Robert and the Eir team, we look forward to continuing Helpware's path towards becoming the preeminent provider of digital customer solutions with continued expansion of offerings both organically and inorganically. With our history of working with tech forward clients and building a culture of growth and client first mentality, Eir is the perfect fit for our continued growth path. Helpware is uniquely positioned in the digital customer service industry with deep vertical market expertise and a global delivery model that designs and builds specific solutions for its clients."

About Helpware

Helpware is a provider of digital customer experience solutions to domestic and international companies across major industry verticals including: healthcare, fintech, ecommerce and retail, gaming and entertainment, on demand services, social media and others. Helpware's wide range of solutions include digital customer experience, content control and verification, back office support and AI operations. Headquartered in Lexington, KY, Helpware has over 2,500 employees across 14 locations and eight countries to support its global client base. Visit www.helpware.com.

About Eir Partners

Eir Partners is a US-based private equity company focused exclusively on health tech and tech enabled companies.  Eir's investment platform includes direct platform investments as the sole investor or alongside strategic or other private equity firms. Eir has completed or partnered on over $5 billion in healthcare technology transactions since inception in 2015 and has been involved in large scale health tech companies including Claimlogiq, CloudMed, Equian, Millennia, Convey and others.  Targeted stages of investment include growth equity through control buyouts and check sizes ranging from $15 - $75 million. Visit www.eirpartners.com.

CONTACT:
Brett Carlson
Managing Member, Eir Partners
bcarlson@eirpartners.com

Eir Partners invests in ClaimLogiq, the Leader in Healthcare SaaS Payment Integrity Solutions

CHARLESTON, S.C., Aug. 16, 2022 /PRNewswire

Eir Partners announced the completion of a growth recapitalization of ClaimLogiq, the leading Software-as-a-Service and technology enabled payment integrity platform focused on pre-payment solutions.  ClaimLogiq has developed a best-in-class technology that enables health plans to optimize payment integrity programs through a more proactive SaaS, Service and Hybrid model. The investment into ClaimLogiq supports Eir Partners desire to build a next generation payment integrity technology organization on the heels of success at CloudMed, Millennia and others.

Eir Partners' strategy is to leverage ClaimLogiq as a platform investment and continue to aggressively invest in new product development and automation to broaden its portfolio of adjacent solutions.  Additionally, the company plans to complement organic growth through synergistic acquisitions that deliver actionable data analytics, scalable partnerships, and content rich results to increase savings and work in collaboration with health plan partners.  Since the Eir Partners investment, ClaimLogiq has completed the acquisitions of itemized bill review company, Medliminal, and SyTrue, a health care focused natural language processing technology company.

Founded in 2013 and based in Charleston, SC, ClaimLogiq enables payment integrity programs at some of the largest payers in the country via a proprietary technology platform called TrueCost.  This highly configurable platform will support the healthcare industry's focus to a more transparent and proactive approach to payment integrity, enabling payers and service providers to deliver a more comprehensive and dynamic payment integrity program. This new platform is the only market offering that enables users to either perform their own payment integrity reviews, leverage ClaimLogiq subject matter experts, or operate a hybrid model that employs both methods, creating wide range scale and flexibility.

Brett Carlson, Managing Partner at Eir Partners added, "We have over 15 years of experience in the healthcare payment accuracy space having been on the board of Equian and the founding investors of CloudMed. With our investment in ClaimLogiq, we want to build on all the learnings and experiences we have had to be a market disruptor to the old way of conducting payment integrity reviews.  We are confident this will be the next generation solution for U.S. health plans to better manage payment accuracy."

About Claimlogiq
ClaimLogiq is a healthcare software and technology company that delivers a proactive approach to payment integrity through a powerful, simplified solution. The unique payer-facing, claim-analyzing solution is HITRUST CSF® certified and makes claim reviews accessible to all size healthcare payers for in-depth insight and real-time access into the status of every claim at every stage of the audit lifecycle for controlled, consistent, accurate, and defensible outcomes. ClaimLogiq's innovative software stands out by allowing payers control, configurability, and transparency over the entire claim process and can be applied as a SaaS model, full service, or as a hybrid to suit the specific needs of every payer. For more information, visit www.claimlogiq.com or follow ClaimLogiq on LinkedIn.

About Eir Partners
Eir Partners is a US-based investment company focused exclusively on health tech and tech enabled companies.  Eir's investment platform includes direct platform investments as the sole investor or alongside strategic or other private equity firms. Eir has completed or partnered on over $4.2 billion in healthcare technology transactions since inception in 2015 and has been involved in several large scale health tech companies including CloudMed, Equian, Millennia, Convey and others.  Targeted stages of investment include growth equity through control buyouts.

CONTACT:
Brett Carlson
Managing Member, Eir Partners
bcarlson@eirpartners.com

Eir Partners backed Millennia partners with Pamlico Capital

Millennia Announces Growth Investment By Pamlico Capital And Eir Partners

RALEIGH, N.C., March 17, 2021 /PRNewswire

Millennia Patient Services, LLC ("Millennia" or the "Company"), a leader in patient payment and end-to-end patient financial engagement technologies for hospitals, health systems and medical groups, announced today that it has received a growth investment from Pamlico Capital ("Pamlico") and existing investor Eir Partners ("Eir"). Millennia is the second investment from Pamlico Capital V, a $1.4 billion fund closed in 2020. Further transaction details were not disclosed.

To help providers manage the increasing burden of patient responsibility and the continued complexity of the patient financial experience, Millennia has developed a comprehensive and unified solution that leverages technology and people. The Company serves 1,000 facilities in 38 states and consistently delivers industry-leading payment recovery and patient satisfaction.

"Over the last couple years, we've grown significantly and found that our comprehensive patient pay solution really resonates with physician practices, hospitals, and health systems," said Tom Ormondroyd, CEO of Millennia. "We've enjoyed a great relationship with Eir, and we look forward to their continued involvement as we begin this chapter with Pamlico, who is both mission and culturally aligned with us."

"Patient pay has been an active thematic effort for several years and we think that the Millennia team has built a differentiated platform to help providers manage this increasingly complex and important process," said Eric Wilkins, Pamlico Partner. Scott Glass, Pamlico Principal, added, "We've been very impressed with Tom and the team's passion for what they do and look forward to being a part of this next stage of growth."

"We are thrilled to be partnering with Pamlico for this next phase of Millennia's growth," said Brett Carlson, Eir's Founder. John Woody, Eir Partner, added, "Millennia is a great business with a great team, and we look forward to helping the Company continue to execute on its vision to simplify and modernize the patient pay experience."

Jim Riley, the former CEO of Capario, will also be joining the Board of Directors. Jim has deep expertise in patient pay and healthcare technology and will be a valuable partner to management in helping to continue to scale the business.

Millennia was advised by Robert W. Baird & Co. Incorporated (financial advisor) and Hughes Arrell Kinchen LLP (legal advisor). Pamlico Capital was advised by Alston & Bird LLP (legal advisor).

About Millennia
Founded in 2012 and headquartered in Raleigh, NC, Millennia provides technology-driven patient pay solutions, serving over 1,000 facilities in 38 states. Millennia's mission is to simplify and streamline the patient financial experience by communicating with patients early, informatively, and often through their proven patient engagement platform and team of highly-trained support specialists. For more information, please visit www.MillenniaPay.com/. 

About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that primarily invests in growing middle-market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $150 million alongside founders and proven management teams in its target industries: business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested approximately $4 billion. For additional information, please visit www.PamlicoCapital.com. 

About Eir Partners
Eir Partners is a US-based investment company focused exclusively on the healthcare and healthcare technology marketplace. Eir's investment model allows for direct platform investments as the sole investor or alongside strategic or other private equity firms. Eir has completed or partnered on over $3.6 billion in healthcare technology transactions since inception in 2015. Targeted stages of investment include growth equity through control buyouts. For more information on Eir, please visit www.EirPartners.com. 

Contact: 
Robin King 
404-423-4804 
rking@millenniapay.com

Eir Partners founded Revint Solutions merge with Triage

Eir Partners founded Revint Solutions merge with Triage to become CloudMed, the industry’s most comprehensive and Intelligent payment accuracy platform.

ATLANTA--(BUSINESS WIRE)

Revint, a leader in data-driven revenue integrity solutions for healthcare providers, announced today it has completed its merger with Triage Consulting Group, the nation’s leading hospital revenue review company. Together, the two companies are now rebranded Cloudmed. The merger creates a unique, first-of-its-kind, single source enterprise platform that delivers Revenue Intelligence™ for a smarter, more predictive way for hospitals and health systems to realize all potential revenue from the care they provide. Lee Rivas, former Chief Executive Officer of Revint, will lead the company as Cloudmed’s CEO. Brian Neece and Sean Alavi from Triage Consulting Group will join the company’s leadership team and Board of Directors.

Traditional revenue integrity is often overlooked and existing solutions and methodology are generally point solutions that utilize a consulting model with limited technology. With Cloudmed, deep healthcare knowledge combined with rules engines and machine learning algorithms work together, serving as a ‘safety net’ for hospital systems to receive the revenue they have earned. Cloudmed’s data-driven platform enables a smart, responsive revenue process that rapidly adjusts to changes in the reimbursement and regulatory landscape. Cloudmed’s expertise, technology, and service-oriented approach ensures health systems receive accurate reimbursement for the care they provide with minimum resource investment.

“With the completion of Revint’s merger with Triage, we are excited to introduce the Cloudmed brand and our platform for Revenue Intelligence,” commented Lee Rivas, Chief Executive Officer of Cloudmed. “Our mission is to provide unmatched value to our healthcare partners. Advanced technology, such as Cloudmed’s machine learning algorithms, data-driven insights, and human expertise are essential when dealing with the computing needs and vast amounts of clinical and financial data across healthcare systems.”

Cloudmed’s platform encompasses three product suites that work together to enable providers to recover revenue they are owed for the care they provided in a smarter, more predictable way. Cloudmed’s Revenue Assurance Suite ensures episodes of care are coded, charged, and discharged for optimized reimbursement, the Payer Accountability Suite makes sure claims are processed correctly and recovery is optimized for expected reimbursement, and the Medicare Reimbursement Suite validates the healthcare organization was appropriately reimbursed for the population it serves.

The merger was facilitated by New Mountain Capital LLC (“New Mountain”), a growth-oriented investment firm that currently manages over $25 billion in assets.

About Cloudmed

Cloudmed is a first-of-its-kind, single-source enterprise platform provider of Revenue Intelligence™ solutions for hospitals. Cloudmed’s approach of combining human expertise with advanced technology utilizing machine learning algorithms provides a smarter, more predictive way for clients to realize all potential revenue. Today, Cloudmed partners with over 3,100 healthcare providers in the United States and recovers over $1.2 billion of underpaid or unidentified revenue for its clients annually. Cloudmed (Triage solution) is the 2020 Revenue Integrity and Underpayment Services KLAS® Category Leader and its solution suites have HFMA Peer Review status and are HITRUST certified. Cloudmed will establish its headquarters in Atlanta at the beginning of 2021. For more information, visit www.cloudmed.com.

Contacts
Nicole Cook, 570.573.2224 
nicole.cook@revintsolutions.com

Eir Partners and New Mountain announce Convey Health Solutions Sale to TPG

Eir Partners and New Mountain announce second HCIT exit in 2019 with the sale of Convey Health Solutions to TPG

FORT LAUDERDALE, Fla. & SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)

TPG Capital, the private equity platform of global alternative asset firm TPG, announced today it has acquired Convey Health Solutions (Convey), a leading provider of technology-enabled and advisory solutions for health plans, from New Mountain Capital (New Mountain). As part of the transaction, Convey management and other select stakeholders will remain invested in the company. Financial terms of the transaction were not disclosed.

Convey offers a broad range of value-added services to health plans. The company offers a full suite of outsourced administrative solutions and services that help government-sponsored health plans – including Medicare Advantage, Medicare Part D, and Employer Group Waiver Plans – simplify business processes, ensure compliance, and optimize member interactions. In addition to plan management, Convey leverages its technology and service offering to provide industry-leading, end-to-end supplemental over the counter (OTC) benefit administration services. Convey also provides best-in-class healthcare advisory services and data analytics, which help its customers identify revenue gaps and drive cost savings.

“Our proprietary technology and highly-skilled team are creating and driving compliant, innovative, and comprehensive approaches to serving our clients,” said Stephen Farrell, CEO of Convey. “Partnering with TPG will help fuel our next stage of growth. Their industry expertise, ability to identify acquisition targets, and deep understanding of how to build and operate leading healthcare platforms make TPG a great fit for Convey. We want to thank New Mountain for their strong support throughout our partnership and the important role they played in helping us transform the company into to a technology-based market leader.”

“As long-term investors, we are focused on partnering with great management teams that are innovating in high-growth sectors that add efficiency to the broader healthcare ecosystem,” said Todd B. Sisitsky, Co-Managing Partner of TPG Capital. “Convey fulfills this mandate, providing integrated and intuitive solutions to health plans to propel their businesses in important areas such as Medicare Advantage. We are impressed by Convey’s industry insights, strong customer relationships, and excellence in compliance, and look forward to working with Steve and the team to continue to grow the business.”

Convey and TPG also announced today that current Board member Dr. Sharad Mansukani will take on the role of Chairman of the Board of directors. Prior to joining TPG as Senior Advisor, Dr. Mansukani served as Senior Advisor to the Administrator for CMS, Vice Chairman of HealthSpring (MA Plan), and on the boards of IASIS Healthcare, Surgical Care Affiliates, Kindred Healthcare, Par Pharmaceutical, EnvisionRx, and IMS Health.

“Dr. Mansukani is widely respected for his breadth of experience in the healthcare industry. I am delighted to welcome him as Chairman and look forward to working with him and the team at TPG to expand our core business and find new acquisition opportunities,” commented Mr. Farrell.

“I’ve had the privilege of knowing the teams at TPG and Convey for 15 years,” said Dr. Mansukani. “Each possess a unique level of domain expertise and market insight that together, will generate exciting opportunities for growth and innovation. I’m pleased to join the Convey team, and look forward to supporting the partnership in my new role as Chairman.”

Healthcare is a core focus for TPG. The firm is one of the most experienced investors in the industry, with select current and past investments including Allogene Therapeutics, Aptalis, AskBio, EnvisionRx, Exactech, Fenwal, IQVIA (formerly QuintilesIMS), Kadiant, Kindred Healthcare and Kindred at Home, Par Pharmaceutical, Surgical Care Affiliates, and WellSky.

“During our ownership tenure from 2016 to 2019, New Mountain supported the transformation of Convey into a cutting-edge healthcare technology provider. From our initial investment in Convey, and through the strategic acquisitions of Gorman Health, Healthscape Advisors, and Pareto Intelligence that created a market leader, we are proud to have worked with Steve and the entire Convey management team,” said Matt Holt, Managing Director and Deputy Head of Private Equity at New Mountain. “We are confident that management will continue to build on their momentum and success going forward.”

Barclays and Goldman Sachs & Co. LLC acted as financial advisors to Convey, and Ropes & Gray LLP served as legal counsel. Davis Polk & Wardwell LLP served as legal counsel to TPG.

About Convey Health Solutions

Convey Health Solutions and its affiliate companies HealthScape Advisors, Pareto Intelligence and the Gorman Health Group, is a specialized healthcare technology and services company that is committed to providing clients with healthcare-specific, compliant solutions utilizing technology, expert advisory, and analytics. The Company’s administrative solutions for government-sponsored health plans help to optimize member interactions, ensure compliance, and support end-to-end Medicare processes. By combining its best-in-class, built-for-purpose technology platforms with dedicated and flexible business process solutions, Convey Health Solutions creates better business results and better healthcare consumer experiences on behalf of business customers and partners. The Company’s clients include some of the nation’s leading health insurance plans and pharmacy benefit management firms. Their healthcare-focused teams help several million Americans each year to navigate the complex Medicare Advantage, Part D and Employer Group Waiver landscape. To learn more please visit www.ConveyHealthSolutions.com.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with more than $108 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

Contacts

Media: 
Convey Health Solutions 
Timothy Fairbanks 
Chief Financial Officer 
TFairbanks@ConveyHS.com 
954-903-5018

New Mountain Capital 
Dana Gorman 
Abernathy MacGregor 
dtg@abmac.com 
212-371-5999

TPG 
Luke Barrett 
Global External Affairs 
media@tpg.com 
415-743-1550 

New Mountain and Eir Partners collaboration results in $3.2 billion sale of Equian to United Health

UnitedHealth Agrees to Buy Payments Firm Equian for $3.2 Billion

By Cara Lombardo 
The Wall Street Journal

Photo: Jim Mone/Associated Press

UnitedHealth Group Inc. UNH -1.00% has agreed to buy health-care payments firm Equian LLC from its private-equity owner for about $3.2 billion, according to people familiar with the matter.

Equian, owned by New Mountain Capital, offers payment-processing services for health-care companies and insurers and touts an ability to reduce mistakes that cause overpayment.

It is likely that UnitedHealth would merge Equian into its Optum health-services arm, a rapidly growing part of its business that caters to insurers, hospitals and other health-care companies. Equian would add to its array of offerings and help Optum branch out beyond health care, since Equian has other types of insurers as clients as well.

UnitedHealth, with a market value of roughly $235 billion, is the parent of the largest U.S. health insurer, UnitedHealthcare. The company is known as a prolific acquirer. Health care has been the second-most active sector in mergers and acquisitions this year after technology, with more than $260 billion of deals announced so far, according to Dealogic.

Equian’s platform handles more than $500 billion in health-care claims a year and serves nine of the 10 largest health-care payers, according to New Mountain. The company is based in Indianapolis. Among other services, it analyzes claims both before and after they are paid, seeking to find inappropriate or unnecessary bills and blocking or recovering overpayments.

Equian was the result of a merger between its predecessor company and Trover Solutions Inc. after both were acquired by New Mountain in 2015. New Mountain paid $225 million for Equian’s predecessor.

The sale to UnitedHealth is the culmination of a months long auction process.

Convey Health Solutions to Combine with HealthScape Advisors and Pareto Intelligence

Merger creates leading healthcare payor-focused technology solutions company; positions company for continued innovation and accelerating growth

Fort Lauderdale, FL & Chicago, IL

Convey Health Solutions (“Convey”) today announced an agreement to merge with HealthScape Advisors, LLC (“HealthScape”) and Pareto Intelligence LLC (“Pareto”), combining Convey’s market-leading set of compliant, cost-reducing member enrollment, service, administration, quality and wellness support solutions with HealthScape’s market leading strategic consulting capabilities and Pareto’s innovative suite of big data analytics. The combination of Convey, HealthScape, and Pareto solidifies the company’s market position as the go-to partner for health plans to optimize member experience and outcomes, ensure compliance, and drive enhanced revenue and profitability. The combined company will serve over 200 customers, including many of the nation’s leading commercial and government-sponsored health plans.

“This merger is transformational for Convey,” said Steve Farrell, CEO of Convey, “We believe the combination of Convey’s industry-leading, purpose-built technology platform with HealthScape’s market expertise and Pareto’s cutting-edge analytics capabilities results in a compelling platform that will allow us to serve our customers in completely new and value-added ways.”

“We have always been impressed with Convey from our observations in the marketplace and could not be more excited to partner with them,” added Arjun Aggarwal, Managing Partner of HealthScape, “Perhaps as important as the immense commercial growth opportunity the merger presents is the complementary culture and shared values between our organizations.”

Creation of a world-class healthcare payor technology and services platform

Convey’s industry leading, purpose-built technology and solutions simplify processes for Medicare Part D and Medicare Advantage programs while driving regulatory compliance and reducing associated administration costs. Convey’s exclusive healthcare focus and proprietary technology platform allow it to efficiently manage end-to-end health insurance processes for its customers, from eligibility and enrollment processing to premium billing and payment processing, reconciliation and other related services.

Founded in 2009, HealthScape is a healthcare consulting firm widely recognized as a thought leader and subject matter expert within the industry. HealthScape is a trusted advisor and partner to the executive leadership of the nation’s premier health plans and has a reputation for actionable, data-backed insights. Founded in 2015 by HealthScape’s founding partners, Pareto has built a market leading big data platform that enables government-sponsored and commercial health plans to improve health outcomes, uncover profitability drivers and resolve payment inaccuracies. Pareto’s advanced data ingestion and normalization infrastructure allows the company to deploy an advanced suite of big data analytics to uniquely serve the growing demands of its health plan clients in an environment of constant regulatory change and a broad-based shift towards value-based care.

“We partnered with Steve Farrell and the Convey team two years ago to build a leading technology-enabled healthcare platform,” said Matt Holt, Managing Director at New Mountain Capital and Board Member of Convey. “The combination with HealthScape and Pareto represents a landmark step in this effort, and we are thrilled to be able to support the company as it continues to grow and deliver unmatched products and services to its customers.”

The combined company will continue to offer a full range of market leading solutions to customers including purpose-built government sponsored plan administration technology, a powerful analytics and revenue optimization product suite, and best-in-class healthcare strategy and compliance consulting services. The leadership teams from Convey, HealthScape, and Pareto will all be staying in place, and the businesses will continue to provide their current solutions and services to customers at the highest levels of quality that have been synonymous with each company’s brand to-date. Both Fort Lauderdale and Chicago will remain flagship offices for the business going forward.

HealthScape and Pareto were advised by Leerink Partners and legal counsel was provided by Dinsmore & Shohl LLP and Skadden, Arps, Slate, Meagher & Flom LLP. Convey and New Mountain Capital were advised by Eir Partners and legal counsel was provided by Ropes & Gray LLP.

About Convey Health Solutions
Convey Health Solutions is a specialized healthcare technology and business process outsourcing services company that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. The company’s administrative solutions for government-sponsored health plans help to optimize member interactions, ensure compliance, and support end-to-end Medicare processes. By combining its best-in-class, built-for-purpose technology platforms with dedicated and flexible business process solutions, through its centers in Florida, Arizona, Illinois, and the Philippines, Convey Health Solutions creates better business results and better healthcare consumer experiences on behalf of business customers and partners. The company’s clients include some of the nation’s leading health insurance plans and pharmacy benefit management firms. Their healthcare-focused teams help several million Americans each year to navigate the complex Medicare Advantage and Part D landscape. Convey Health is a proud partner company to New Mountain Capital (www.newmountaincapital.com).

To learn more please visit www.ConveyHealthSolutions.com.

About HealthScape and Pareto
HealthScape Advisors is a management consulting firm dedicated to serving clients within the healthcare industry. We provide consulting services to commercial and government health plans, specialty health organizations, health systems and providers, and healthcare investors.

To learn more, visit our website at www.healthscape.com.

Pareto Intelligence is an analytics and advisory company that delivers technology solutions to improve value-based outcomes. These solutions are supported by proprietary algorithms, predictive models, and advanced data science that have analyzed over $100 billion in claims and medical costs, and touched over 14 million healthcare lives. Through this, Pareto demystifies complex healthcare data and delivers actionable insights that inspire smart strategic decisions for clients.

To learn more, visit our website at www.paretointel.com.

About New Mountain Capital
New Mountain Capital is a New York based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.

For more information on New Mountain Capital, please visit www.newmountaincapital.com.

Contacts
Lisha DeSantis
Director of Marketing
772-293-6215
LDeSantis@conveyhs.com

DART Chart Partners with Eir Partners

Milwaukee, WI

DART Chart Systems, a leading provider of revenue integrity software for long term care and post-acute facilities, announced today that it has partnered with Eir Partners, an investment firm focused exclusively in providing investment capital to the health care technology, payment and revenue cycle management sectors.

Since 1997, DART Chart Systems has provided technology enabled reimbursement optimization and recovery solutions specifically for Long Term Post-Acute Care facilities. DART Chart software solutions allow facilities to optimize Prospective Payment System and Managed Care contract performance. 

DART Chart's Map & Track™ suite of services integrates with a facilities' Electronic Medical Record (EMR) to provide visibility and analytics around patient costs and expected daily reimbursement. The software also identifies exclusions and high cost drugs. The company's SMART Case Manager™ software automatically tracks authorizations, exclusions, carve-outs and level changes while providing automated task reminders that ensure the highest level of patient management for managed care populations. 

DART Chart founder, Dr. Linda Kunz, Ph.D. said, "Eir Partners brings tremendous revenue cycle management experience to DART Chart that will accelerate the development of the Map & Track™ platform. We were looking for a collaborative partner who understood our unique place in the market and the tremendous opportunity with Map & Track™. Eir Partners is a perfect fit for DART Chart." 

Dr. Kunz and co-founder, Bernard Hoffman, will remain involved in the business in strategic and advisory roles.

John Ansay will assume the role of Chief Executive Officer. Mr. Ansay is the founder of Equian, a successful payment integrity service and technology provider to the commercial health and worker's compensation markets.  

“I am excited to bring the DART Chart technology to the next level," said Mr. Ansay. “With over 10,000 baby boomers retiring every day and rapidly increasing financial pressures in the sector, our technology ensures that no revenue is left on the table. Few companies are as well positioned as DART Chart to manage the complex revenue cycles associated with Medicare, Medicaid and Managed Care Reimbursement in long-term care."

“As we have done in other market segments, our goal is to build DART Chart into an enterprise wide revenue integrity player for the post-acute sector," mentioned Brett Carlson, CEO at Eir Partners. “That company does not exist today, and our plan is to change that."

The company will be moving its corporate office to downtown Milwaukee to accommodate infrastructure needs and expected growth.

About DART Chart Systems
DART Chart works with post-acute long-term care facilities, insurers and government agencies to provide payment integrity and managed care compliance software solutions. DART Chart's Map & Track software integrates with a long term care facilities' EMR system to extract the data and provide the necessary analytics so customers can most efficiently manage each patient stay. With over 20 million Medicare days processed and nearly $1 billion in additional provider reimbursements, DART Chart is a leader in revenue cycle management for the long-term care market.

To learn more, go to www.dartchart.com.

About Eir Partners
Eir Partners is a New York City based investment company focused exclusively in the health care technology marketplace. Eir's partnership approach allows for customized collaboration to accelerate disruption, innovation and growth through direct investment and the augmentation of strategic development and acquisition sourcing. The investment model allows for direct platform investments as the sole investor or alongside strategic or other private equity institutions. Current portfolio companies focused on the accuracy of the health care payment / revenue cycle include Equian, Revint Solutions, Millennia Patient Services and DART Chart servicing over 2,500 health care organizations nationwide. Targeted stages of investment include growth equity through control buyouts.

Contact
DART Chart, LLC.
Rosemary Angsten
Chief Operating Officer
(414) 247 – 3200