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

Millennia Patient Services Names New CEO, Announces Strategic Investment from Eir Partners

Investment Partnership to further accelerate MPS as the leading patient financial experience platform; that simultaneously delivers industry-leading patient revenue realization and consumer satisfaction.

Raleigh, N.C. & New York

Millennia Patient Services (“MPS”), the leader in comprehensive, PMS agnostic, technology-enabled patient revenue solutions, announced today the appointment of Tom Ormondroyd as Chief Executive Officer and an investment from Eir Partners, a New York City based health care technology focused investment firm. Mr. Ormondroyd joins from nThrive, where he was previously the President of Education and Analytics. As part of the announcement, Samara Keaton, current CEO of MPS, will continue to direct all substantive technology development and platform enhancement that will continue to deliver market-leading patient receivable and technology solutions to the Company’s rapidly expanding base of physician practices, hospitals and health systems.

Mr. Ormondroyd has nearly a decade of healthcare revenue cycle experience, helping organizations solidly scale their operational capacities to meet market demand while concurrently exceeding customer expectations. Prior to nThrive, Mr. Ormondroyd was the Senior Vice President of Education and Analytics at Precyse, one of the country’s largest health information management technology and services vendors.

“Tom has demonstrated impressive entrepreneurship and innovation within larger revenue cycle operations,” said Samara Keaton, current CEO at Millennia Patient Services. “His extensive knowledge of medical revenue cycle management solution delivery and expertise in creating highly scalable, “best of breed” operational capacity will accelerate MPS’s ability to scale, innovate, and deliver comprehensive patient revenue solutions to all healthcare providers.”

The announcement is being made at a time when MPS is undergoing a period of rapid and exciting growth and in conjunction with an investment partnership with Eir Partners, a growth-oriented investment firm focused exclusively in the health care technology marketplace. Eir has partnered with MPS to provide the company significant strategic resources to support the growing demand for consumer-friendly patient revenue solutions.

“We are appreciative of the outstanding leadership that Samara has provided and excited to welcome Tom as MPS enters its next stage of growth,” added Brett Carlson, MPS Board Member and CEO at Eir Partners. “We have an incredible opportunity to build a single solution to help providers timely realize patient direct-pay revenue and most importantly - greatly enhance the consumer financial experience.”

“I am thankful to be able to join a high-growth, innovation-driven organization that has filled a significant gap in the market and has demonstrated measurable and impactful results for its customers,” said Mr. Ormondroyd. “I share the MPS vision for revolutionizing and modernizing the healthcare patient revenue cycle and look forward to leading the company and its provider partners to continued success.”

“MPS joins Revint as two companies in the Eir Partners portfolio helping providers realize and accelerate timely revenue receipt and/or reimbursement,” said John Woody, Chief Operating Partner at Eir Partners. “Between the two, we are helping over 2,000 health care organizations with this acute challenge.”

Contacts

Millennia Patient Services
Tom Ormondroyd
tomo@mpsonlineservices.com

Eir Partners
Brett Carlson
bcarlson@eirpartners.com

Revint Solutions Accelerates Path Towards Enterprise-Wide Revenue Integrity, Announces Strategic Acquisitions of CloudMed and AcuStream

Leader in Revenue Integrity Strengthens DRG Validation and Charge Accuracy Capabilities to Recapture Lost Revenue for Providers

Chadds Ford, PA

Revint Solutions, the leader in revenue recovery solutions and pioneer of the industry’s leading revenue integrity safety net for healthcare providers, today announced the acquisitions of CloudMed Solutions and AcuStream. These two strategic acquisitions advance Revint’s capabilities in charge capture and diagnosis related group (“DRG”) validation, enabling Revint to deliver even greater value to its clients. These acquisitions follow Revint’s merger with IMA Consulting in December 2017 and its acquisition of Naveos earlier this year. The integration of CloudMed and AcuStream will strengthen Revint Solutions’ position as the sole provider of enterprise-wide revenue integrity services, adding best-of-breed solutions to the Revint product offering and helping providers identify and address revenue leakage from DRG coding and charge-related issues across all venues of care.

“Revint is the result of a continued effort at New Mountain Capital to back transformative companies that seek to modernize healthcare infrastructure, while driving reduced costs and improved care,” said Matt Holt, Managing Director at New Mountain Capital. “With the powerful and complementary capabilities of CloudMed and AcuStream, Revint becomes an even stronger partner for healthcare providers navigating an environment with greater reimbursement complexity and increasing financial pressures.”

“We set out an aggressive vision two years ago to build the first ever enterprise-wide revenue integrity solutions provider that can capture revenue leakage in all settings and across all types of errors,” said Brett Carlson, board member of Revint and Founder of Eir Partners. “CloudMed and AcuStream are both great strategic additions for our mission with Revint. The complexity of the middle revenue cycle results in significant missed revenue opportunities for providers, and the integration of these product offerings will enable Revint to sift through this complexity to deliver dollars to our customers that would otherwise be lost.”

CloudMed is a first-of-its-kind automated DRG review solution, with a full turnkey offering combining technology and specialist auditors in order to perform a full review of all provider data to identify, investigate, and document opportunities for additional DRG-based reimbursement in an efficient, compliance-focused manner. Founded in 2015, CloudMed has achieved tremendous growth and customer success on the back of a guaranteed return-on-investment pricing model and has already recovered nearly $50 million of incremental revenue for its clients. Revint’s acquisition of CloudMed builds on a white label partnership started last year, with CloudMed as the technology behind the Revint DRG Validation service line. Founder Jason Merck and the entire CloudMed team will continue with Revint and lead the combined company’s DRG validation efforts going forward.

AcuStream is a leader in charge capture solutions, utilizing a rules-based engine to identify missed and unbilled charges in existing patient data and helping to recover that incremental revenue on behalf of its provider clients. AcuStream’s solutions address both hospital and physician billing, as well as the complex interplay between the two, enabling the business to address customers’ reimbursement complexities across venues of care. Similar to CloudMed, AcuStream operates with a guaranteed return-on-investment pricing model to ensure strong outcomes for clients, which include some of the largest blue-chip health systems in the country. The AcuStream team will continue with Revint and further build out the combined company’s charge capture presence and capabilities.

“The need for a comprehensive revenue integrity ‘safety net’ for healthcare providers is greater than ever,” said Jack Qian, Managing Director at New Mountain Capital. “We are excited to welcome the CloudMed and AcuStream teams to the Revint family and look forward to what we can accomplish together.”

About Revint Solutions
Revint Solutions is an industry-leading full-service healthcare solutions and consulting services provider that offers revenue integrity and recovery services for hospitals and health systems to ensure accurate and timely reimbursement for their services. Serving over 1,600 healthcare organizations in the United States, Revint helps recover nearly $500 million of underpaid or unidentified revenue for its clients annually. Revint’s suite of products includes transfer DRG, revenue recovery, DRG validation, zero balance underpayment recovery, Medicare reimbursement, complex claims, consulting, and interim management, among other solutions, offering a full revenue integrity “safety net” for all types of healthcare provider organizations. Revint is backed by New Mountain Capital, a growth-oriented investment firm that currently manages over $20 billion in assets.

Revint will have a presence at HFMA ANI the week of June 25th in Las Vegas, NV. Last month, The Healthcare Financial Management Association (HFMA) announced that, following rigorous review, Revint Solutions has once again achieved the “Peer Reviewed by HFMA®” designation for its Revenue Recovery Services. This is Revint’s 10th year as an HFMA Peer Reviewed company, a designation that is an important standard of excellence and validates the ongoing commitment to deliver value.

For more information, visit revintsolutions.com.

About CloudMed Solutions
CloudMed offers a first-of-its-kind automated DRG review solution for coding and documentation improvement. CloudMed specializes in the inpatient coding and documentation side of the healthcare revenue cycle working with small, medium, and large hospitals to provide Revenue Assurance. CloudMed runs visit data through a set of rules and algorithms to identify potential DRG shifts, ensuring reimbursement, accuracy, and compliance. Leveraging technology, we provide full coverage coding review and closed loop education. CloudMed's mission is to leverage innovative technology, clinical expertise, and impeccable client services to deliver outstanding financial and operational results, while making the lives of hospital professionals easier.

Learn more and request a risk-free assessment at cloudmedsolutions.com.

About AcuStream
AcuStream is a Revenue Assurance specialty company dedicated to the healthcare industry. AcuStream provides automated charge capture auditing technology solutions, value-add professional coding expertise, and decision support tools to the country’s leading healthcare providers enabling our clients to find missed revenue around charges they didn’t know were missing. We are the only organization with proprietary algorithms and custom client specific rules, that can correlate both the hospital data and physician data. This in conjunction with our world class workflow, allows us to find and track missed, miscoded, and misplaced charges. AcuStream identifies and quantifies missed reimbursable charges for both Physician Organizations and Health Systems. REVBUILDER™’s automated post-bill auditing solution identifies omitted charges while REVREVIEW™ auditors validate charges against your own EMR documentation and payer contracts to ensure you get paid for the services provided.

For more information, visit AcuStream.com.

Contacts
Revint Solutions
Kyle Hicok, 651-788-5080
kyle.hicok@revintsolutions.com

Eir Partners sources 6th Acquisition for Equian since New Mountain-led recap in December 2015

Adding Incremental Depth to Post-Payment Audit

Indianapolis, IN

Equian today announced its acquisition of OmniClaim, further strengthening its market-leading position in payment integrity. The acquisition represents another important step in support of Equian’s strategy of providing large-scale, end-to-end solutions using advanced analytics to assist its clients with medical cost management.  OmniClaim is a market leader in post-payment provider audit and utilizes a unique approach to working collaboratively with the provider community.

“A critical objective for payers is ensuring accuracy and minimizing cost while being proactive and working closely with very important provider and network partners.  Equian’s approach perfectly aligns with ours: using analytics for smarter claim selection, thereby reducing the number of audits, but still maximizing savings,” said Nadine Hays, OmniClaim Executive Vice President. “Our team is excited and confident the business will continue to thrive under Equian’s innovative leadership and culture.”

“We are delighted with this addition to our organization. OmniClaim is a clear category leader with a forward-looking approach to post-payment provider audit.  We are confident in our strategy of advancing our solutions through focused investment and application of the latest in analytics and technology capabilities.  This acquisition helps augment our position as a clear leader across payment integrity product categories, and will enhance the value we provide to our client partners,” stated Shankar Narayanan, Equian Chief Operating Officer.  See Video attachment for further acquisition information from Mr. Narayanan.

“OmniClaim’s proprietary technology and strong client base are complementary to Equian’s, creating an unmatched set of services in the healthcare market that will enhance results for both companies’ clients,” said Mike Morrison, Equian Chief Revenue Officer.  “OmniClaim’s unique claim scoring approach, audit algorithms, staff expertise and white glove approach with providers will help us accelerate our expansion in this important payment integrity segment.”

As full-service payment integrity leader, Equian is known for driving technological advancements across all categories of payment integrity and has made significant investments in data analytics, claim scoring, artificial intelligence, robotics and machine learning to bolster its market-leading position. The combination of OmniClaim and Equian will drive significantly increased value to audit clients, bringing a new level of effectiveness and focus on provider relations.

About Equian
Equian is a leading end-to-end payment integrity organization.  The company manages over $300 billion in claims data annually on their innovative platform designed to assist clients by avoiding, identifying, pricing, analyzing clinical codes, and ultimately recovering inaccurate transactions in the complex environments of healthcare, workers’ compensation, and property & casualty markets.  Equian acts on data to pay the right party, the right amount, at the right time, delivering over $2 billion in actionable savings throughout the payment spectrum to the company’s nearly 400 customers.

For more information, visit equian.com. 

About OmniClaim
OmniClaim is an industry leader in overpaid claims recovery, delivering superior financial results while minimizing provider abrasion.  The company’s combination of strong relationships with payers and providers, proprietary predictive analytics, and unparalleled subject matter expertise ensures it consistently delivers on aggressive goals and produces optimal results for clients.  OmniClaim’s credibility and onsite presence with over 3,000 provider organizations nationwide leads to more successful audits with fewer appeals. The company’s 100% client retention since inception is a testament to its results. 

For more information, visit omniclaim.com.

Contacts
Mike Morrison, Chief Revenue Officer
317-806-2128
mmorrison@equian.com

Eir Partners-backed Revint Solutions acquired Naveos, strengthens proprietary technology platform

Acquisition expands suite of revenue integrity solutions for healthcare providers and adds market-leading capabilities in government reimbursement

Chadds Ford, PA

Revint Solutions (“Revint”) today announced its acquisition of Naveos, a market leader in specialized government reimbursement technology and services for healthcare providers. The addition of Naveos’ capabilities, talent, and relationships further advances Revint’s mission to provide a comprehensive “safety net” to healthcare organizations through a full, technology-enabled suite of revenue integrity and complex reimbursement solutions.

Naveos, founded in 2006, is a market leader in governmental program reimbursement. Naveos leverages its proprietary COMPASS software, data analytics, and specialized workforce in order to help healthcare organizations maximize the value of their government program reimbursements, identifying approximately $1 billion of additional reimbursements for its clients to date. Naveos’ product set includes analytics related to Medicare and Medicaid Disproportionate Share Hospital (DSH), Worksheet S-10 / Uncompensated Care, and the 340B Drug Pricing Program. Naveos’ DSH products consistently outperform peers and in-house alternatives, while the S-10 solution represents a newly developed, claims-level data analytics product that is unmatched in the market. The Naveos team will remain with the combined company and continue to lead the business unit going forward.

“We are excited by the opportunity to partner with Revint Solutions. The combination provides the ideal platform for us to best serve our clients by maximizing savings through a full suite of revenue integrity offerings. Revint’s focus on providing best-in-class technology-enabled solutions perfectly aligns with our own approach,” said Bob Esposito, CEO of Naveos. “Our team is excited and confident that the business will continue to grow and thrive under Revint’s vision and culture.”

“Naveos is a clear leader in government reimbursement services, particularly for Medicare DSH and S-10, having made concerted investments in technology and analytics capabilities that maximize reimbursement opportunities with a high degree of compliance, accuracy, and efficiency. These capabilities are highly complementary to our existing portfolio and will enable us to increase the value that we provide to our clients,” said Kyle Hicok, CEO of Revint Solutions.

As a leader in revenue integrity, Revint Solutions helps providers capture incremental reimbursements through technology-enabled analytics across transfer DRG, DRG validation, underpayment recovery and complex claims within the revenue cycle. While Revint continues to invest heavily in improving and expanding its existing offerings, the combination of Naveos and Revint will help drive increased value for clients, improving the revenue integrity safety net by enhancing the identification and recovery of revenue opportunities.

Ziegler served as financial advisor and Greenberg Traurig, LLP served as legal counsel to Naveos. Ropes & Gray LLP served as legal counsel to Revint Solutions.

About Revint Solutions
Revint Solutions is an industry-leading full-service healthcare solutions and consulting services provider that offers revenue integrity and recovery services for hospitals and health systems to ensure accurate and timely reimbursement for their services. Serving over 1,500 healthcare organizations in the United States, Revint helps recover over $150 million of underpaid or unidentified revenue for its clients annually. Revint’s suite of products includes transfer DRG, revenue recovery, DRG validation, zero balance underpayment recovery, Medicare reimbursement, complex claims, consulting, and interim management, among other solutions, offering a full revenue integrity “safety net” for all types of healthcare provider organizations. Revint is backed by New Mountain Capital, a growth-oriented investment firm that currently manages over $20 billion in assets.

For more information visit www.revintsolutions.com

About Naveos
NAVEOS is a national healthcare data analytics firm headquartered in Virginia specializing in maximizing governmental program reimbursements for healthcare clients. Naveos focuses on the federally-funded Medicare DSH / Uncompensated Care and 340B Drug Pricing Programs, and is continually developing new solutions to help providers keep the dollars they deserve. The company has developed technology and data analytics tools that help find providers additional reimbursements dollars, seeking to uncover “hidden eligibility” others cannot.

For more information visit www.naveosdata.com

Contacts
Revint Solutions
Kyle Hicok
Kyle.Hicok@revintsolutions.com

Eir Partners-backed Revint Solutions mergers with IMA, brings in New Mountain Capital

Combination creates a leading platform to ensure healthcare providers receive accurate and timely reimbursement; positions combined company for continued growth and innovation

Chadds Ford, PA & Chicago, IL

IMA Consulting (“IMA”) and Revint Solutions (“Revint”) today announced the merger of their respective businesses, creating a new, leading platform offering a full suite of technology-enabled revenue integrity and recovery solutions as well as complex revenue cycle management, consulting and interim management services for healthcare providers.

The combined business will provide a full suite of complex reimbursement solutions to over 1,500 healthcare organizations in the U.S. and helps recover over $150 million of underpaid or unidentified revenue for its clients annually. The combined company’s services will include transfer DRG, revenue recovery, DRG validation, zero balance underpayment recovery, complex revenue cycle, consulting, and interim management, among other solutions, offering a full revenue integrity “safety net” for all types of healthcare provider organizations.

The leadership teams of both IMA and Revint will continue to manage and grow the combined business. The combined company will build on the combined expertise, technology capabilities, and resources of both businesses to develop new technology-driven solutions that will deliver additional value to its customers.

The merger was facilitated by a majority investment from New Mountain Capital LLC (“New Mountain”), a growth-oriented investment firm that currently manages over $20 billion in assets. New Mountain emphasizes business building and growth and plans to provide the combined company with significant financial and strategic resources to support future growth initiatives. Revint was previously a portfolio company of Eir Partners, who, along with Management, will continue to hold significant stakes in the combined company.

Matt Holt, Managing Director at New Mountain said, "This partnership is the result of our continued efforts to back market leading platforms in the healthcare sector, with a particular focus on leveraging modern technology and data to reduce cost and improve care. We have been seeking a data-enabled revenue cycle platform that can provide a broad range of value-added capabilities to healthcare providers. We believe that revenue integrity and recovery solutions will play an increasingly important role in a healthcare environment with steadily greater reimbursement complexities and challenges."

“We found a shared vision with the leadership at Revint and New Mountain to create the leader in revenue integrity solutions, advanced revenue cycle management, and consulting services and are very excited about what this combination means for our client partners and employees,” said Kim Hollingsworth and Tony Scarcelli, Co-Managing Partners of IMA.

“We think that there is tremendous potential for the combined platform,” added Kyle Hicok, CEO of Revint. “We admire IMA’s expertise and industry reputation and are looking forward to leveraging the combined company’s capabilities to develop the next generation of technology-enabled revenue integrity solutions for healthcare organizations.”

Throughout the integration process, IMA and Revint will continue to provide their current solutions and services to customers. In the coming months, the company will introduce innovative new offerings to help customers meet the challenges posed by the continuing evolution of the healthcare revenue cycle landscape.

“We are thrilled to be partnering with the IMA and Revint teams,” said Jack Qian, Director at New Mountain. “IMA and Revint have leading industry reputations and highly complementary capabilities, and we look forward to building on that to deliver even greater value to customers.”

“IMA was the top merger target for Revint in the space. We needed to find an investor that could help facilitate the transformative merger for Revint Solutions and also for the revenue integrity industry as a whole,” mentioned Brett Carlson, CEO of Eir Partners. “New Mountain’s support rapidly accelerates our vision of becoming the healthcare delivery system’s revenue ‘safety net’ vendor of choice.”

Cain Brothers served as financial advisor and Bass, Berry & Sims PLC served as legal counsel to IMA. Hughes Arrell Kinchen LLP served as legal counsel to Revint. Houlihan Lokey served as financial advisor and Ropes & Gray LLP provided legal counsel to New Mountain Capital.

About IMA Consulting
IMA Consulting is a full-service healthcare solutions and consulting firm that provides outsourced solutions (revenue recovery/enhancement, underpayments, revenue cycle), consulting services, and interim management to hospitals and health systems nationwide. We offer outcome focused solutions to healthcare providers. Since our inception in 1996, we have consistently delivered services and solutions of the highest quality, which address the most complex issues facing healthcare providers. We have assisted over 1,100 healthcare organizations across the country. IMA Consulting is proud of numerous awards and recognitions, including being consistently recognized as one of the “Best Places to Work” by Modern Healthcare.

For more information visit www.ima-consulting.com

About Revint Solutions
Chicago-based Revint Solutions provides revenue integrity and recovery services for healthcare providers to ensure accurate and timely reimbursement for their services. The company provides comprehensive revenue recovery services to more than 400 healthcare clients across the United States.

For more information visit www.revintsolutions.com

About New Mountain Capital
New Mountain Capital is a New York based investment firm that emphasizes business building and non-cyclical 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 visit www.newmountaincapital.com

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

Revint Solutions Announces Acquisition of Health Check

Revint Solutions has acquired Health Check to expand underpayment recovery capabilities and extend platform of “safety net” recovery services for healthcare providers.

Chicago

Revint Solutions is excited to announce the acquisition of Health Check to expand its service offering of Zero Balance Underpayment Recovery services for healthcare providers. Health Check, established in 1995, has a long history of providing Zero Balance Underpayment Recovery services for many of the country’s largest healthcare providers. The acquisition expands Revint Solutions’ platform along with the vision of creating the country’s leading data-driven enterprise wide solutions provider for healthcare revenue integrity. The combined company is committed to continuing the 20 plus years of providing impactful revenue integrity and recovery services across all healthcare settings.

“Healthcare systems are faced with increasing complexities and challenges to ensure that they are appropriately reimbursed for services that they provide,” said Kyle Hicok, CEO of Revint Solutions. “The addition of Health Check to the Revint family increases our ability to support healthcare providers and ensure that they are appropriately compensated. Additionally, we couldn’t be more excited to bring their capabilities into the Revint Solutions’ suite of services.”

Revint Solutions provides a broad suite of revenue integrity products including Transfer DRG, Outpatient Revenue Recovery, IME/Shadow Claim Review, DRG Validation and Payer Search along with additional capabilities in Zero Balance Underpayment Recovery for both acute and ambulatory healthcare providers.

“We are excited to join the Revint Solutions team and continue offering data-driven recovery services to our partners,” said Jon Scala, President of Health Check. “No matter the venue of care or type of reimbursement error, Revint Solutions is the healthcare delivery systems’ revenue ‘safety net’ via proven and innovative services.”

About Revint Solutions
Chicago-based Revint Solutions provides revenue integrity and recovery services for healthcare providers to ensure accurate and timely reimbursement for their services. The company provides comprehensive revenue recovery services to more than 400 healthcare clients, has successfully performed over 675 engagements across the United States, has recovered over $570 million in missed reimbursement, and reprocessed more than 3 million claims. For more information on Revint Solutions, please visit www.revintsolutions.com.

About Health Check
Florida-based Health Check provides Zero Balance Revenue Recovery services to over 100 healthcare providers. Over its 20 year history, the company has collected over $300 million in underpayment recoveries with a successful track record working with all major payers and geographic areas. For more information on Health Check, please visit www.hcaudit.com.

Contacts
Revint Solutions
Kyle Hicok, 651-788-5080
Khicok@revintsolutions.com

Revint Solutions Formed to Lead Revenue Integrity in Healthcare Industry

More than 450 hospitals and healthcare delivery systems will benefit from Revint Solutions’ “safety net” to ensure accurate and timely reimbursement for services.

Chicago

Eir Partners and BKO Capital are excited to announce the formation of Revint Solutions today with the vision of creating the country’s leading data-driven enterprise-wide solutions provider for healthcare revenue integrity. The company, created through the merger of mCare Solutions and VHC (Vaughan Holland Consulting), serves over 450 hospitals and some of the leading healthcare institutions across the United States. The combined company and new brand is committed to expand upon the 20 plus years of providing impactful revenue integrity and recovery services across all healthcare settings.

“We exist in an environment where there are increasing complexities and unprecedented reimbursement stress,” said Lloyd Vaughan, Executive Chairman at Revint Solutions. “This combined with demographic change, regulatory uncertainty and changing venues of care, make this a perfect storm for leakage in the revenue cycle. Revint Solutions was formed to ensure that our clients are paid fully and fairly for services provided.”

As Revint Solutions, the company will continue to provide a broad suite of revenue integrity products including Transfer DRG, Outpatient Revenue Recovery, IME/Shadow Claim Review, and Payer Search along with additional capabilities launched in Underpayment Recovery, DRG Validation and other new services for both acute and ambulatory healthcare providers.

“We saw the need for an enterprise-wide leader in revenue integrity in the market today,” said Brett Carlson, Chief Executive Office and Founder at Eir Partners. “No matter the venue of care or type of error, Revint Solutions will drive our vision of being the healthcare delivery systems’ revenue ‘safety net’ via the delivery of proven and innovative services to our client partners.”

“This is a foundational change for the merged companies and we couldn’t be more excited about the existing and future capabilities of the organization,” Carlson added.

About Revint Solutions
Chicago-based Revint Solutions provides revenue integrity and recovery services for healthcare providers to ensure accurate and timely reimbursement for their services. The company provides comprehensive revenue recovery services to more than 400 healthcare clients, has successfully performed over 675 engagements across the United States, has recovered over $570 million in missed reimbursement, and reprocessed more than 3 million claims. For more information on Revint Solutions, please visit www.revintsolutions.com.

About Eir Partners
Eir Partners is a New York City based investment company and strategic partnership focused exclusively on the dynamic healthcare and technology marketplace. Eir’s flexible model 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 blue chip private equity institutions. Targeted stages of investment include growth equity through control buyouts. For more information on Eir, please visit www.eirpartners.com.

Contacts
Revint Solutions
Kyle Hicok, 651-788-5080
Khicok@revintsolutions.com

Convey Health Solutions Partners with New Mountain Capital and Eir Partners

Leading provider of benefits and compliance administration solutions to government-sponsored health plans positioned for continued growth and innovation

Fort Lauderdale, Fla. & New York

Convey Health Solutions, Inc., a leading provider of technology solutions for government-sponsored health insurance plans, today announced that it has partnered with New Mountain Capital, LLC, a growth-oriented investment firm that currently manages over $15 billion in assets.

Headquartered in Fort Lauderdale, FL, Convey delivers business process technology and solutions that 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.

“We are excited to be partnering with New Mountain Capital and look forward to working with their team to continue to bring best-in-class technology and solutions to our customers,” said Steve Farrell, CEO of Convey. “Given New Mountain’s focus on building businesses and driving growth, we anticipate having more resources to help us continue to enhance our services and to deliver even more value to our customers.”

“Convey is a clear leader in compliance-driven benefits administration, and we are excited to support the Company in its next phase of growth,” said Matt Holt, Managing Director of New Mountain. “Since its inception, Convey has been completely dedicated to ensuring the success of its clients. We look forward to working with Convey’s management team to accelerate growth while maintaining the same high level of customer service that has always been at the core of the Company’s focus.”

Eir Partners is co-investing in the transaction with New Mountain Capital. Eir Partners, along with TripleTree, advised New Mountain in the transaction. Houlihan Lokey represented Convey in the transaction.

About Convey
Convey Health Solutions is a specialized healthcare technology and business process outsourcing firm that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. 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 companies and pharmacy benefit management firms. Their healthcare-focused teams help several million Americans each year to navigate the complex Part D Medicare and Medicare Advantage landscape. Learn more at www.ConveyHealthSolutions.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 $15 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.

About Eir Partners
Eir Partners is a New York City based investment company and strategic partnership focused exclusively on the dynamic healthcare and technology marketplace. Eir’s flexible model 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 blue chip private equity institutions. Targeted stages of investment include growth equity through control buyouts. For more information on Eir, please visit www.eirpartners.com.

Contacts
For New Mountain Capital:
Abernathy MacGregor
Dana Gorman, 212-371-5999

Eir Partners Sources and Executes 3rd Acquisition in 9 Months for Equian

Eir Partners Sources and Executes 3rd Acquisition in 9 Months for Equian
Equian Announces Acquisition of T3 Worldwide

Indianapolis, IN

Equian announced the completed acquisition of T3 Worldwide, furthering the company’s capabilities to deliver technology driven, accurate, and actionable pre and post payment integrity solutions. The acquisition of T3 supports Equian’s strategy to lead the market with the most comprehensive suite of solutions focused on utilizing technology, data and expertise to drive client savings. The company will continue its balanced strategy of internal innovation and acquisitions that deliver actionable data analytics, scalable partnerships, and content rich results to increase savings for its clients and enable Equian to expand across its key markets.

Founded in 2006 and based in Norwalk, Connecticut, T3 Worldwide provides a technology platform which enables over 30 million payment integrity transactions a month for some of the largest payers in the Commercial, Medicare, and Medicaid markets.

Equian CEO, Scott Mingee, stated, “This is a very strategic acquisition for us, and adds one of the only commercial grade technology platforms in use by the end market of large scale payers. Our clients want a partner who is aligned with them and helps drive continuous improvement, and we understand the need for flexibility given the complexities and ever changing regulatory environment, evolving reimbursement strategies and payment modalities in our market. Adoption and utilization of T3’s platform by their end clients is a testament to the power of the solution, and we are excited to bring this offering to our customers. This platform will enhance and accelerate our data management and content strategy, allowing us to expand our research & development and deliver our results more quickly – ultimately helping our clients pay the right amount to the right party at the right time.  The T3 executive team shares our vision and passion for innovation and will be a key part of our future innovation and transformations as they are proven industry experts and leaders.”

Younes Ghanian, Executive Partner of T3 added, “T3 has always been focused on transparency and sharing the content and logic of our audits with our clients. We look at post pay and pre pay modalities for clients to determine how we can correct most of the problem claims in time to avoid costly interaction with providers recouping overpayments. Through early meetings with Equian, it was obvious we shared this common philosophy.  If we can find a way to correct an error upstream for payers, we do it.”

T3 Worldwide marks the third successful strategic acquisition sourced and completed by Eir Partners into Equian in the last 9 months including Trover and Nurse Audit.  “The partnership between Equian and Eir Partners has been incredibly effective since we started,” commented Brett Carlson, CEO of Eir Partners, “I look forward to continuing to help Equian become the leader in the payment integrity market.”

About Equian
Equian is a leading end-to-end payment integrity organization. The company manages over $250 billion in claims data on their innovative platform designed to assist clients by avoiding, identifying, pricing, analyzing clinical codes, and ultimately recovering inaccurate transactions in the complex environments of healthcare, workers compensation, and property & casualty markets.  Equian acts on data to pay the right party, the right amount, at the right time delivering over $1.25 billion in actionable savings throughout the payment spectrum.

About T3 Worldwide
T3 was founded with an intent to create an auditing solution different from anything in the market. Their unique technology streamlines the auditing function across the enterprise and creates a platform that helps clients improve productivity and pay claims correctly the first time. T3 takes a systematic approach to identifying root causes to improve accuracy and fixing recurring errors with a solution set that is better, faster and more cost-effective. In an industry that has capitalized on health plan inefficiencies, T3 has opted to take a different approach and align its incentives with its clients.

Contact:
Brett S. Carlson
203.979.8939
bcarlson@eirpartners.com

Equian Announces Acquisition of Nurse Audit

Adds Further Depth to Market-Leading Payment Integrity Platform

Equian announced the completed acquisition of Nurse Audit, adding further depth to the market's leading end-to-end payment integrity services platform for the healthcare, workers compensation, and property & casualty industries.

Founded in 1994 and based in Portsmouth, New Hampshire, Nurse Audit provides comprehensive audit services to major health insurance carriers. The company specializes in audit and review programs, including provider audits, DRG validation, CPT code and clinical reviews, high-cost implant reviews, high-cost pharmaceutical reviews, and bill negotiation services.

Equian CEO, Scott Mingee, stated, "With the addition of Nurse Audit, we add significant expertise and new content to the Equian platform that will create meaningful additional value for our combined client base. In today's complicated reimbursement environment, our clients desire a strategic partner with a broad range of capabilities to assist in their payment accuracy programs. Nurse Audit complements our existing payment integrity services with a market-leading, coding-focused approach that will increase the savings we deliver to our customers."

Sharon Weston, CEO of Nurse Audit, added, "We are very excited to be joining the Equian team and look forward to continuing to provide the same gold standard quality of service to our clients, while also being able to offer a highly attractive expanded suite of solutions."

About Equian
Equian is a leading end-to-end Payment Integrity organization. The company's platform manages over $250 billion of claims data in their innovative platform designed to assist clients by avoiding, identifying, pricing, analyzing clinical codes, and ultimately recovering inaccurate transactions in the complex environments of healthcare, workers compensation, and property & casualty markets. Equian acts on data to pay the right party for the right amount at the right time delivering over $1.25 billion in actionable savings throughout the payment spectrum.

Contact Information
Mike Morrison
CRO
317-806-2128