“We are in a unique position to bring together firms that share our client-focused vision and value proposition of deploying a broad array of technology-driven solutions that optimize workflow to resolve the most complex claims and reimbursement challenges for health systems,” said Dave Wojczynski, Revecore’s CEO. “By combining efficient technology platforms with some of the industry’s most talented and experienced experts, we are well positioned to deliver greater value and recoveries to healthcare providers. We all share a culture of inclusion and a passion for serving our clients. This enhances our ability to collectively solve the most challenging revenue cycle issues. I am confident this strategic combination will result in even better financial outcomes for our clients.”
“The opportunity to combine these companies with complementary technologies and expertise is very compelling,” said Mark McVeety, current CEO of Cura Revenue Cycle Management. “Revecore has an excellent track record in revenue integrity and complex claims solutions. We both have a client first culture, and I’m excited to continue to build on our joint capabilities and deliver results for our clients.”
“Teaming up with Revecore is a great next step in the evolution of the RCM industry,” said George Abatjoglou, current CEO of Kemberton. “With decades of experience and knowledge, the scale and capabilities of the combined organization will unlock greater opportunities to deliver best-in-class solutions that will not only benefit all of our combined clients but also enhance the patient-provider relationship.” LLR Partners is a current investor in Kemberton and will retain a minority equity interest in Revecore as a part of the transaction.
Revecore is supported by its institutional shareholders GrowthCurve Capital, which completed its acquisition of Revecore in April 2022, and Riverside Partners, which continues to be a significant investor in the business alongside GrowthCurve and management. Vignesh Aier, Head of Healthcare Investing at GrowthCurve Capital, commented on behalf of the investors, “We are excited to support Revecore in making these strategic acquisitions. We believe the capabilities, scale, and technologies these companies bring will help Revecore continue strengthening its position as a leading provider of specialized revenue cycle management services for the country’s leading health systems.”
Revecore, GrowthCurve, and Riverside Partners were advised by TripleTree as financial advisor; McDermott Will & Emory and Davis Polk as legal counsels; and Alvarez & Marsal as financial and operational advisor. Cura was represented by Robinson+Cole, and Kemberton was represented by Goodwin Proctor.
About Revecore
Revecore, is a leading provider of (i) revenue integrity solutions for underpayments and denial prevention and (ii) complex claims reimbursement solutions for motor vehicle accident, workers’ compensation and Veterans Affairs claims. Revecore serves nearly 1,200 hospitals across the country, offering hospitals and health systems over two decades of unrivaled technology and expert insight into the most challenging areas of revenue cycle to ensure they are appropriately reimbursed for the care they provide. In addition to being #1 Ranked in Complex Claims by KLAS, Revecore holds the distinguished HFMA Peer Review Status for underpayment recovery and complex claims solutions. For more information, please visit www.revecore.com
About Kemberton
Kemberton is a specialized revenue cycle management firm dedicated to improving complex claims reimbursement by deploying a dedicated team of technology-enabled experts that advocate for every patient. Serving more than 400 hospitals and processing more than one million claims per year, Kemberton’s distinct combination of expert trained claims resolution advocates, advanced workflow automation technology, and proprietary payer search engine offers an impressive and comprehensive end-to-end model for success. For more information, please visit www.kemberton.net
About Cura Revenue Cycle Management
Cura Revenue Cycle Management is a specialized provider of software-enabled underpayment identification and recovery services to hospitals and health systems nationwide. Through the application of unique technology solutions and deep industry expertise, Cura solves complex revenue cycle challenges which are missed by healthcare providers and vendors. Leveraging its proprietary software, Cura reviews millions of accounts annually and accurately identifies those with actionable underpayments. For more information, please visit www.curarcm.com.
About GrowthCurve Capital
GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division, the firm focuses on control-oriented private equity investments primarily across the financial and information services, healthcare, and technology sectors. For more information, please visit www.growthcurvecapital.com and follow the firm on LinkedIn.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing out of its sixth fund. The fund focuses on growth-oriented companies in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages about $1.1 billion of equity capital and seeks to make investments in companies with EBITDA between $3 and $15 million. For more information, please visit www.riversidepartners.com.
About LLR Partners
LLR Partners is a lower middle market private equity firm investing in technology and healthcare businesses. LLR collaborates with its portfolio companies to identify and execute on key growth initiatives and help create long-term value. Founded in 1999 and with more than $5 billion raised across six funds, LLR is a flexible provider of equity capital for growth, recapitalizations and buyouts. Learn more at www.llrpartners.com.
Contacts
Revecore:
Tracey Campbell, Revecore, (919) 302-8260
tcampbell@revecore.com
GrowthCurve Capital:
Dan Gagnier and Jeffrey Mathews, Gagnier Communications, (646) 569-5897
GrowthCurve@gagnierfc.com
Riverside Partners:
Andrew Merrill, Prosek Partners, (646) 818-9216
amerrill@prosek.com