Current News

Medical Reimbursements of America Acquired by Riverside Partners

FRANKLIN, Tenn., Feb. 14, 2017 /PRNewswire/ -- Medical Reimbursement of America (MRA) announced today that it has been acquired by Riverside Partners, a Boston-based private equity firm.  Headquartered in Franklin, TN, MRA is a recognized leader in the rapidly growing field of specialty reimbursement services for hospital revenue cycle departments.  MRA leverages proprietary technology to help hospitals and health systems resolve complex motor vehicle and workers' compensation accident claims.  Additionally, through its Payment Integrity division based in Ft. Lauderdale, FL, MRA provides underpayment identification and recovery services that ensure Medicare and Managed Care claims are paid accurately and fully.

"I could not be more excited about the future of MRA as a result of this investment by Riverside Partners," said Bobby Rolfe, MRA's CEO for the past 4 years.  "Our team's customer-first attitude is the cornerstone of our success, and Riverside Partners' philosophy of empowering and supporting successful teams will enable each of our employees to continue their passion for serving our hospital customers."  In conjunction with the transaction, Mr. Rolfe and MRA President Lyle Beasley will remain involved with the company and continue their investment in MRA.  Mr. Rolfe will serve as a consultant to MRA and Mr. Beasley will continue serving on the company's board of directors. 

Max Osofsky, General Partner at Riverside Partners, said, "We are extremely excited to add this industry leader to our portfolio and plan to invest in the company to accelerate its growth.  With pressure on reimbursement levels accelerating from both government and managed care payers, hospital operating margins are under attack.  MRA helps hospitals enhance billing compliance and improve financial performance in this difficult environment by focusing expert resources on often overlooked and undermanaged areas of the revenue cycle.  Bobby and Lyle have built a strong, successful team at MRA, and we are excited to continue backing this team." 

Osofsky announced that Julie Klapstein, a member of Riverside Partners' Healthcare Advisory Board and Founding CEO of Availity will serve as CEO of MRA. "Julie is a strong leader bringing more than 30 years of experience in senior healthcare positions.  She has deep experience in the revenue cycle sector and is well positioned to take over the leadership of MRA.   Among Julie's many accomplishments, she built Availity from an idea into a leading provider of health information solutions, now serving over 900,000 hospitals, health plans and other care providers," said Mr. Osofsky.

"MRA's identification and collection of previously unidentified sources of revenue has solidified its value proposition for hospital CFOs," said Ms. Klapstein.  "I am proud to carry on serving a blue-chip customer base and look forward to working with Bobby and Lyle to support one of the most outstanding teams I have encountered in the revenue cycle sector."

MRA's Peer Reviewed by HFMA® solutions are the result of nearly 19 years of focus on specialty reimbursement niches, particularly accident-related medical claims.  MRA's proprietary technology platform enables an expert team of 250+ specialists to manage coordination of benefits and the related billing process, delivering improved financial performance, increased patient satisfaction, and enhanced billing compliance to leading health systems nationwide.

Choate Hall & Stewart acted as legal advisor to Riverside Partners in this transaction.  Sherrard Roe Voigt Harbison acted as legal advisor to MRA, and Houlihan Lokey acted as the exclusive financial advisor to Medical Reimbursements of America.  

About MRA
Medical Reimbursements of America (MRA) provides specialty reimbursement solutions that identify and recover additional revenue for hospitals and health systems nationwide. MRA's AcciClaim™ solution, led by the industry's leading team of specialized attorneys, revenue cycle experts and account resolution specialists, delivers improved revenue, increased patient satisfaction, and enhanced billing compliance from complex claims related to motor vehicle accidents and workers' compensation injuries. In addition, MRA's Payment Integrity solution provides underpayment identification and recovery services from both Medicare and Managed Care claims. Founded in 1999 and based in Franklin, Tennessee, MRA proudly serves as a definitive source for specialty reimbursement services for more than 500 hospitals and health systems nationwide. For more information, please visit www.mraresults.com.

About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing out of its fifth fund. The fund focuses on growth-oriented companies primarily 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 $850 million of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.



West End Holdings acquires American Hometown Publishing

posted Jul 18, 2017, 1:48 PM by Lyle Beasley

NASHVILLE, Tenn., July 17, 2017 /PRNewswire/ -- American Hometown Publishing Inc. announced today it has been acquired by Nashville-based West End Holdings LLC, and will immediately begin seeking additional local media properties to add to its portfolio.

Founded in 2005, AHP currently owns and publishes community newspapers, websites and magazines in four states. In addition, AHP operates its own proprietary digital marketing services platform, Hometown Digital Solutions, which launched in 2016.

"Our investment strategy identifies stellar management teams and provides them with the financial resources and support required to take their business to the next level," said Lyle Beasley, managing partner of West End Holdings. "We are excited to partner with an industry leader like Brad Dennison. He and his team are posting outstanding results while providing remarkable content, products and services to the communities they serve, and we look forward to their accelerated growth."

Dennison is a former journalist who worked his way through the newspaper ranks to become a top business executive at GateHouse Media Inc. He departed in 2015 to become CEO of AHP and has led a sharp turnaround of the company's revenues and profits.

"My vision was to blend the know-how of the large, publicly-traded newspaper conglomerates with a more patient, private setting where decisions can be made for the long haul, not just the current quarter," Dennison said. "We now have a formula that's fueling our business beyond expectations. The time is right for expansion and West End Holdings is the perfect partner for AHP's next chapter. I'm very proud to be working alongside them."

West End Holdings has earned a reputation as a management-friendly, operations-focused acquirer, primarily focused on technology-enabled services businesses. AHP represents West End Holdings' first acquisition of a media business.

"AHP has positioned itself as a sanctuary for struggling independent newspaper owners who are looking for an exit, but care a great deal about how their community, and even their own legacy, will be served under new ownership," Beasley said. "From our perspective, this is an industry in need of a positive, hopeful storyline, and we see AHP having almost unlimited growth opportunity."

Industry veterans Clarissa Williams and Gregory McNutt will continue as AHP's COO and CFO, respectively. Lyle Beasley will serve as Chairman, and Michael Petrak, an AHP director, will continue in an advisory role. Sherrard Roe Voigt Harbison PLC acted as legal advisor to West End Holdings. Miller & Martin PLLC served as legal advisor to the seller.

About American Hometown Publishing Inc.
Formed in 2005, AHP is an independent media company that operates newspapers, websites and magazines in Virginia, Tennessee, Florida and Oklahoma. In addition, AHP operates Hometown Digital Solutions, its proprietary digital marketing services platform.

About West End Holdings LLC
West End Holdings LLC is a special-situation private equity firm focused on acquiring non-strategic assets that are under-nourished from either a capital or leadership perspective. WEH solves problems for business owners by acquiring their under-performing assets, enabling them to re-focus their limited management attention and financial resources on their more profitable businesses. 

WPC acquired by private-equity backed Intermedix

posted Apr 5, 2017, 4:51 AM by Lyle Beasley   [ updated Apr 5, 2017, 4:52 AM ]

Intermedix buys analytics venture WPC

Predictive data company spun out of Seattle-based conglomerate in 2014

AUTHORS Geert De Lombaerde

Health care IT company Intermedix has acquired fellow local venture WPC Healthcare to make its first move into the clinical analytics space.

The deal will more than double the Nashville analytics team of Intermedix, which 18 months ago moved its main office here and set up an innovation lab. WPC is home to about a dozen people — Intermedix employs about 70 people here and 2,500 globally — and led by CEO Ray Guzman, who has been named Intermedix’s senior vice president of strategy.

Terms of the company’s acquisition are not being disclosed.

“Data science and machine learning are the future of health care," said Joel Portice, CEO of Intermedix, which has as its main business revenue cycle management and practice management. “The addition of WPC to our suite of solutions is a testament to our company’s commitment to further our investment in health care data analytics in order to assist our customers in managing care and optimizing their revenue cycle.”

WPC’s data analytics products use machine learning to make predictions about health care conditions, giving providers an early heads up of the spread of outbreaks. 

The WPC team will relocate from Brentwood to Intermedix’s Fifth Third Center space in the next few weeks. The deal comes about a year and a half after Guzman led a buyout of WPC — backed by local investment firm West End Holdings and CapStar Bank — from Seattle-based Washington Publishing Co.

“As a team, we have been able to create significant innovation in the health care environment and have developed solutions over the years that have truly saved lives,” Guzman said in a statement. “By joining Intermedix, we now have the right partner to take our expertise to market and share our solutions on a much wider scale.”

Relatedly, Intermedix last week announced that Executive Vice President Kyle Wailes had been promoted to CFO.

http://www.nashvillepost.com/business/health-care/information-technology/article/20857188/intermedix-buys-analytics-venture-wpc

Medical Reimbursements of America acquired by Riverside Partners

posted Apr 5, 2017, 4:49 AM by Lyle Beasley   [ updated Jul 18, 2017, 1:54 PM ]

FRANKLIN, Tenn., Feb. 14, 2017 /PRNewswire/ -- Medical Reimbursement of America (MRA) announced today that it has been acquired by Riverside Partners, a Boston-based private equity firm.  Headquartered in Franklin, TN, MRA is a recognized leader in the rapidly growing field of specialty reimbursement services for hospital revenue cycle departments.  MRA leverages proprietary technology to help hospitals and health systems resolve complex motor vehicle and workers' compensation accident claims.  Additionally, through its Payment Integrity division based in Ft. Lauderdale, FL, MRA provides underpayment identification and recovery services that ensure Medicare and Managed Care claims are paid accurately and fully.

"I could not be more excited about the future of MRA as a result of this investment by Riverside Partners," said Bobby Rolfe, MRA's CEO for the past 4 years.  "Our team's customer-first attitude is the cornerstone of our success, and Riverside Partners' philosophy of empowering and supporting successful teams will enable each of our employees to continue their passion for serving our hospital customers."  In conjunction with the transaction, Mr. Rolfe and MRA President Lyle Beasley will remain involved with the company and continue their investment in MRA.  Mr. Rolfe will serve as a consultant to MRA and Mr. Beasley will continue serving on the company's board of directors. 

Max Osofsky, General Partner at Riverside Partners, said, "We are extremely excited to add this industry leader to our portfolio and plan to invest in the company to accelerate its growth.  With pressure on reimbursement levels accelerating from both government and managed care payers, hospital operating margins are under attack.  MRA helps hospitals enhance billing compliance and improve financial performance in this difficult environment by focusing expert resources on often overlooked and undermanaged areas of the revenue cycle.  Bobby and Lyle have built a strong, successful team at MRA, and we are excited to continue backing this team." 

Osofsky announced that Julie Klapstein, a member of Riverside Partners' Healthcare Advisory Board and Founding CEO of Availity will serve as CEO of MRA. "Julie is a strong leader bringing more than 30 years of experience in senior healthcare positions.  She has deep experience in the revenue cycle sector and is well positioned to take over the leadership of MRA.   Among Julie's many accomplishments, she built Availity from an idea into a leading provider of health information solutions, now serving over 900,000 hospitals, health plans and other care providers," said Mr. Osofsky.

"MRA's identification and collection of previously unidentified sources of revenue has solidified its value proposition for hospital CFOs," said Ms. Klapstein.  "I am proud to carry on serving a blue-chip customer base and look forward to working with Bobby and Lyle to support one of the most outstanding teams I have encountered in the revenue cycle sector."

MRA's Peer Reviewed by HFMA® solutions are the result of nearly 19 years of focus on specialty reimbursement niches, particularly accident-related medical claims.  MRA's proprietary technology platform enables an expert team of 250+ specialists to manage coordination of benefits and the related billing process, delivering improved financial performance, increased patient satisfaction, and enhanced billing compliance to leading health systems nationwide.

Choate Hall & Stewart acted as legal advisor to Riverside Partners in this transaction.  Sherrard Roe Voigt Harbison acted as legal advisor to MRA, and Houlihan Lokey acted as the exclusive financial advisor to Medical Reimbursements of America.  

About MRA
Medical Reimbursements of America (MRA) provides specialty reimbursement solutions that identify and recover additional revenue for hospitals and health systems nationwide. MRA's AcciClaim™ solution, led by the industry's leading team of specialized attorneys, revenue cycle experts and account resolution specialists, delivers improved revenue, increased patient satisfaction, and enhanced billing compliance from complex claims related to motor vehicle accidents and workers' compensation injuries. In addition, MRA's Payment Integrity solution provides underpayment identification and recovery services from both Medicare and Managed Care claims. Founded in 1999 and based in Franklin, Tennessee, MRA proudly serves as a definitive source for specialty reimbursement services for more than 500 hospitals and health systems nationwide. For more information, please visit www.mraresults.com.

About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing out of its fifth fund. The fund focuses on growth-oriented companies primarily 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 $850 million of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.

Medical Reimbursements of America Announces $7.5M Equity Investment

posted Feb 16, 2017, 1:06 PM by Lyle Beasley

NASHVILLE, TN – (September 26, 2012) Medical Reimbursements of America (MRA), the healthcare industry’s leading provider of claim resolution services for motor vehicle accident and workers compensation claims, is pleased to announce a $7.5 million equity investment from West End Holdings and FCA Venture Partners. 

Stuart C. McWhorter, a co-founder of MRA with Clayton Associates, who has served as CEO of MRA for the past 4 years, will continue with the company as Executive Chairman. 

“We started MRA 13 years ago with a simple idea - to help hospitals get paid on complicated healthcare claims that result from motor vehicle accidents and work-related injuries,” said McWhorter, “Our talented and dedicated team has grown this simple idea into a business that resolves over $1 billion in complex claims annually for hospitals nationwide. I look forward to continuing our two-fold mission of serving as patient advocates during the difficult time following injury while simultaneously helping our hospital clients get reimbursed on these complicated claims.” 

Both managing partners of West End Holdings, Bobby Rolfe and Lyle Beasley, have joined the MRA Board of Directors and will actively lead the company going forward. 

“West End Holdings is excited to provide two thirds of this equity capital, alongside FCA Ventures,” said new CEO Bob Rolfe. “Lyle and I believe strongly in this company and have decided to invest our leadership talents, as well as our capital, to continue its growth. MRA’s 300 plus employees are the best in the world at what they do, and we plan to support them by investing in the technology needed to effectively serve this niche of the healthcare revenue cycle.” 

Matthew A. King, Managing Partner at FCA Venture Partners, has also joined the MRA Board of Directors. 

“We believe the leadership of Bobby Rolfe and Lyle Beasley, in combination with this new capital, provides the resources needed for MRA to dominate this niche of the healthcare revenue cycle. We have known MRA since its inception and the Managing Partners of West End Holdings for many years. We are pleased to have the opportunity to invest in this proven team,” said King. 

About Medical Reimbursements of America 

MRA is a technology-enabled services provider focused on a very narrow niche of the healthcare revenue cycle -the resolution of complex medical claims for motor vehicle accidents and work-related injuries. Founded in 1999, MRA is one of the nation’s leading providers of complex claims resolution services, providing services to over 300 hospitals in 38 states and resolving over $1 billion in complex claims annually. 

For more information visit, http://www.MRAresults.com/ 

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posted Feb 16, 2017, 12:54 PM by Lyle Beasley   [ updated Feb 16, 2017, 1:08 PM ]


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posted Feb 16, 2017, 12:49 PM by Lyle Beasley   [ updated Feb 16, 2017, 12:53 PM ]


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