Waud Capital Partners Acquires Advanced Reimbursement Management
Chicago, IL September 5, 2008 – Waud Capital Partners, LLC (WCP) has completed the acquisition of Advanced Reimbursement Management, L.L.C. (Advanced Reimbursement, or the Company). Based in Phoenix, AZ, Advanced Reimbursement is a leading provider of revenue cycle management services focused on Medicaid receivables. The Company provides a suite of services to its clients, including receivables management, post-payment review, denials management, clinical auditing and eligibility services.
Healthcare revenue cycle management is an industry focused on helping providers receive proper and timely payment for the services they provide to patients. Demand for healthcare revenue cycle management services continues to rise as providers increasingly face challenges associated with declining reimbursement rates and complex and constantly-changing reimbursement rules.
Commenting on the transaction, Connie Perez, Advanced Reimbursement’s Chief Executive Officer, offered, “Partnering with Waud Capital presents an exciting opportunity for our management team and employees to work with an investment firm who has successfully built a number of leading healthcare companies. I believe Waud Capital’s experience will allow us to accelerate the growth of Advanced Reimbursement both organically and through acquisition.”
David Neighbours, Principal of WCP, commented, “Having spent time analyzing the revenue cycle management industry, we believe Advanced Reimbursement has established itself as a leading expert in the Medicaid segment of the payor spectrum. This competitive position, along with our willingness and desire to bring resources to the company, provides for an extremely compelling growth story.”
Eric Gordon, Vice President of WCP, added, “Connie Perez is a well-respected member of the Arizona healthcare community and over the last several years she has positioned Advanced Reimbursement as a leading receivables management vendor to a growing and impressive list of customers.”
For additional information on Advanced Reimbursement Management, visit the Company’s website at www.advancedreimbursement.com.
About Waud Capital Partners, L.L.C.
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million.
For additional information on Waud Capital Partners, visit the firm’s website at www.waudcapital.com.