Optimum Outcomes, a private equity-backed provider of account resolution services to hospitals, has acquired Patient Financial Services and Absolute Collection Service.Terms were not released. Waud Capital Partners acquired Optimum Outcomes in May 2011.
Chicago, IL – July 31, 2012 – Optimum Outcomes, a leading provider of account resolution services to hospitals and hospital-based physician groups throughout the United States, announced today that it has acquired Patient Financial Services and Absolute Collection Service (collectively, “ACS”) in a transaction that expands and enhances its comprehensive suite of revenue cycle services.
“The acquisition of ACS represents another critical milestone in our vision of becoming the recognized leader in optimizing financial outcomes and enhancing the total patient experience,” stated Mike Jacoutot, Chief Executive Officer of Optimum Outcomes. “With a trusted brand, best-in-class solutions and experienced management team, ACS is a highly strategic fit for Optimum Outcomes.”
Headquartered in Raleigh, North Carolina, ACS has approximately 275 employees and a strong base of clients across the United States, with a concentration in the Southeast. ACS provides several services to its hospital clients, primarily extended business office (EBO) self-pay billing and account resolution, aged receivables (≥120 days) account resolution and data warehousing services for hospitals that are undertaking, or have recently completed, systems conversions.
Mary Ann McLaughlin, Chief Operating Officer of Optimum Outcomes, explained further, “ACS is a strong cultural fit for us. Leveraging the best practices of both companies, we can provide our clients with an impressive array of services that will further increase cash collections, reduce A/R days outstanding, reduce insurance denials and deliver higher patient satisfaction.”
“We had always viewed Optimum Outcomes as a formidable competitor, having competed directly against them in the marketplace. We are thrilled to join forces with Optimum Outcomes so that we can create even more value for our clients,” said Robb Cass, President of ACS and manager of the company’s EBO self-pay division.
Optimum Outcomes now serves more than 300 clients across the United States, has over 500 dedicated employees and operates three contact centers nationally.
“Since our initial investment two years ago, Optimum Outcomes has quickly become one of the largest companies in the healthcare account resolution industry,” said David Neighbours, Chairman of Optimum Outcomes and Partner at Waud Capital Partners. “We are excited about the company’s growth prospects and look forward to continuing to work with Mike and his team to build Optimum Outcomes into the premier provider of healthcare revenue cycle services.”
About Optimum Outcomes
Established in 2002 and headquartered in suburban Chicago, Optimum Outcomes partners with over 300 hospitals and hospital-based physician groups across the United States to provide a wide range of account resolution services, including EBO self-pay, third-party insurance and aged receivables recovery. The company assists its clients with optimizing financial outcomes, including increased cash flow and profitability, driving operational efficiencies in the revenue cycle and enhancing the total patient experience. Optimum Outcomes operates three contact centers, with locations in Downers Grove, Illinois (headquarters); Raleigh, North Carolina; and Hoover (suburban Birmingham), Alabama. In partnership with Mike Jacoutot and Mary Ann McLaughlin, Waud Capital Partners acquired Optimum Outcomes in May 2011.
About Waud Capital Partners
Waud Capital Partners (WCP) 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. The firm has completed more than 100 acquisitions since its founding and currently has approximately $1 billion of capital under management.