Kriya Capital has acquired Natchez, Mississippi-based Receivable Solutions Specialist Inc, a provider of revenue cycle management services to healthcare organizations. No financial terms were disclosed.
DALLAS, Jan. 9, 2019 /PRNewswire/ — Kriya Capital, a Dallas-based private equity firm with holdings positioned in the healthcare, telecommunication, technology and BPO sectors, announced today the acquisition of Receivable Solutions Specialist Inc., (RSSI).
Headquartered in Natchez, Mississippi, RSSI delivers a suite of revenue cycle management services to health care organizations, including one of the largest Occupational Care and Urgent Care providers in the U.S.
“We are pleased to welcome RSSI to our family of companies. Occupational health care is a niche vertical encompassing a unique array of services to benefit employers and their workers,” Karan Negi, Kriya Capital Managing Partner, said about the transaction.
“This acquisition aligns with our growth strategy of investing in health care revenue cycle management opportunities and the acquisition of other companies providing innovative solutions across the receivables management spectrum,” he added.
According to Mr. Negi, RSSI assets will be acquired by Credence Resource Management, LLC (CRM), Kriya Capital’s flagship receivables management enterprise, also based in Dallas. The company plans to treat the acquisition as an add-on to Kriya’s current platforms, CRM and Innoval Global Solutions.
“Vision 2020 is our strategic initiative to achieve $100MM in total servicing revenues from portfolio companies owned and managed by Kriya Capital. RSSI is our first acquisition and an important component to broaden scale, revenue and visibility in the health care sector. To meet our objectives, we will focus on organic and strategically positioned, inorganic opportunities. We plan to aggressively pursue quality assets in 2019,” Mr. Negi stated.
Bruce Brice, owner of RSSI, will stay with the company which he founded in 2002 and will spearhead the marketing of occupational health care solutions.
“The transaction with Kriya Capital is the next logical step in RSSI’s evolution. CRM and Innoval exponentially deepen our bench, strengthen our skillsets and will provide resources to increase our footprint with clients we presently serve and new ones in the pipeline,” Mr. Brice said.
“RSSI specializes in the resolution, appeal, resubmission and recovery of occupational care claims, including workers’ compensation and denial management. This is a niche discipline of immense value to our clients who deal with the treatment of work-related injuries and employee wellness issues,” stated Nafeesa Khandwala, a Kriya Capital Partner.
“Bruce and his team bring domain expertise that immediately enhances the scope of services we already deliver to a diverse community of healthcare providers and professionals. The RSSI acquisition adds bandwidth and new capabilities to our CRM and Innoval brands and will benefit any medical enterprise facing occupational claim challenges,” she said.
The deal will be financed by internal accruals of cash. Other Financial terms were not disclosed. The transaction was effective on Jan. 7, 2019.
About Kriya Capital:
Kriya Capital, LLC is a Dallas-based Investment Management firm with a focus on Receivables Management, Health Care RCM, IT Products and Services, and Contact Center verticals. It owns and operates three brands: Credence Resource Management LLC, Innoval Global Solutions LLC and iValuate Global Technologies LLC and services clients through a globally deployed workforce of 2200 FTE.
About Receivables Solutions Specialists Inc.:
Receivable Solutions Specialist Inc. is a receivables management firm based in Natchez, MS which provides asset recovery services, business office staffing, payment monitoring services and revenue cycle consulting. It specializes in occupational health care claim resolution but recovers a wide range of consumer and commercial delinquencies, including judgments.