Avadyne Health, the Illinois-based provider of outsourcing for patient-centric revenue management services, will merge with Benchmark Revenue Management, a provider of similar services for hospitals. The merged company will be called Avadyne Health. Specifics of the transaction were not publicized.
Avadyne Health, a leading provider of patient-centric outsourced revenue cycle management services and Benchmark Revenue Management, the nation’s premier revenue cycle workflow provider for hospitals, announced recently they have merged. The new firm’s combined solutions, which presently serve nearly 200 hospitals across the U.S., will set a new standard for technology-enabled services in the revenue cycle space. The merged company will be providing new and uniquely valuable technology enabled services as well as continuing to offer the solutions for which each company has become known. The new company will continue to the use the Avadyne Health name.
“We couldn’t be more excited about merging with Benchmark,” said Moises Eilemberg, CEO of Avadyne. “We have been working together and have been an investor in the company for some time. Our focus at Avadyne has been the extension of a world-class patient experience beyond the clinical encounter and into the revenue cycle. In fact, our executives speak all over the country about the Total Patient Experience. And while our customers love the way we assist their patients, we were actively searching for ways to work more seamlessly with our hospitals. With Benchmark on board, we are able to offer our customers the same technology that we use ourselves, so the flow of work and the transparency to the results we deliver is unparalleled in the industry. We’re setting a new standard,” Eilemberg added.
“Since our team gets so deeply involved with our customers, we find it very distressing to see our clients battle with continuous cost pressures and understaffing; their options for partnering with a specialized service provider are limited by scarce internal IT resources, rigid contracts, and low visibility to the work being done for them,” explained Tyson McDowell, CEO of Benchmark. “Merging with Avadyne creates enormous flexibility for our current and future customers. Whether their needs include internal revenue cycle technology, outsourcing, or both, our combined capabilities mean that we can provide a revenue ‘safety net’ for everything they do. Our staff can work seamlessly with their staff members so the collective team is always ‘right-sized.’ That offers true optimization that no one else can provide. We have an enormous opportunity to increase transparency and efficiency, reduce costs and change the face of revenue cycle,” McDowell continued.
Investment Bank Nexus Health Capital advised Avadyne and Benchmark on the merger. Damon Morey, LLP served as legal counsel to Avadyne and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP handled legal matters for Benchmark.
About Avadyne Health
Avadyne Health headquartered in Moline, IL, is a patient-centric organization that provides revenue cycle management services to a wide range of healthcare providers across the nation. Avadyne Health ensures its clients deliver a positive patient experience beyond the clinical encounter and through the revenue cycle. Its services include self-pay billing and customer service, third-party claims resolution, denial management and collection of post write-off accounts. Avadyne also offers revolutionary account segmentation and presumptive charity analytics. At Avadyne Health, our mission is to strengthen the financial health of our healthcare providers so you can focus on what you do best – care for patients. For more information, visit http://www.avadynehealth.com.
About Benchmark Revenue Management
Benchmark Revenue Management is one of the fastest-growing firms in the healthcare administration technology field. Benchmark delivers revolutionary administrative workflow, revenue analysis, management, and monitoring tools which are inherently integrated for maximum effectiveness and efficiency. Benchmark’s customers include a number of high-profile hospitals and systems, such as St. Joseph’s in New Jersey, St. Joseph’s Atlanta, New York Methodist Hospital, Catholic Healthcare Partners, Advocate Health Care in Illinois, and Avera in South Dakota. More information about Benchmark, visit http://www.benchmarkrevenue.com.