GrowthCurve Capital has closed its acquisition of Revecore, a provider of revenue integrity and complex claims solutions for health systems. The transaction was done alongside management and existing backer Riverside Partners. No financial terms were disclosed.
PRESS RELEASE
FRANKLIN, Tenn.–(BUSINESS WIRE)–Revecore, a leading provider of revenue integrity and complex claims solutions for health systems, announced today that GrowthCurve Capital, alongside management and existing shareholder Riverside Partners, has completed an acquisition of the company. The investment from GrowthCurve will allow Revecore to build on its market leadership in specialized healthcare revenue recovery while accelerating investments in its proprietary technology platform to deliver additional value to health systems nationwide.
Revecore partners with approximately 1,200 hospitals across the country to deliver specialty reimbursement solutions for the most challenging areas of the hospital revenue cycle. Over the last 20+ years, Revecore has developed a strong reputation as the definitive expert in underpayments, denials, motor vehicle accident, workers’ compensation, and Veteran Affairs claims for some of the largest healthcare systems in the country. Revecore is differentiated by the combination of its deep expertise and proprietary technology platform that enable the Company to provide a comprehensive, diversified suite of services to hospitals and health systems.
GrowthCurve, Riverside, and Revecore are also announcing that Dave Wojczynski, former President of TransUnion Healthcare, has been appointed CEO and will lead the strategic direction of the business.
“I am honored and excited to continue building on Revecore’s momentum as a best-in-class platform that combines robust technology with decades of accumulated domain expertise to address uncompensated care across payor types and provider settings. Our vision is to continue investing in current service areas while adding complementary adjacent service lines that will deliver additional value to existing and new customers,” said Wojczynski. “I have a long history working with the principals at GrowthCurve and look forward to partnering with them, Riverside, and the Revecore management team in its next phase of innovation and growth.”
Dave is an industry veteran and brings more than 20 years of experience in healthcare technology to the business. Prior to TransUnion Healthcare, Dave served in several senior roles at leading healthcare technology and revenue cycle companies after starting his career with the United States military. Dave succeeds Mark Talley, who has led the Company for the past 5 years through a period of tremendous growth and service expansion. Mark’s leadership contributed to Revecore’s current market leadership and ranking as the number one solution in the Best in KLAS Software & Services Report for the Complex Claims segment for the last two years and HFMA Peer Review endorsements for the last seven years for its underpayment review and complex claims solutions, reflecting the Company’s excellence in driving significant value and customer service for clients.
GrowthCurve Capital is a unique private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. GrowthCurve will help Revecore drive artificial intelligence and other innovative technology capabilities to build on its position as the leading provider of data-powered revenue management services for specialized and complex claim types.
Vignesh Aier, Head of Healthcare Investing at GrowthCurve, commented, “We are excited to support Revecore as it builds on its market leadership and strong historical growth momentum. Our investment, which marks our third to-date, is a continuation of our theme of partnering with businesses that have rich data assets and that can leverage our expertise in AI, data enablement, and digital transformation to strengthen and expand their suite of offerings.”
Michael Finke, GrowthCurve’s Chief AI Architect and former co-founder of the healthcare AI business M*Modal, added, “There is significant opportunity to build upon Revecore’s market-leading technology with intelligent automation and machine learning capabilities to complement its deep, specialized domain expertise to support health systems in improving their revenue cycle function.”
Under the new partnership, Riverside Partners will continue to hold equity interests in the Company, as will the Company’s management team.
“We have been thrilled with our investment in Revecore, and we believe GrowthCurve’s track record of successfully supporting data-first companies as well as its values make it the ideal partner for Revecore’s next phase of growth,” said David Belluck, General Partner at Riverside Partners. “This new partnership will bring additional operational resources and capital to enable Revecore to invest even further to deliver innovation and expanded value for health systems nationwide.”
Revecore’s go-forward Board of Directors will include seasoned healthcare technology executives from GrowthCurve and its network. Gerry McCarthy, former CEO of eSolutions, former President of TransUnion Healthcare, and a current GrowthCurve Lead Healthcare Operating Executive; and Julie Klapstein, former founding CEO of Availity and a GrowthCurve Advisory Board member, will both join the Board and support key strategic priorities for the business.
William Blair served as financial advisor to Revecore in the transaction. Choate Hall & Stewart LLP served as legal counsel to Revecore, and Davis Polk & Wardwell LLP served as legal counsel to GrowthCurve. Terms of the transaction were not disclosed.
About Revecore
Revecore is a leading provider of revenue integrity solutions for underpayments and denial prevention and complex claims reimbursement solutions for motor vehicle accident, workers’ compensation, and Veterans Affairs claims. Revecore serves nearly 1,200 hospitals across the country, offering hospitals and health systems over two decades of unrivaled technology and expert insight into the most challenging areas of revenue cycle to ensure they are appropriately reimbursed for the care they provide. In addition to being #1 Ranked in Complex Claims by KLAS, Revecore holds the distinguished HFMA Peer Review Status for underpayment recovery and complex claims solutions. For more information, please visit www.revecore.com.
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