IOD Inc., a Green Bay, Wisc.-based provider of release of information services and solutions to hospitals and physician clinics, has raised over $35 million in growth equity from LLR Partners. The investment is in exchange for a minority ownership position.
LLR Partners, a leading, middle market private equity firm with over $1.4 billion under management, announced today that it has provided over $35 million of growth equity to IOD Incorporated of Green Bay, Wis. IOD is a leading provider of release of information, scanning and imaging, EMR conversion, and other crucial information services to hospitals and medical clinics across the country. LLR is partnering with IOD’s existing management team in the transaction and will be a minority investor in the Company.
Mike Wickman, CEO of IOD, said, “We have known LLR for several years and are excited to be partnering with them to continue the rapid growth of the Company. With LLR, we will have both the capital available and the expertise necessary to grow our core business and acquire complementary businesses which allow us to better serve our customers.”
With a base of over 1,800 hospital and medical clinic customers, IOD is a leading provider of health care information management services. IOD partners with Health Information Management (HIM) departments to manage the increasing demands for more organized and accessible health data and achieve regulatory compliance. IOD’s services include end-to-end release of information services, scanning, imaging and storage of medical records, conversion of records to an EMR platform, and other information management services. IOD employees work on site at customer locations in order to insure high-quality, timely fulfillment of services and close integration with customers’ existing information work flow.
“We have been very impressed with IOD’s growth over the past few years,” said Scott Perricelli, partner at LLR. “Mike and his team have focused on providing quality field personnel and high service levels. This commitment to quality has enabled them to build a large base of very loyal customers. We view IOD as a platform which can add additional service offerings in order to better serve the HIM departments of health care organizations.”
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, provides capital to middle market growth companies with proven business models in a broad range of industries including health care, financial and business services, information technology, and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or control positions, and leading transactions ranging from expansion and growth capital to shareholder recapitalizations and buyouts. For more information about LLR, please visit www.LLRPartners.com.
About IOD Incorporated
Headquartered in Green Bay, Wis., IOD Incorporated is a leading provider of release of information services and solutions to hospitals and physician clinics in the United States. Servicing a nationwide base of over 1,800 hospitals and clinics in 37 States, IOD delivers outsourcing services to facilitate on-line availability, retrieval, and delivery of medical record documents in addition to comprehensive document management, medical records storage, and consulting services. IOD combines 25 years of industry excellence providing health care organizations with HIM solutions to reduce administrative costs, improve staff efficiency, achieve regulatory compliance, increase patient satisfaction, and help manage the revenue cycle, while complementing client’s existing electronic medical record (EMR) workflow.