Kriya Capital-backed Innoval Global Solutions acquired Medstat Accounts Receivables Management, which delivers revenue cycle services for medical professionals throughout the southwest and in New Jersey. The deal was financed by internal accruals of cash and standing credit facilities at Kriya Capital.
Kriya Capital LLC, a Dallas-based private equity firm with holdings in health care, telecommunication, technology and BPO sectors, announced today the acquisition of Medstat Accounts Receivables Management, Inc; effective Dec. 3, 2019.
Headquartered in Mesa, AZ, Medstat delivers a complete spectrum of revenue cycle services for medical professionals throughout Arizona, the Southwest and in New Jersey. The company supports a diverse community of local practitioners, including physicians, surgeons and specialists.
Founded in 1990 by Marilynn Peters, Medstat provides coding, billing, claims processing, follow up, appeals and insurance credentialing and contracting services for medical professionals. The company’s focus on local practices, typically with 20 or fewer practitioners, will continue.
“We are excited to welcome Medstat to our family of companies. This acquisition reflects our continued investment in Healthcare RCM assets. Marilynn has built a family business with an impeccable reputation for customer service and financial performance into an outstanding platform ripe for expansion in Arizona and neighboring states,” Nafeesa Khandwala, Kriya Capital Partner, said about the transaction.
“We are also very pleased Marilynn will remain with the company as a consultant to help us grow our market footprint and scope of offerings. Her daughter, Kelly Peters, will continue to direct operations, manage the Mesa location and will play an integral role as we expand capabilities,” Ms. Khandwala added.
“Medstat was our second acquisition in 2019 and an important component to broaden scale, revenue and visibility in the healthcare sector. To meet our objectives, we will focus on organic and strategically positioned, inorganic opportunities,” Karan Negi, Kriya Capital Managing Partner stated.
According to Mr. Negi, Medstat stock has been acquired by Innoval Global Solutions, LLC, Kriya Capital’s flagship RCM enterprise, also based in Dallas.
The deal was financed by internal accruals of cash and standing credit facilities at Kriya Capital. Other Financial terms were not disclosed. The transaction was effective on Dec. 3, 2019.