MedAvant Healthcare Solutions, a Santa Ana, Calif.-based provider of technology for the electronic exchange of medical claims and clinical information, has acquired the Medicare crossover business of HDM Corporation. No financial terms were disclosed. Marlin Equity Partners acquired the assets of MedAvant out of bankruptcy last fall.
MedAvant Healthcare Solutions (MedAvant), a leader in healthcare technology and transaction services, is pleased to announce the acquisition of the Qwik+Cross(TM) Medicare crossover business of Omaha, Nebraska-based HDM Corporation (“HDM”). The acquisition will provide existing clients with greater payer connectivity and expedited billing to payers offering Medicare Supplemental Insurance. Terms of the agreement were not disclosed. MedAvant, based in Santa Ana, is a portfolio company of Marlin Equity Partners (“Marlin”).
“This is a notable accomplishment just 90 days after Marlin’s acquisition of MedAvant and shows our dedication to broaden its services and offerings,” said George Kase, Partner of Marlin. “The acquisition of the Qwik+Cross( )business signifies Marlin’s commitment to continued growth and success for MedAvant.”
Founded in 1996, HDM processes more than 30 million healthcare claims a year, representing the coordination and payment of more than $4.5 billion in patient healthcare costs. Qwik+Cross provides electronic Medicare Crossover claims for policies offered by private insurance companies to cover gaps in Medicare plan coverage.
“As we move forward, our focus is on providing clients with industry-leading products and world-class customer service. Qwik+Cross has generated a large and loyal customer base by consistently providing exceptional service and we look forward to introducing their product offerings to our customer base,” said Andrew Lawson, President of MedAvant. “The Qwik+Cross team has extensive experience in the Medicare Supplemental Insurance field and we look forward to leveraging their market expertise as well.”
“MedAvant is a leader in its space, and we are excited to become a part of the company,” said Lisa Lechowicz, President of HDM. “This transaction benefits the Qwik+Cross customer base as MedAvant and Marlin Equity have the ability and resources to provide new and enhanced services to our clients.”
All Qwik+Cross employees have joined the MedAvant team. For more information about the acquisition, visit http://www.medavanthealth.com/crossover .
MedAvant is a national connectivity network that connects payers with providers in a real-time environment for the purpose of electronically processing administrative, financial and clinical information in order to lower total administrative costs, improve payer, provider and member relationships, and ultimately improve clinical outcomes. For more information, please visit http://www.medavanthealth.com.
About Marlin Equity Partners
Marlin Equity Partners is a Los Angeles, California-based institutional private investment firm with more than $350 million of assets under management. Since 2005, Marlin Equity Partners, through its group of funds and related companies, has successfully completed over 20 acquisitions. For more information, please visit www.marlinequity.com.