TractManager, a portfolio company of Arsenal Capital Partners, has acquired Lynbrook, New York-based Newport Credentialing Solutions, a provider of cloud-based credentialing and provider enrollment software and services. No financial terms were disclosed.
CHATTANOOGA, Tenn. & DALLAS–(BUSINESS WIRE)–TractManager, Inc., the healthcare industry’s largest supplier of strategic sourcing and contract lifecycle management (CLM) solutions, has acquired Newport Credentialing Solutions, the leader in cloud-based credentialing and provider enrollment software and services.
“Newport Credentialing Solutions is an exciting addition to our corporate family,” said Trace Devanny, chief executive officer of TractManager. “Newport’s solutions streamline the physician enrollment process and enable the proactive management of the complex credentialing lifecycle. In an increasingly challenging financial environment, Newport’s ability to optimize the provider revenue cycle through enrollment automation is a much-needed solution that immediately impacts the bottom line of physician practices, hospitals, and health systems.”
Since its founding in 2009, Newport has focused on helping providers take control of their credentialing lifecycle, thereby generating more income in less time. Newport views credentialing as an integral part of the revenue cycle, as providers who are not enrolled correctly will not be paid correctly. Newport’s clients include some of the largest academic medical centers, health systems, and multi-specialty group practices in the United States.
“We’re excited to join forces with TractManager,” said Scott Friesen, founder and CEO of Newport Credentialing Solutions. “Enrolling a provider and then maintaining that provider’s enrollment status is challenging. We developed the industry’s first cloud-based workflow, analytics, and business intelligence credentialing platform to overcome that challenge, and I can’t think of a better home for us to continue to evolve our solutions and accelerate our growth and market penetration than TractManager.”
Newport’s customized professional and support services wrap around the proprietary software and maximize the value of the credentialing platform. Donald A. Deieso, Ph.D., Chairman of TractManager’s Board of Directors, and Operating Partner for Arsenal Capital Partners, noted that, “With the addition of Newport to the TractManager family, we continue to advance our mission of building an exceptional organization that can truly transform our healthcare system for the benefit of all.”
About Newport Credentialing Solutions
Newport Credentialing Solutions is the nation’s premier provider of cloud-based, workflow and analytics software, and cloud-enabled services dedicated to the credentialing lifecycle. Newport’s clients include some of the largest academic medical centers, health systems, and multi-specialty group practices in the United States.
TractManager’s healthcare-specific application suite serves three out of five U.S. hospitals. Serving the healthcare industry with integrity for more than 30 years, TractManager is the first-mover in strategic sourcing and enterprise contract lifecycle management. Our advisory services wrap around each solution component, optimizing purchasing and service category management, while supporting best-practice contracting processes. The company’s strategic sourcing division, MD Buyline, includes Hayes, the industry leader in providing clinically focused, evidence-based research and analysis to health plans, insurers, hospitals, healthcare systems, ACOs, and government agencies, and MedApproved, a new product approval workflow solution. The MediTract division supports hospitals and healthcare facilities with an enterprise contract lifecycle solution. Together, we are dedicated to helping our clients reduce their capital and non-labor costs, and conform their contract, policy, and procedure management to meet regulatory requirements.
About Arsenal Capital Partners
Formed in 2000, Arsenal Capital Partners is a leading New York-based private equity firm that invests in specialty industrial and healthcare companies. Arsenal targets businesses with the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Since inception, Arsenal has raised institutional equity investment funds totaling $3 billion.