SCI Solutions, a provider of enterprise access management, physician connectivity and front-end revenue management software, has sealed an undisclosed amount of funding from New York-based private equity the Wicks Group of Companies and from New Enterprise Associates. Terms of the deal were not released. The funding, the company said, will support expansion.
PRESS RELEASE
SCI Solutions, the premier provider of enterprise access management, physician connectivity and front-end revenue management software, today announced it has partnered with The Wicks Group of Companies, L.L.C., a New York-based private equity firm, and New Enterprise Associates, Inc., a venture capital firm, to secure funding that supports the company’s continued expansion. SCI has also named Joel French its managing partner and CEO, and Jeff Anderson its managing partner and chief sales officer. Founder John Holton will serve as managing partner and chief operating officer.
SCI serves a rapidly growing client base of approximately 450 hospitals and 30,000 physicians nationwide that utilize its web-based services to improve patient access, referring physician satisfaction, provider revenue certainty, operational efficiency and compliance. The company plans to utilize additional funding to expand distribution and accelerate delivery of complementary SCI product offerings. In addition, SCI will aggressively explore selective acquisitions aimed at augmenting the value realized by clients as they manage evolving reimbursement, care management, quality and regulatory environments.
“After consideration of SCI’s market-leading position, we have strategically decided to access growth capital,” said SCI founder John Holton. “We are retiring some loyal, longtime investors, and have partnered with Wicks and NEA to align our mutual goals for market expansion.”
“I am excited to continue my service to SCI and work with my fellow managing partners to accelerate the company’s organic and external growth. Joel and Jeff are seasoned executives who contribute a wealth of knowledge and experience in the health care industry, including provider, payer and acute-care hospital networks,” added Holton.
Joel French brings more than 20 years of experience leading health information technology and consulting firms. He has advised and served executives representing several hundred hospital networks, large physician groups, health plans and life sciences companies on matters of strategy, performance improvement, financial transactions and product management. As managing partner and CEO, French will be responsible for overseeing strategy, corporate development, marketing and finance.
“As provider organizations navigate reimbursement reforms, shed operating costs, develop market advantage via emerging care models and comply with expanded regulatory obligations, we believe working capital availability will be a central constraint,” said French. “SCI’s web-based platform represents a robust set of offerings our clients will utilize to better orchestrate patient care transitions across community trading partners, align revenue with clinical appropriateness, and address the growing body of compliance and accreditation mandates.”
“Jeff and I look forward to working with John and the rest of the outstanding SCI team to serve the company’s clients and provide additional capabilities secured with the help of our equity partners,” French added.
Jeff Anderson will serve as managing partner and chief sales officer for SCI where he will be responsible for direct and channel sales. Anderson’s health care career spans more than 20 years across sales, business development, client delivery and systems integration roles. In addition to his work with companies such as Superior Consultant Holdings, Ernst & Young, Accenture and Huron Consulting Group, he was appointed to the Georgia Department of Community Health in 2004 and the Georgia Regional Transportation Authority Board of Directors.
“Based on my experiences consulting with large global companies in other industries that have experienced systemic economic challenges, macroeconomic factors indicate the health industry will undergo even more stress as fiscal realities impact every provider and payer,” said Anderson. “SCI’s innovative offerings will be key to the solution portfolio that enterprise leaders require to survive and prosper financially.”
About SCI Solutions
SCI’s web-based access management products and related support services connect patients, referring physicians and health care provider enterprises and align financial reimbursement for health care services with clinical appropriateness and regulatory compliance. SCI’s patent-protected solutions utilize advanced rules and workflow engines to facilitate efficient patient encounters and secure exchange of clinical and financial information between patients, physicians and health care facilities. In addition to creating an outstanding service experience for the patient, SCI’s products improve the measurability of business outcomes for a hospital’s clinical departments, financial executives, and physicians.
Founded in 1999, SCI is headquartered in Campbell, CA, with additional offices in Atlanta, GA, Pensacola, FL and Tucson, AZ and employees throughout the United States. For more information about SCI Solutions visit www.scisolutions.com.
About The Wicks Group
The Wicks Group of Companies, L.L.C. (www.wicksgroup.com) is a New York-based private equity firm that invests in middle-market companies operating in selected segments of the information, education, and media industries.
About New Enterprises Associates (NEA)
New Enterprises Associates, Inc. (www.nea.com) is a leading venture capital firm with offices in Washington, D.C., California, India and China. NEA invests in information technology, health care technology and energy technology companies.
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