Two portfolio companies of Waud Capital Partners — Adreima and Optimum Outcomes — have merged. Adreima provides clinically-integrated revenue cycle services while Optimum offers patient-focused account resolution services. The combined company will retain the Adreima name. BMO, Regions Bank, Capital One Bank and Bregal Sagemount provided debt financing.
CHICAGO–(BUSINESS WIRE)–Adreima, a national provider of clinically-integrated revenue cycle services, and Optimum Outcomes, a national provider of patient-focused account resolution services, today announced a merger of the two companies. With a full suite of solutions that includes eligibility and registration staffing; clinical audit and denial prevention; and receivables management and self-pay/bad debt account resolution, Adreima and Optimum Outcomes help healthcare providers solve complex revenue cycle challenges. The combined business has 1,100 dedicated employees, including 200 specialized physicians, nurses and coders, serving 600 hospitals and providers across 36 states.
We believe that the merger of Adreima and Optimum Outcomes better positions the company to lead our clients through the challenges presented by the ever-increasing complexities of the healthcare reimbursement landscape,” commented Chief Executive Officer Bob Wilhelm. “Our combined expertise, resources and capacity will enable the company to better assist providers to realize the full value of the services they deliver.”
David Neighbours, Partner at Waud Capital Partners, noted, “As Waud Capital portfolio companies over the past several years, Adreima and Optimum Outcomes have established leadership positions within their respective areas of expertise. Formally combining the two companies into the first clinically-integrated provider of revenue cycle services creates a business of scale within the highly dynamic healthcare services industry. I look forward to working with Bob Wilhelm and his team to continue to grow the combined company.”
Founded in 1990, Adreima’s delivery model organizes teams of clinical, financial and process experts to offer customized solutions throughout the front, middle and back end of the revenue cycle. Its services include eligibility, clinical audit, denial prevention and third-party receivables management.
For almost 25 years, Optimum Outcomes has helped providers address the growing volume of accounts receivable by offering extended business office services, ED registration staffing services, patient balance account resolution, bad debt account resolution and legacy patient accounting conversion services, including data warehousing and AR work down services.
Robb Cass, President of Optimum Outcomes, noted, “We are acutely aware that each touch point of a patient’s healthcare experience has the ability to influence that patient’s perception of the provider. With the full spectrum of services now offered by the combined company, we are even better positioned to ensure and facilitate a positive patient experience, from initial registration all the way through final account resolution.”
The combined company will maintain the Adreima name and will be headquartered in suburban Chicago. The new organization will continue to operate from seven regional locations (Phoenix, Raleigh, Jacksonville, Fort Lauderdale, Los Angeles, Birmingham and Bloomfield, New Jersey). The company’s bad debt division will continue to operate as Optimum Outcomes. Mr. Wilhelm has been named CEO of the combined company, and Mr. Cass will lead the patient-focused account resolution division.
Debt financing for the merger was provided by BMO, Regions Bank, Capital One Bank and Bregal Sagemount.
Through its clinically-integrated revenue cycle solutions and patient-focused account resolution services, Adreima helps reduce the financial barriers that can interfere with delivering and receiving the right care. The company’s teams of clinical, financial and process experts lead clients through the complex challenges of their revenue cycle so that they can recognize the full value of the services they deliver.
For additional information on Adreima, visit www.adreima.com.
About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle-market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $20 million to $100 million in private companies in the following four areas: healthcare services, business, government and consumer services, specialty distribution and value-added industrial. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has successfully completed more than 150 investments since its founding and currently has approximately $1 billion of capital under management.