PE-Backed Elevate Patient Financial Solutions Acquires Professional Medical Services
Elevate Patient Financial Solutions, backed by private equity firms Frazier Healthcare Partners and The Edgewater Funds, announced on January 9 the acquisition of Professional Medical Services. Professional Medical Services is a provider of revenue cycle management (RCM) solutions focused on low-balance accounts receivable resolution. The company was founded in 1991 and is based in Fort Worth, Texas. Elevate Patient Financial Solutions delivers RCM solutions to hospitals, health systems and health providers nationwide. The acquisition will expand Elevate’s suite of RCM solutions and reinforce its commitment to addressing the most complex aspects of the revenue cycle for... Read More »
Adare Pharmaceuticals Sold to Two Private Equity Firms
Two private equity firms, Thomas H. Lee Partners and Frazier Healthcare Partners, are teaming up to acquire a leading specialty contract development and manufacturing organization (CDMO). The firms are buying Adare Pharmaceuticals. a global provider of advanced pharmaceutical technologies, development and manufacturing. The company utilizes its differentiated pharmaceutical technology and microbiome scientific platforms to develop novel, improved medicines and therapies for the global market. Adare has developed and manufactured more than 40 products sold by partners in more than 100 countries globally including Lacteol, Zoolac, Viactiv, and a number of branded and complex generic... Read More »
Mednax Sells MedData, Pulls Back on M&A
It’s been nearly a year since Mednax Inc. (NYSE: MD) announced its MedData subsidiary was headed for the auction block. The company acquired the privately held revenue cycle management company in August 2014 for an undisclosed amount. Now that Mednax has hired teams of consultants to help it rethink its business model, MedData is a non-core asset. Frazier Healthcare Partners agreed to pay $250 million for MedData in mid-October, although Mednax has classified MedData as discontinued operations since the first quarter of 2019. The target provides management services to hospitals, health systems and healthcare providers. Back in 2014, when Mednax bought it, MedData served 3,000 physicians at... Read More »