Aspirion announced on May 19 that it has acquired FIRM Revenue Cycle Management Services, Inc. for an undisclosed price. The acquisition closed on May 18, 2023.
FIRM Revenue Cycle Management Services is an attorney-driven company that utilizes clinicians and case, contract and statutory law to assist hospitals in recovering denied, unpaid and underpaid medical insurance claims.
Aspirion is a revenue cycle management (RCM) company that helps hospitals and physicians recover otherwise lost claims revenue from motor vehicle accidents, workers compensation, the Veteran’s Administration and Tricare as well as out-of-state Medicaid, Medicaid eligibility, underpayments and denials. New York-based private equity firm Aquiline Capital Partners is a majority shareholder of Aspirion.
As part of the announcement, the FIRM team will continue to be led by Nancy Momcilovic. Simultaneously, Joseph Cook, Principal, will retire from active management following the completion of the acquisition.
According to data captured in the LevinPro HC database, this acquisition marks the 108th eHealth transaction of 2023 and the 25th in the RCM specialty. This represents a significant drop from 2022 when there were 167 eHealth transactions and 37 RCM deals announced between January 1, 2022, and May 19, 2022. Additionally, this acquisition marks Aspirion’s fifth transaction since 2018.
