WellSky announced that it has acquired The Corridor Group from HealthEdge Investment Partners, a healthcare-focused private equity firm. By adding Corridor to its portfolio, WellSky will expand its medical coding and revenue cycle management (RCM) offerings to help post-acute care providers increase efficiency and improve performance across clinical, financial, operational and compliance areas.
Founded in 1989, Corridor is a provider of outsourced coding, RCM and education solutions to the post-acute healthcare industry. Corridor has delivered solutions to thousands of clients ranging from large health systems and national chains to smaller, independently operated agencies.
WellSky, a portfolio company of TPG Capital and Leonard Green & Partners, provides software solutions for more than 20,000 client sites — including hospital systems, blood banks, cell therapy labs, home health and hospice franchises, post-acute providers, government agencies and human services organizations.
Corridor CEO Des Varady is staying on to lead the Corridor team, along with the Corridor leadership team, who will integrate with WellSky. Lincoln International acted as the exclusive financial advisor to Corridor and HealthEdge on this transaction. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 217th eHealth transaction of 2023 and the 49th in the RCM specialty. This is significantly slower than last year, when there were 288 eHealth and 61 RCM deals reported between January 1, 2022, and October 13, 2022.
