Kovo HealthTech announced that its indirect wholly-owned subsidiary, Kovo Acquisitions LLC, has acquired 100% of the assets of Healthcare Data Management (HDM). The aggregate purchase price for the assets totaled $3.3 million.
HDM is a Maryland-based medical billing company specializing in asthma and allergy, maternal fetal medicine, orthopedic, radiology, cardiology, internal medicine, family medicine, mental health, endocrinology, neurosurgery, infectious disease, bariatrics and chiropractic revenue cycle management (RCM). HDM generated revenue (reported in accordance with GAAP) of $2.56 million for the annual period commencing August 1, 2023 and ending July 31, 2024 (unaudited), according to the original deal press release from September 11, 2024.
Kovo HealthTech Corporation is a growing healthcare technology company that specializes in billing-as-a-Service offering SaaS-style recurring revenue contracts and software for US healthcare clinics, hospitals and private practices. Kovo helps healthcare providers digitally track and manage complex patient care registration, services, billing and payments in a seamless way, using its proprietary OneRev technology platform.
“This strategic acquisition allows Kovo to continue to build on its accretive growth plan”, commented Justin Anderson, Chief Restructuring Officer of Kovo. “I continue to be very impressed with Cheryl Gundy and her team, the amazing level of quality and service they provide, and the outstanding results they achieve for their clinical clients has only improved over time as we’ve gotten to know them all. HDM has been laser focused on delivering results day after day for 20 years and we look forward to internalizing some of their best kept procedural secrets into the DNA of our teams as we work together in the coming years.”
Kovo HealthTech announced two acquisitions during 2023. The company purchased E&A Medical Billing Service and Software for $2.7 million in April 2023, followed by Kairos Billing Solutions for $150,000 in June 2023.
According to data captured in the LevinPro HC database, this acquisition represents the 179th eHealth transaction of 2024, and the 27th in the RCM specialty. There were 55 RCM deals announced during 2023, and 66 announced during 2022.
