Revint Solutions, a Chadds Ford-based firm that specializes in medical-payment collections, said Tuesday it is acquiring Naveos, a Virginia firm focused on “government reimbursement technology and services for healthcare providers.”
Revint employs 176 in the Philadelphia area, and “we are planning to grow,” chief executive Kyle Hicok said.
Revint clients include “over 200 health systems across 48 states,” including some of the largest hospital systems in Pennsylvania and New Jersey, according to Hicok, who declined to name specific clients. Revint claims 1,500 clients in total, and says it “helps recover over $150 million of underpaid or unidentified revenue” for them annually.
The deal is the second by Revint since December, when New Mountain Capital, a New York investment firm, bought control of Revint from Eir Partners, which remains a minority investor. The companies haven’t said what the buyer paid. New Mountain typically invests at least $100 million in the firms it targets. Its current investments are valued at a total of $20 billion.
Also in December, New Mountain merged Revint, which had been based in Chicago, with IMA Consulting, a medical-collections firm based in Chadds Ford since 1996.
With New Mountain’s cash and support, the IMA and Revint teams planned to “create the leader in revenue integrity solutions, advanced revenue cycle management, and consulting services,” IMA co-managing partners Kim Hollingsworth and Tony Scarcelli said in a statement at that time.
Hicok, a veteran Minneapolis-based software company executive who had joined Revint in October, was appointed CEO of the combined firms, and Chadds Ford was designated its business address, under the Revint brand name.
While Chadds Ford is now the company’s “largest location,” Hicok told me, “we are virtual, and also have locations in Chicago, Florida and Virginia. Our local leadership lives across the country and frequently goes to each of our offices.”
Hicok said Naveos is “highly complementary” to Revint’s own services. Naveos’s Compass-brand software helps doctors and hospitals collect more from Medicare and Medicaid by matching uncompensated care to claims databases and program requirements.
New Mountain has other health-industry investments in the Philadelphia area. Last fall, New Mountain engineered the $6.5 billion acquisition of lab equipment supplier VWR Corp., of Radnor, by lab materials supplier Avantor, a New Mountain-backed company based in Center Valley, near Bethlehem. VWR now operates as a unit of Avantor under Avantor chief executive Michael Stubblefield.
Other New Mountain Philadelphia-area connections include veteran chemical company executive Rajiv L. Gupta, the last chief executive of Philadelphia-based Rohm & Haas, now part of DowDuPont, who is a New Mountain senior adviser; and Edward Breen, chief executive of DowDuPont and formerly of Tyco International, has also been a New Mountain advisory board member.