TripleTree announces Ingenix' acquisition of CareMedic

TripleTree is pleased to announce that its client, CareMedic, an industry leader in revenue cycle management (RCM) solutions, will be acquired by Ingenix, a leading health information, technology and consulting company, in a cash transaction.

TripleTree acted as the exclusive financial advisor to CareMedic.

With the acquisition of CareMedic, Ingenix will offer solutions that address each major component of the hospital revenue cycle: patient registration, eligibility verification, financial clearance, coding and compliance, bill submission, denials management, and remittance processing. Ingenix and CareMedic’s combined products and services will create a comprehensive suite of solutions for hospitals to manage the revenue cycle and improve financial performance – from the time a patient begins the registration process with a health care provider to the time payment for that care is received. This will be the industry’s only enterprise-wide solution that identifies inefficiencies as they occur, so clients can take practical actions to receive appropriate reimbursements and reduce costs throughout the process.

CareMedic provides hospitals with an enterprise platform of enabling technologies and services that optimize revenue cycle efficiency and improve cash flow, margins and productivity. The Company's products and services include the Electronic Financial Record (eFR®) platform, which makes nearly real-time patient financial information accessible across departments within a hospital, helping clients take the right actions at every step of the revenue cycle to receive payments faster and more efficiently. With the eFR platform, CareMedic provides the industry’s most complete, historical view of a patient’s consolidated financial record with a provider organization. CareMedic’s capabilities will complement Ingenix’s coding and compliance expertise and automated credit balance resolution provided by its INTELLIJET® platform.

Sheila Schweitzer, CEO of CareMedic, said, “With Ingenix’s expertise in reimbursement, health information management and consulting, and our expertise in enterprise-wide RCM, we will create a unified solution that makes hospitals more efficient at managing cash flow and enhances our commitment to helping clients get paid. As part of Ingenix, we will be able to provide clients with additional services and continued innovations that help them use capital more effectively and improve operational efficiency.”

Andy Slavitt, CEO of Ingenix, said, “Innovation and talent are key to solving health care's biggest challenges. We're combining the great teams at CareMedic and Ingenix to deliver innovation with the common vision of simplifying the system, reducing waste and centering health care around the patient.”

“Caremedic is the only company in the industry with a true-end-to-end RCM data and process integration capability that leverages a patient-centric data model. In combination with the coding, content, and transformational services of Ingenix, the combined company will be a significant competitor in the provider RCM sector,” said Scott Tudor, TripleTree Managing Partner.

The CareMedic transaction has been announced on the heels of TripleTree’s representation of Anodyne Health Partners in its sale to athenahealth. TripleTree has now closed over $1.5 billion in RCM, HIT, and HC BPO transactions over the last four years.