Transaction adds capital to continue fueling significant growth
AccuReg, a healthcare technology solutions company offering a full suite of front-end revenue cycle management solutions for health systems and hospitals, secured debt financing from Elm Park Capital Management, a Dallas-based private investment firm that invests in middle market companies. The terms of the deal were not disclosed.
AccuReg utilized a portion of the funding to repurchase all outstanding shares from its sole minority partner. The balance of the financing will be used to fund strategic opportunities that will help fuel the company's expansion.
"Restoring full ownership of AccuReg brings new alignment and energy to our core mission to transform how patients access care and how providers get paid. This clears the path for our deeply experienced team to focus on the front-end of the revenue cycle to ensure our hospital and health system partners continue to increase net patient revenue and meet the demand for more price transparency and digital patient engagement in healthcare," said Paul Shorrosh, founder and CEO of AccuReg. "In addition, patients want more control and that starts with touchless, efficient patient access and financial experience. Our market-leading front-end revenue cycle platform already engages the patient by providing accurate out-of-pocket price estimates, payment processing and financial assistance qualification. We are aggressively pursuing innovative enhancements to the patient experience for our customers - and can't wait to share more in the coming months."
"Despite COVID-related constraints, we managed a rigorous due diligence process with Elm Park and completed this transaction with minimum disruption to our business," said Ian Whelan, CFO/COO of AccuReg. "We are delighted to begin this new chapter and these funds will help accelerate our ability to grow through product development and strategic acquisitions that transform the revenue cycle from the front-end."
AccuReg's patient access solutions were ranked first in the market for the third consecutive year in 2020 by Black Book Research. The company is powering rapid growth by focusing on helping hospitals achieve cost, revenue and efficiency gains by automating and improving patient access processes versus traditional back-end billing and collections functions.