The increase in popularity of home health and hospice care, fueled in part by an aging Baby Boomer population, has provided a windfall of sorts for HEALTHCAREfirst.
The 16-year-old developer of IT software and services for the home health and hospice industry announced Wednesday that it is being acquired by The Riverside Company, a global private equity firm with 17 offices and a $3.2 billion portfolio. The deal is seen as a precursor to bigger and better things for the Ozark, Mo.-based vendor.
"The Riverside team quickly recognized the growth potential at HEALTHCAREfirst," said Loren Schlachet, Riverside's managing partner, in a press release. "In addition to the significant industry growth trend, we see great potential in marketing the complementary product extensions for the software. Riverside's extensive experience in healthcare will assist the HEALTHCAREfirst management team to expand its product offerings and broaden its customer base."
Founded in 1992, HEALTHCAREfirst offers a line of software-based services designed to maximize reimbursements, simplify the billing and coding process, reduce errors, eliminate paperwork and provide enhanced electronic tools to manage patients, personnel and payers. The company offers consulting services for hospice and home health providers, care plan oversight for physicians and software for home health, hospice, bereavement, billing and coding concerns.
"We have differentiated ourselves by offering an integrated bundle of products and services, giving our customers the freedom to focus on patient care instead of paperwork," said Bobby Robertson, the company's CEO. "Similarly, Riverside offers us a broad range of business and industry expertise that will enable us to operate efficiently and focus on delivering even stronger competitive advantages for our customers."
Billed as the largest global private equity firm focused on the smaller end of the middle market, Riverside specializes in companies valued at up to $200 million and has invested in 197 firms with a total enterprise value of $4.4 billion since 1988. The company has more than 180 employees and offices in New York, Chicago, Dallas, Los Angeles, Cleveland, San Francisco and Atlanta, as well as offices in Europe (Brussels, Munich, Amsterdam, Budapest, Madrid, Prague, Warsaw and Stockholm) and Asia (Tokyo and Seoul).
What information technology advancements will help the home health and hospice industry in the future, and what might hinder them? Send your comments to Managing Editor Eric Wicklund at eric.wicklund@medtechpublishing.com.