Combination reinforces market leadership and bolsters platform capabilities
Columbus, GA – (BUSINESS WIRE) – Aspirion (“Aspirion” or “the Company”), a leader in technology-enabled healthcare revenue cycle management, announced today that it has combined with Advicare (“Advicare”), a trusted partner to healthcare providers specializing in clinical denial resolution.
The transaction closed on October 1, 2021. The terms of the agreement were not disclosed.
The combination of Aspirion and Advicare will further reinforce market leadership in clinical denials and provide the new organization’s combined hospital system clients with expanded capabilities to support a broader array of denied claims. The companies’ shared vision and cultural synergy that focus on customer centricity, innovation, and delivering superior solutions will facilitate optimal revenue recovery performance and financial success for their healthcare provider partners.
The Advicare management team is led by Stacy Gearhart and Gloriann Sordo, co-founders of the company. “This is an exciting time for Advicare and our client partners. We are thrilled to be a part of the Aspirion team,” said Sordo. “Together, as Aspirion, we are well-positioned to continue to grow and support our provider partners in their revenue recovery efforts as well as provide expanded career opportunities to our employees.”
“Aspirion’s focus on delivering solutions that exceed hospital systems’ other alternatives is central to all we do,” stated Jason Erdell, CEO of Aspirion. “We continue to invest heavily in contemporary technologies, human resources, and improved claims resolution to produce uncommon results. This is evidenced by our number one revenue integrity ranking of 96.6 by KLAS Research and a client retention rate of more than 97 percent. In Advicare, we found a partner that shares our commitment to produce the best results and client experience possible. We have long admired the innovative approach Advicare utilizes to address a broad array of clinical denials. Today’s combination allows both organizations to service more completely the wide range of denied claims of our collective clients.”
“Today’s announcement reinforces our commitment to strengthening and expanding our suite of healthcare revenue cycle management offerings,” said Kevin Barrett, Chairman of the Board of Aspirion. “The addition of Advicare builds on our strong track record of leadership and deep capabilities in healthcare revenue recovery, providing clear and immediate value to our provider partners, and ultimately, to our employees and investors.”
This marks Aspirion’s fourth transaction in the last three years and further expands the services the Company provides to its clients. The Company’s mergers and acquisitions (M&A) and strategic partnership plan is complemented by a track record of new client wins and service expansion within existing clients. As reflected in a recently released KLAS survey, Aspirion received one of the highest rankings among healthcare RCM vendors in customer service. As an independent research firm, KLAS Research states it has delivered accurate, honest, and impartial insights for the healthcare IT (HIT) industry since 1996.
Aspirion was advised by McDermott Will & Emery LLP, Grant Thornton LLP, Lockton Companies LLC, and Opus Advisory. To learn more about Aspirion, please visit www.aspirion.com.
About Aspirion
Aspirion helps hospitals and physicians recover otherwise lost claims revenue from motor vehicle accidents, workers compensation, the Veteran’s Administration, and Tricare as well as out-of-state Medicaid, Medicaid eligibility, underpayments, and denials. Aspirion’s experienced team of healthcare, legal, and technical professionals combined with industry-leading technology platforms help ensure that providers receive their Complex RCM revenue so that providers, hospitals, and their staff can focus on patient care. Aspirion is wholly owned by Aquiline Capital Partners, LLC.
About Advicare
Advicare resolves the most complex, problematic, and costly clinical denials for Healthcare Providers. The company was founded in 2012 and has over 140 healthcare professionals on staff helping to resolve claims for their hospital and provider clients. Advicare is headquartered in Lakeland, FL. To learn more about Advicare, please visit www.myadvicare.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The firm had $6.9 billion in assets under management as of June 30, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.