Combination reinforces market leadership and bolsters platform capabilities
[Columbus, GA and Franklin, TN] — [April 6, 2022] – [Business Wire] – Aspirion (the “Company”), a leader in technology-enabled healthcare revenue cycle management, announced today that it has combined with ARx, a trusted partner to hospital systems to help collect their more challenging reimbursements. As part of the announcement, the ARx team will continue to be led by CEO Bill Chace. The combination closed on March 22, 2022. Terms of the agreement were not disclosed.
The addition of ARx will further reinforce Aspirion’s strong market position in aged accounts receivable collections and provide the Company’s hospital system clients with expanded capabilities to support a broader array of complex revenue cycle solutions. The companies’ shared vision and cultural synergy that focus on customer centricity, innovation, and delivering superior results will facilitate optimal revenue recovery performance and financial success for their healthcare provider partners.
“Today’s announcement illustrates Aspirion’s commitment to broadening our support of US hospital systems’ most difficult reimbursements and our execution against our goal of continually expanding our capabilities and reach in this vertical,” said Jason Erdell, CEO of Aspirion. “What most impressed us with ARx was how their clients spoke of the support they received. It was clear that we share very similar values, and they consistently deliver a premium level of service which is so core to all we do. ARx’s obsession with providing an experience that clients couldn’t find elsewhere and complementary offerings makes this deal align with our strategy.”
“The combination of ARx and Aspirion brings new, strategic capabilities to the company that that are vital to the ever-evolving dynamics of revenue cycle management,” said Geoff White, founder of ARx. “We look forward to leveraging the Aspirion team’s expertise and bringing our own knowledge in revenue cycle management to advance the organization in a purposeful, industry-changing way for our employees, clients, and the communities they serve.”
“Challenges in the labor market and intense scrutiny on reimbursements are producing unprecedented market demand to support US healthcare systems in many areas, notably in areas farther from the core of care delivery,” said Kevin Barrett, Chairman of the Board of Aspirion. “The combination of Aspirion and ARx capitalizes on this compelling opportunity to offer even greater revenue cycle proficiencies to the market.”
This marks Aspirion’s fifth transaction in the last four years and further expands the services the Company provides to its clients. The Company’s mergers and acquisitions and strategic partnership plan are complemented by a history of new client wins and service expansion within existing clients. This is evidenced by the Company receiving this year’s Best in KLAS award for revenue integrity vendors. 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, Opus Advisory, and OneDigital. ARx was advised by Waller Lansden Dortch & Davis, LLP and Brentwood Capital Advisors served as ARx’s exclusive financial advisor.
Aspirion helps hospitals and physicians recover otherwise lost claims revenue from Motor Vehicle Accidents, Workers’ Compensation, the Veterans Affairs, 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. Aquiline Capital Partners is a majority shareholder of Aspirion.
ARx is a revenue cycle management company dedicated to improving revenue cycle management financial performance for Healthcare Providers. The company was founded in 1997 and has over 100 healthcare professionals on staff helping to resolve claims for their hospital and provider clients. ARx is headquartered in Franklin, TN. To learn more about ARx, please visit www.arxhealthcare.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 $7.5 billion in assets under management as of December 31, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.
Erin Haynie, Sr. Director, Marketing