MINNEAPOLIS--(BUSINESS WIRE)--TripleTree, LLC, a strategic advisor and merchant bank serving innovative and market-leading companies in healthcare, is pleased to announce the acquisition of its client, MedData, Inc. by MEDNAX, Inc. (NYSE: MD).
Founded in 1980, MedData has emerged as a leading innovator in technology- and offshore-enabled revenue cycle management, with a suite of outsourced services targeted at the intersection of reimbursement and patient engagement and satisfaction. The Company’s ‘patient-focused’ approach has generated proven results for its clients, while its distinctive combination of onshore and offshore capabilities provides efficiency and additional scalability as the Company continues to grow rapidly.
Driven by its proven outcomes and customer-focused approach, MedData has generated compound annual revenue growth of more than 25% since 2007, to a current run rate of approximately $65 million. Today, the Company serves more than 3,000 physicians at 700 facilities across 43 states. The MedData acquisition satisfies an important strategic objective for MEDNAX’s leadership team as it seeks to build new relationships with both hospitals and physicians.
Following a rapid ten week process, MedData and the Company’s private equity sponsor, Baird Capital, realized a highly favorable outcome in the outsourced revenue cycle management segment. "Our partnership with TripleTree was an absolutely essential component of our successful outcome. Their ability to crystallize our value in the healthcare marketplace and prioritize workflow throughout the process was invaluable,” said Ann Barnes, CEO of MedData.
“MedData will bring a strong platform to MEDNAX as it seeks to provide additional services to facilities and physician groups, an area of increasing importance as reimbursement structures evolve. In addition, MedData’s strategy and customer base are highly complementary to MEDNAX and will help it rapidly expand its service offerings,” said Scott Tudor, Managing Director at TripleTree.
TripleTree acted as the exclusive financial advisor to MedData for this transaction.
About MedData
MedData, Inc. is one of the nation’s leading
providers of a range of patient-focused medical revenue cycle management
services including billing, coding, collections, and patient
satisfaction. For more than 30 years, the Company has been providing
innovative billing solutions to the medical community and serving
millions of patients across numerous medical specialties. MedData
currently serves more than 3,000 physicians at 700 facilities across 43
states from its headquarters in Brecksville, OH, as well as from offices
in Grand Rapids, MI; Roseville, CA; Bellevue, WA; and Peoria, IL. For
more information, please visit www.meddata.com.
About MEDNAX
MEDNAX is a national medical group that
comprises the nation's leading providers of neonatal, anesthesia,
maternal-fetal and pediatric medical and surgical subspecialty services.
The Company is reshaping the delivery of care within its specialties and
subspecialties using evidence-based tools, continuous quality
initiatives and clinical research to enhance patient outcomes and
provide high-quality, cost-effective care. MEDNAX, through its
affiliated professional corporations, employs approximately 2,500
physicians in 34 states and Puerto Rico. For additional information,
please visit www.mednax.com.
About TripleTree
TripleTree is an independent merchant bank
focused on mergers and acquisitions, financial restructuring, and
principal investing services. Since 1997, the firm has built an
unmatched reputation advising some of the most innovative, high-growth
businesses in healthcare. For more, visit www.triple-tree.com
