Columbia, SC and Boston, MA – Receivable Solutions, LLC (“RSi” or the “Company”), a national provider of revenue cycle management (“RCM”) services to hospitals and health systems, today announced that it has received a growth recapitalization investment from WestView Capital Partners, a Boston-based private equity firm focused on middle market growth companies.
Headquartered in Columbia, SC, the Company’s accounts receivable management and revenue cycle outsourcing services offer an attractive value proposition for hospitals looking to outsource all or portions of their revenue cycle operations while maintaining best in class patient experience. The Company provides a comprehensive range of outsourced services across the RCM continuum, from day one patient receivables to insurance follow up, that are designed to accelerate cash flow, improve operating efficiencies and enhance profitability.
“At RSi we are committed to supporting our clients and working together to find the optimal solution that best fits their RCM needs. Our suite of RCM services addresses major pain points for our clients, and not only helps them accelerate their cash flow and reduce A/R days but also ensures a positive patient experience,” said Brent Rollins, CEO of RSi. “We are excited to partner with WestView and leverage their deep expertise and contacts in the healthcare RCM sector as we enter this next phase of our growth together. I am also looking forward to the continued partnership and support of RSi founders Paul Reardon and Donnie Durant who will remain involved and sit on RSi’s Board alongside WestView.”
“Our investment in RSi reflects WestView’s longstanding commitment to partnering with leading revenue cycle management firms led by strong and passionate entrepreneurs,” said Matt Carroll, General Partner at WestView who will join RSi’s Board of Directors. “Over the last several years we have had a number of investments providing us with a front row seat to the rapid growth in patient payments and the importance of overall patient financial experience to today’s healthcare providers. Brent and his team have built a company and operational philosophy that has been embraced in the market and enabled them to achieve one of the fastest growth rates we have seen in this sector,” noted Carroll. “We are excited to partner with Brent and his team as they continue to capitalize on the growing demand for hiqh-quality outsourced RCM services,” added Kevin Twomey, a Vice President at WestView who will also join the Company’s board.
WestView was represented by Latham & Watkins with debt financing provided by Abacus Finance Group, Crescent Direct Lending and Yukon Partners while RSi was represented by Bowstring Advisors and Nelson Mullins Riley & Scarborough LLP.
About Receivable Solutions:
Receivable Solutions is a national provider of revenue cycle management (“RCM”) services to hospitals and health systems. Through its client-focused culture, RSi delivers accounts receivable management and revenue cycle outsourcing services to accelerate provider cash flow, improve operating efficiencies and enhance profitability without sacrificing patient experience. The Company’s solutions span the full RCM continuum, providing both point solutions to address specific client challenges and full end-to-end RCM outsourcing. RSi was founded in 1999 and is headquartered in Columbia, South Carolina. For more information, please visit www.receivable-solutions.com.
About WestView Capital Partners:
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in industries such as healthcare technology and outsourcing, business services, software and IT services, consumer, and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $60 million. For more information, please visit www.wvcapital.com.