Elevate Patient Financial Solutions Acquires Professional Medical Services to Expand RCM Offering
09 Jan 2024
Acquisition
HOUSTON--(BUSINESS WIRE)--Elevate Patient Financial Solutions (“ElevatePFS” or the “Company”), a leading provider of technology-enabled specialty RCM solutions, is pleased to announce the acquisition of Professional Medical Services, a provider of RCM solutions focused on low-balance accounts receivable resolution. The acquisition will expand ElevatePFS’ suite of RCM solutions and reinforce the Company’s commitment to addressing the most complex aspects of the revenue cycle for its customers. Professional Medical Services brings industry-leading expertise and technology to address low-balance accounts, which will broaden and strengthen ElevatePFS’ existing accounts receivable capabilities.
'We are excited to partner with ElevatePFS to expand our client base and bring incremental services to our existing clients. We look forward to leveraging the expertise and additional capabilities of a nationally scaled RCM provider like ElevatePFS'
“Low-balance receivables represent a major pain point for hospitals and health systems, who often lack the technical capabilities and resources to resolve these accounts effectively,” said ElevatePFS CEO, Michael Shea. “We see tremendous opportunity to leverage Professional Medical Services’ low-balance accounts receivable capabilities to support our existing customers and improve their cash collections.”
“We are excited to partner with ElevatePFS to expand our client base and bring incremental services to our existing clients. We look forward to leveraging the expertise and additional capabilities of a nationally scaled RCM provider like ElevatePFS,” said James Dressman, Executive Director of Sales, and Kelly Mitchek, Executive Director of Operations, from Professional Medical Services.
ElevatePFS is backed by private equity firms Frazier Healthcare Partners and The Edgewater Funds.
To learn more or contact a representative, visit www.elevatepfs.com.
ElevatePFS is a leading provider of technology-enabled specialty revenue cycle management solutions for hospitals, health systems and healthcare providers nationwide. ElevatePFS’ market leading proprietary technology platform offers a unified suite of RCM solutions designed to engage patients, empower physicians and hospitals, and improve financial outcomes throughout the entire healthcare continuum. ElevatePFS’ suite of solutions includes Medicaid eligibility and enrollment services, accounts receivable services, complex claims recovery services and patient responsibility services. ElevatePFS is headquartered in Spring, TX.
About Professional Medical Services
Professional Medical Services provides technology-enabled RCM solutions for the collection of outstanding low-balance A/R on behalf of hospitals and health systems. Professional Medical Services was founded in 1991 and is based in Fort Worth, TX.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading private equity firm focused exclusively on the healthcare industry. Since its inception, Frazier has raised over $8 billion of capital for private funds and co-investment opportunities and has invested in more than 200 companies over 32 years. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier is headquartered in Seattle, WA, and invests broadly across the U.S., Canada, and Europe. For more information about Frazier, visit www.frazierhealthcare.com/growth-buyout.
About The Edgewater Funds
The Edgewater Funds is a Chicago-based private equity firm with over $4.0 billion of capital commitments raised since 2001. Edgewater provides capital and experience to outstanding growth companies, with a focus on funding high quality middle market companies where it can add substantial value through its capital, experience and broad network. Edgewater’s Partners have been successful CEOs and business leaders themselves. Edgewater’s team includes an Executive Advisory Board made up of nationally prominent business and financial leaders. Edgewater is able to structure both growth equity (minority) and buyout investments to accommodate the needs of each investment situation.
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