Access Healthcare, an India- and US-based technology platform that offers revenue cycle management services to hospitals, said Tuesday it has raised growth capital from alternative investment firm New Mountain Capital.
The company will use the funds to spearhead its next phase of growth and ramp up its play in artificial intelligence, workflow automation, product development, and expansion into new markets, it said in a statement. It didn’t disclose financial terms of the transaction.
The company partners many large US-based healthcare organizations to help them improve operational efficiency, reduce costs, and improve care for patients, processing more than 400 million transactions annually.
Access Healthcare was founded in 2011 by Anurag Jain and Vardhman Jain. The company is based in Dallas, Texas, and has several offices in India. The company says its platform seeks to help its clients deliver significant savings by optimising operations across the front-end, mid-cycle, and back-end of the entire revenue cycle.
Vardhman Jain, vice chairman of Access Healthcare, said the deal marks a significant milestone for the company. “Through our partnership with New Mountain, we are positioned to scale more rapidly, invest in next-generation technologies, and continue providing the platform upon which our clients rely,” he said.
The two co-founders had previously started Vision Healthsource in 1997, a provider of billing and claims solutions for healthcare organizations. Vision was later acquired by Perot Systems, and subsequently by Dell Services in 2009.
New Mountain Capital manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. According to its website, New Mountain acquires controlling stakes in defensive growth industries. It generally invests between $100 million and $500 million per transaction in companies with enterprise values typically between $100 million and $1 billion.