DULUTH, Ga. & LOUISVILLE, Ky. & CHICAGO–(BUSINESS WIRE)–Healthcare revenue cycle management technology leaders Navicure® and ZirMed® Inc., which revealed plans to join forces earlier this month, today announced that the combined company will be led by proven healthcare and technology executive Matthew Hawkins. Hawkins will assume the role of CEO upon the closing of the transaction, which is expected by early November. Jim Denny, current President and CEO of Navicure, will serve as Chairman of the Board.
“I am thrilled to join the leadership team of a unique business focused on solving a major pain point for healthcare – unifying and automating revenue cycle management in virtually every care setting. Navicure and ZirMed are recognized leaders in service excellence with complementary businesses. Combining these two innovators enables us to respond to market demand for integrated enterprise RCM solutions,” said Hawkins, who will also join the Board of the combined company. “Our continued focus will be success for our clients and partners, enterprise-class innovation, convenience for patients, and career opportunities for our team members.”
Navicure and ZirMed are market-leading, cloud-based revenue cycle technology providers with exceptionally strong reputations for product innovation and client satisfaction. Together they provide the highest-rated client experience to more than 440,000 providers, 21,000 healthcare organizations, and 550 hospitals and health systems.
Additionally, the combined company is connected to more than 530 software systems and 5,000 health plans, processing over $2 billion in patient payments and payment transactions. During the transition period, the company plans to operate under both the Navicure and ZirMed brands.
Hawkins brings a track record of success leading and growing several healthcare businesses, and experience with hospital systems and ambulatory services including physician practices. He will join the combined company from Sunquest Information Systems, where he led the acquisition and careful integration of five businesses during his tenure. Sunquest provides diagnostic and laboratory information systems to healthcare providers worldwide.
Prior to Sunquest, Hawkins served as President and CEO of Vitera Healthcare Solutions, a provider of electronic health records, practice management systems and financial and clinical transaction processing. Under his leadership, Vitera was combined with Greenway Health, a provider of electronic health record solutions and integrated clinically-driven medical billing services. Hawkins was previously Vice President and General Manager of Henry Schein Practice Solutions, a global distribution company serving dental and medical practitioners. He received an M.B.A. from Harvard Business School, and graduated with University Honors from Brigham Young University.
“Matt is a proven healthcare and technology executive with deep experience leading talented teams and integrating businesses to drive best-in-class solutions and service for clients and partners. We are confident he will propel growth through a very successful business combination,” added David Humphrey, a Managing Director of Bain Capital Private Equity, which made an investment in Navicure in 2016.
“Matt’s experience and track record are a perfect match for the opportunity this strategic combination creates to fill a major gap in healthcare revenue cycle technology,” said Denny. “Matt has devoted his career in healthcare technology to serving the needs of clients and partners across all care settings and in organizations of all sizes and levels of complexity.”
“I am confident the combined business will be in good hands, and I look forward to watching the business excel and lead the industry in innovation and client service,” said Thomas Butts, current Chairman and CEO of ZirMed.
Navicure® is a provider of integrated cloud-based medical claims management and patient payment solutions that enable healthcare organizations of all sizes to increase revenue, accelerate cash flow, and reduce the cost and effort of managing claims, patient billing and payments, and healthcare data analytics. Serving more than 100,000 providers nationwide, Navicure’s solutions integrate with industry-leading practice management systems and open software as a service (SaaS) companies. Navicure is the exclusive claims clearinghouse and patient payments solution of the MGMA Executive Partner network. Navicure was the top-ranked end-to-end revenue cycle leader in three categories as part of the 2016 Black Book™ RCM Survey, and received the 2017 Best in KLAS® ranking for the claims and clearinghouse segment. For more information, please visit www.navicure.com, or follow @Navicure on Twitter.
About ZirMed Inc.
ZirMed Inc. empowers healthcare organizations to optimize revenue with a dynamic end-to-end platform of cloud-based financial performance management solutions—including Claims Management, Charge Integrity, AR Management, Eligibility and Coverage Detection. By combining breakthrough predictive analytics technology with innovative development and the industry’s most advanced transactional network, ZirMed’s award-winning solutions extract actionable insights that improve our clients’ revenue cycles—while streamlining workflows and increasing operating efficiencies. To learn how ZirMed can help your organization boost its financial performance, visit www.ZirMed.com.
About Bain Capital Private Equity
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 220 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.