Sunstone Partners Announces Investment in RSource Healthcare
Sunstone Partners, a growth-oriented investment firm focused on tech-enabled services and software companies, has invested in RSource Healthcare, a leading provider of revenue cycle management ("RCM") services to hospitals and health systems. Sunstone Partners' strategic investment will help drive RSource's rapid growth and provide new capital to invest in the expansion of the Company's service offerings while further enhancing the customer experience.
RSource provides specialty RCM services that help hospitals and health systems to efficiently manage complex areas of the revenue cycle, including clinical denials, patient-involved denials and accident claims. Beyond these core offerings, RSource assists its customers with eligibility services, low-balance insurance recovery and legacy system conversions. The Company delivers industry-leading performance through the combination of a multidisciplinary approach and cross-functional expertise, driving measurable ROI for its clients across the country.
Sunstone Partners also announced the appointment of seasoned executives Jim Riley and Kirk Reid as independent Board members. Jim Riley is a proven Chief Executive Officer with over 20 years of experience in the healthcare technology and services sector. Jim most recently served as the President & CEO of Capario (sold to Change Healthcare) and since has held board positions in a variety of private equity backed software and tech-enabled services companies, including: Verisma Systems, Imagine Software, Stratasan and Envera Health. Kirk Reid has over 30 yeas of significant healthcare experience in sales, business development, marketing and general management. Kirk most recently served as the Executive Vice President and Chief Marketing Officer for Chamberlin Edmonds (sold to Change Healthcare) and has since held board positions in a variety of health care focused companies, including: Healthcare Financial Inc., Advantum Health and Liquid Compass.
Larry Reid & Robert Smith (News - Alert), Co-founders of RSource, said, "This investment is a very exciting milestone for RSource. Our RCM solutions address significant pain points for our clients, and we are looking forward to this next chapter as we expand our existing solutions, build complementary solutions, and acquire talent and technology that will ultimately allow us to better serve our customers. We are thrilled to partner with Sunstone Partners, Jim and Kirk and to leverage their deep healthcare and operational experience to power us through our next phase of growth."
"As hospitals continue to come under margin pressure, we believe driving appropriate reimbursement from the most complicated claims in the revenue cycle will be a top priority. RSource brings significant and lasting improvements in revenue recoveries to its hospital customers through a combination of deep clinical expertise, proprietary workflow and technology," said Arneek Multani, Managing Director of Sunstone Partners. "We are excited to work with Larry and Robert to further bolster and expand RSource's platform through continued investment in organic growth and strategic acquisitions."
Brentwood Capital Advisors acted as the exclusive financial advisor to RSource for this transaction.
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