The number of beneficiaries absolutely losing coverage is expected to be 8M, with some not reapplying even if they qualify for Medicaid.
Clearlake Capital-Backed nThrive to Acquire PELITAS
nThrive, Inc. (now FinThrive), a healthcare revenue cycle management (“RCM”) software-as-a-service (“SaaS”) platform provider backed by Clearlake Capital Group, L.P. (together with certain affiliates, “Clearlake”), today announced it has signed a definitive agreement to acquire PELITAS, a leading provider of healthcare patient access, digital patient intake, and front-end RCM software solutions. Financial terms of the transaction were not disclosed.
The addition of PELITAS’s integrated patient access and digital patient engagement software solutions, awarded Best in KLAS for 2019, 2020 and 2022, will advance nThrive’s position as a leading software provider in front-end revenue cycle management.
PELITAS will boost nThrive’s patient access offerings, delivering incremental value for both providers and patients:
- Providers will have automated workflow capabilities for financially clearing patients pre-service or at check-in. PELITAS’s Integrated Patient Access Solution® (iPAS) integrates seamlessly with any EHR or PMS and eliminates redundancy, freeing staff to focus on more impactful work.
- Patients will benefit from virtual check-in and payment capabilities. PELITAS’s Virtual Intake Management® is a suite of digital, self-service tools that allows patients to complete registration documentation and submit payments virtually. This technology provides one of the most in-demand capabilities in healthcare, driven in part by worsening labor shortages, the ongoing COVID-19 pandemic and growing consumer preference for digital engagement with their providers.
“PELITAS’s innovative patient access technology solutions complement the front-end of our portfolio by enhancing and automating workflows and enabling a digital patient experience, one of the most coveted solutions in healthcare today,” said Hemant Goel, CEO of nThrive. “Both organizations are rooted in complementary missions and cultures of innovation to drive meaningful improvement to health and financial outcomes for healthcare providers, payers and patients. We look forward to integrating their solutions and colleagues into our growing company.”
“We are thrilled to support nThrive in this strategic transaction that extends its leadership in revenue cycle management software and adds new capabilities to support digital patient intake and patient engagement solutions,” said Behdad Eghbali, Co-Founder and Managing Partner, and Paul Huber, Principal, of Clearlake. “We are excited to continue executing on our buy-and-build thesis to scale our SaaS platform investment in nThrive and create a comprehensive end-to-end RCM technology provider, while adding value through our proprietary O.P.S. framework.”
nThrive and PELITAS are each committed to helping customers achieve stronger financial outcomes. With a unified portfolio, their customers will benefit from a comprehensive end-to-end RCM technology platform, resulting in increased confidence and predictability in payment optimization.
This acquisition furthers nThrive’s commitment to better serve the healthcare community by increasing revenue assurance and improving revenue staff efficiency while lessening administrative burden so that providers can focus on higher quality care and outcomes for patients.
“nThrive and PELITAS share a common vision of transforming the patient financial experience through best-of-breed technology solutions that integrate key touchpoints, eliminate inefficiencies and optimize outcomes,” said Steven Huddleston, President & CEO of PELITAS. “Both organizations are relentlessly focused on delivering extraordinary value to customers while fostering business cultures that promote diversity and inclusion.”
FinThrive – formerly nThrive and acquired companies, TransUnion Healthcare and PELITAS – is advancing the healthcare economy. Our 1,600-plus colleagues rethink revenue management to pave the way for a healthcare system that ensures every transaction and patient experience is addressed holistically. We’re making breakthroughs in technology—developing award-winning revenue management solutions that adapt with healthcare professionals, freeing providers and payers from complexity and inefficiency, so they can focus on doing their best work. Our end-to-end revenue management platform delivers a smarter, smoother revenue experience that increases revenue, reduces costs, expands cash collections, and ensures regulatory compliance across the entire revenue cycle continuum. We’ve delivered over $7.6 billion in net revenue and cash to more than 3,245 customers worldwide. When healthcare finance becomes effortless, the boundaries of what’s possible in healthcare expand. For more information on our new vision for healthcare revenue management, visit FinThrive.com
PELITAS provides technology solutions to help hospitals, physician practices, and specialty groups improve patient experience, maximize revenue, and eliminate inefficiencies throughout the revenue cycle. Awarded Best in KLAS in 2019, 2020 and 2022, its Integrated Patient Access Solution® (iPAS®) is designed to financially clear patients at the first point of contact by improving the accuracy of registrations, increasing point-of-service payments, and reducing denials. Learn more at www.PELITAS.com
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has over $60 billion of assets under management and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.
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