Ridgemont Equity Partners, a middle market private equity investor, today announced its partnership with HealthMark Group, a technology-enabled provider of release of information and other health information management services, and OTech Group, a provider of patient intake management software and systems. Together, the businesses will form a leading software and technology-enabled solutions platform to help medical practices minimize the administrative burden associated with patient check-in, form completion and signing, and compliant medical record release. With Ridgemont’s backing, management will continue to invest in product development and acquire complementary offerings to further expand the platform. Financial terms of the transaction were not disclosed.
“Ridgemont is very pleased to partner with HealthMark and OTech to support the next chapter of growth for the combined company,” said Anthony Cassano, Partner at Ridgemont. “As a firm, we have been actively pursuing opportunities in HCIT given the evolving demands of a diverse patient population and still nascent levels of technology adoption in certain areas of the healthcare ecosystem.” Seth Peck, Principal at Ridgemont, added, “The value proposition of HealthMark and OTech’s offerings are at the crux of our investment thesis in the technology and healthcare sectors – a streamlined solution that reduces cost, mitigates compliance risk, and improves satisfaction for patients through the implementation of digital processes and user-friendly software.”
“We have known Ridgemont for several years and are excited to partner with them and gain their financial and strategic support,” said Bart Howe, CEO of HealthMark. “I am delighted to have OTech join the HealthMark family and build upon our existing solutions for our clients. By combining HealthMark and OTech’s capabilities, we can offer a broader set of complementary services as well as further automate our workflow and ability to manage medical records and information exchange for our clients.”
“We strongly believe that we found the right cultural match in HealthMark and Ridgemont, who share our firm’s core principles of investing in innovative healthcare technology solutions, exceptional service, and long-term relationships,” said Bruce Steinhardt, CEO of OTech. “Additionally, we see an extraordinary opportunity to utilize the resources of the new platform to accelerate our momentum, enhance our offering, and deliver even more value to our clients.”
As the businesses begin to integrate, Bart Howe will become the CEO of the combined platform, while Bruce Steinhardt will continue to play a key leadership role at OTech to support the organization and its client base.
About HealthMark Group
Founded in 2006, HealthMark Group is a leading provider of technology-enabled health information management services to healthcare providers across the country. The company was founded on the specific need to incorporate technology into the Release of Information (ROI) process. HealthMark’s MedRelease software platform is revolutionizing the ROI industry and is designed to meet the need for a more efficient and patient-centric method of releasing medical records, while complying with increasingly restrictive regulatory requirements. www.healthmark-group.com
About OTech Group
OTech Group is a leading provider of patient intake management software and systems. Since 2004, OTech’s technology has streamlined the check-in process for millions of patients across the U.S. The company offers pre-check-in, check-in, and electronic form services that can be used in clinics, hospitals, and a variety of other healthcare settings. OTech’s solutions eliminate paper and clipboards, and by allowing patients to self-serve, OTech’s solutions increase efficiency, control costs, improve cash flow from co-pay and late payments, protect privacy, and improve patient satisfaction. www.otechgroupllc.com
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested approximately $4.4 billion. The firm focuses on equity investments up to $250 million in industries in which it has deep expertise, including business and industrial services, energy, healthcare, and technology and telecommunications. www.ridgemontep.com