Conifer Health Solutions, the nation’s leading provider of technology-enabled healthcare performance improvement services, has entered into a definitive agreement to acquire SPi Healthcare, a provider of innovative revenue cycle management (RCM), health information management (HIM) and software solutions for independent and provider-owned physician practices. Conifer expects to complete the transaction, valued at $235 million, in the fourth quarter of 2014. John O’Donnell, SPi’s chief executive officer, will join Conifer’s senior management team reporting to Stephen M. Mooney, President and CEO.
“The SPi leadership team has achieved decades of sustained growth. They are now a recognized leader in the physician revenue cycle marketplace with a reputation for service delivery excellence,” said Mooney. “We believe the combined organization will drive incremental growth for Conifer by creating an enhanced value proposition for physicians in a variety of care settings—including integrated delivery networks—that are seeking to improve their operational performance in the era of value-based care and other changes in healthcare delivery and financing.”
Based in Tinley Park, Illinois, SPi provides business operations services to physician practices and independent practice associations (IPAs). In addition to specialized RCM solutions including denials management, SPi provides recovery audit contractor (RAC) audit defense and preparedness services and ICD-10 gap analysis and education. The organization also offers payer contract management and software consulting capabilities, including a demonstrated expertise with Epic and GE Healthcare electronic health records (EHRs). “Nearly 50 percent of large practices utilize GE or Epic EHRs. SPi’s long-term experience with these technology platforms represents an important pathway for additional growth for Conifer,” noted Mooney.
SPi will enhance Conifer’s already expansive services portfolio and solidify its position as a sole-source provider of revenue cycle management and value-based care solutions to healthcare providers and other healthcare industry segments. SPi’s 600 employees serve more than 3,700 physicians across 21 states, handling over $3 billion in physician charges, coding approximately 2.5 million encounters, and auditing approximately 150,000 health records annually. The Tinley Park offices and SPi’s six service centers will continue to serve existing and future physician RCM clients.
“We are pleased to be joining Conifer, which shares our unparalleled commitment to consistently exceed the expectations of our clients,” noted John O’Donnell, SPi Healthcare president. “Together our deep operational capabilities, coupled with our understanding of the challenges and opportunities for providers in today’s dynamic healthcare environment, will set us apart from our collective competition.”
About SPi Healthcare
SPi Healthcare is the combination of two industry-leading organizations, Springfield Service Corporation (SSC) and Laguna Medical Systems (LMS), and is today a wholly-owned subsidiary of SPi Global, one the world’s leading global business process outsourcing firms. SSC began providing revenue cycle management and physician billing services in 1986. LMS began providing health information management (HIM) services in 1987. SSC was purchased by SPi Global in April 2007, and LMS was purchased by SPi Global in August 2009. In October 2011, SSC and LMS were united under the SPi Healthcare brand.