PHILADELPHIA—ACU-Serve Corp. (ACU-Serve or the company), a provider of end-to-end revenue cycle management, announced that it has received a majority growth investment from Lovell Minnick Partners LLC (LMP), a private equity firm focused on investments in financial services, business services and financial technology companies. The company will remain independent and will continue to be led by its current management team, including Founder and Chief Executive Officer Jim Knight.
ACU-Serve said this partnership will enable it to expand its suite of comprehensive solutions, accelerate technology innovation and continue its successful acquisition strategy. LMP will invest from its affiliated funds, Lovell Minnick Equity Partners V LP and Lovell Minnick Equity Partners V-A LP. Terms of the transaction were not disclosed.
“We share a common goal of not only growing our business but also strengthening our relationships with our clients,” said Knight. “With LMP’s track record of success in the industry, we are confident that together, we will provide our clients with even greater value, reinforcing our commitment to customer service and technology innovation. We are thrilled to find a partner who supports our vision for growth and one who brings additional resources to help us accomplish our objective of helping more clients, who, in turn, provide critical care to patients in need.”
Founded in 1993, ACU-Serve is a revenue cycle management company for health care providers focused on post-acute, home-based care, including the home medical equipment (HME), durable medical equipment (DME) and home infusion industries. The company’s service portfolio encompasses intake, revenue recovery, accounts receivable management, consulting, compliance, cash posting and analytics, all of which have been crafted to mitigate claim denials, expedite claims processing and optimize revenue collection, it said.
ACU-Serve’s technology-enabled platform includes ACU-Insight, a proprietary business intelligence platform consisting of claims, clarity and smartsheet, a workflow and productivity solution; together, these tools combine industry expertise with advanced analytics to provide clients with real-time, actionable insights into their entire revenue cycle operation.
“We have a long track record of successful partnerships with high growth, technology-enabled companies run by proven, dynamic management teams with client-first attitudes,” said Brad Armstrong, partner at LMP. “We look forward to partnering with Jim and the management team to expand service offerings, enhance technology capabilities, and pursue strategic acquisitions to complement its organic growth trajectory.”
In conjunction with the investment from LMP, ACU-Serve appointed former President of Experian Health, Scott Bagwell, and former CEO of Savista, Brenda Cline, to its Board of Managers. Scott Bagwell brings more than 30 years of experience across multiple health care verticals, including clinical, pharmacy, payments and RCM. His current and former board positions include CORL Technology, Genesis AHC, EnableComp and Verisys Corporation. Brenda Cline brings more than 30 years of experience leading health care financial operations, large-scale revenue cycle operations, strategic planning and process optimization. She has held senior executive leadership roles at HCA, Parallon, nThrive and Savista.
