Riverside Partners has acquired a majority equity interest in Bottom Line Systems (BLS), a provider of revenue cycle management technology and services to large hospital systems and other healthcare providers.
“We are excited to partner with CEO Bob Stevens and his team to support continued growth at BLS,” said Max Osofsky, Partner at Riverside Partners. “BLS provides a unique solution that combines technology and specialized teams that enable the most detailed underpayment and denial review in the industry. We look forward to working with Bob and his team to continue to build BLS into the nationally recognized leader in its market.”
Riverside Partners invests in middle market healthcare and technology-oriented companies that have revenues from $20 million to $200 million and EBITDA’s from $5 million to $25 million. The firm is currently investing its fifth fund, Riverside Partners Fund V, LP, with $561 million of capital commitments. Riverside Partners was founded in 1989 and is based in Boston (www.riversidepartners.com).
“BLS’s technology not only increases collections, but also improves the internal processes and workflow of its customers,” said Ian Blasco, General Partner at Riverside Partners. “We look forward to investing in the company’s systems to further enhance already powerful technology and identify even more reimbursement opportunities for BLS’ clients.”
BLS was advised on the transaction by Phoenix-based Dinan Capital Advisors (www.dinancompany.com). Riverside received legal advice from Choate, Hall & Stewart (www.choate.com).
BLS is headquartered near Cincinnati in Crescent Springs, KT (www.onlinebls.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-21-16