Baird Capital has sold its portfolio company MedData, a provider of revenue cycle management services, to Mednax. Baird Capital acquired MedData in September 2007.
MedData provides medical revenue cycle management services including billing, coding, collections, and patient satisfaction. The company serves more than 3,000 physicians at 700 facilities across 43 states. MedData was founded in 1980 and is based in Brecksville, OH with additional offices in Grand Rapids, MI; Roseville, CA; Bellevue, WA; and Peoria, IL (www.meddata.com).
During Baird’s ownership term, MedData acquired revenue cycle management companies Peak Emergency Medical Billing and Summit Health Care Services in 2008, and Data Management and MedDirect in 2011. MedData has generated compound annual revenue growth of more than 25% since 2007, to a current run rate of approximately $65 million.
TripleTree acted as the exclusive financial advisor to MedData for this transaction. TripleTree is an independent, research-driven investment bank focused on mergers and acquisitions, financial restructuring, and principal investing services. The firm is based in Minneapolis (www.triple-tree.com).
“MedData will bring a strong platform to Mednax as it seeks to provide additional services to facilities and physician groups, an area of increasing importance as reimbursement structures evolve. In addition, MedData’s strategy and customer base are highly complementary to Mednax and will help it rapidly expand its service offerings,” said Scott Tudor, Managing Director at TripleTree.
Mednax (NYSE: MD) is a national medical group comprised of providers of neonatal, anesthesia, maternal-fetal and pediatric medical and surgical subspecialty services. The company, through its affiliated professional corporations, employs approximately 2,500 physicians in 34 states and Puerto Rico. Mednax is headquartered west of Ft. Lauderdale in Sunrise, FL (www.mednax.com).
“Our partnership with TripleTree was an absolutely essential component of our successful outcome. Their ability to crystallize our value in the healthcare marketplace and prioritize workflow throughout the process was invaluable,” said Ann Barnes, CEO of MedData.
