Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today that its portfolio company Revenue Management Solutions (RMS), has completed its acquisition of the assets of i8 Health Solutions (i8). Terms of the transaction were not disclosed.
Scott Thomas, CEO of RMS stated, “Acquisitions have always been a focus of our investment thesis with Thompson Street, and this incorporation of i8’s technology into the RMS platform is truly exciting. This acquisition will further enhance RMS’ healthcare remittance solution and enable RMS and i8 to join forces in delivering the leading technology-focused solution to our combined customer bases.”
Scott Thompson, Managing Member of i8, added, “We are pleased to be working both with Thompson Street and RMS as a result of this acquisition – together, the combined entity has a technology solution that is unparalleled in the market. The joint experience of our businesses will present tremendous opportunity for our customer base to realize even more efficiencies in the management of their cash reconciliation and posting processes.”
As a result of the combination of RMS and i8, the entity will process and manage well over 160 million annual transactions across the healthcare remittance cycle. After closing, the combined healthcare spend across the platform will exceed $100 billion annually.
Founded in 2006, and based in Oklahoma City, Oklahoma, RMS (www.rmsweb.com) is the leading technology-based healthcare remittance automation platform tool available in the market. Currently used by more than 1,000 acute care, revenue cycle management, dental and pharmacy clients, RMS allows healthcare providers, outsourcers and facilities to optimize the remittance matching, reconciliation, and management processes. The Company, which processes nearly 14 million transactions each month, offers its technology-driven solutions both directly to customers and through established channel relationships with leading financial institutions throughout the United States.
Founded in 2016, i8 Heath Systems (www.i8health.com) provides customers with a technology platform enabling true reconciliation of payments posted to the general ledger within a provider’s patient accounting system. Along with its strong presence in Ohio, a key to the acquisition of i8 will be extending RMS’s existing technology platform to i8’s customer base, while adding GL posting solutions to the RMS platform. Scott Thompson and Chip Moore, i8’s founders, will both remain with the business in various capacities post-closing.
Brian Kornmann, a Managing Director with TSCP said, “We have been thrilled with our partnership with RMS since our initial investment in 2017. This acquisition serves as the first of what we hope are several designed to continue to grow RMS’s technology offering and extend our product solution further into the healthcare market. Together, we believe that RMS and i8 will continue to bring leading technology-driven solutions to the market which are unrivaled by the current antiquated, human-focused efforts to manage the very complicated healthcare remittance cycle.”