Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, today announced its portfolio company Data Dimensions has completed an investment in Providerflow, a leading healthcare technology provider with a unique focus on improving provider workflow efficiency. Terms of the transaction were not disclosed.
The Providerflow toolkit supports electronic claim attachments, as well as complimentary patient access requests and responses to other third-party requestors. By connecting Providerflow’s EHR integrated solutions with Data Dimensions EDI clearinghouse, medical bills can be paid much faster with no human involvement. Paperless billing allows providers to be paid in under 14 days compared to over 90 days with the traditional process that relies on paper and faxes. This revolutionary end-to-end transaction ecosystem for the P&C market vastly improves communication and efficiency between providers and insurance companies.
“This is a ground-breaking change to the way workers compensation bills are adjudicated,” said Bryan Doyle, President and CEO of Data Dimensions. “The traditional P&C clearinghouse is antiquated. With the addition of Providerflow’s technology and team, we are bolstering our clearinghouse with enhanced technology and redefining what a clearinghouse does for the property casualty market. We will be bringing more value to our clients, partners, and the industry.”
Providerflow is directly integrated with all the major EHR and Practice Management systems, and when combined with Data Dimensions clearinghouse, the company now has direct connections to more than 95% of U.S. providers.
“We are extremely excited to be a part of the Data Dimensions organization and bring a new level of value and efficiency to the P&C industry, benefiting providers and payors alike,” added John Meewes, former CEO of Providerflow, joining Data Dimensions as Chief Technology Officer. “We have demonstrated that a transition from paper processes to digital automation can happen with creative uses of technology and generate meaningful returns quickly; it doesn’t need to take so long and be so painful.”
“The combination of the Data Dimensions and Providerflow organizations will create a truly unique service offing in the market,” said J.C. Wetzel, Director at TSCP. “We are thrilled to be partnering with John and his team to leverage what they have already built across the Data Dimensions ecosystem.”
