NEW YORK, June 12, 2018 /PRNewswire/ -- GPB Capital has completed the acquisition of a majority ownership stake in Health Prime International (HPI), a leading provider of practice management and revenue cycle management solutions for medical practices across the US. Terms of the transaction were not disclosed.
"Independent medical practices are always seeking new ways to streamline their billing and practice management processes so they can focus as much as possible on just treating patients," said Michael Frost, Managing Partner of GPB Capital responsible for the firm's Technology Enabled Services Investments. "By integrating HPI with our existing healthcare-focused IT portfolio companies, we can bring HPI's advanced interoperability technology and best-in-class revenue cycle management solutions to a broader market, further enhancing our Healthcare IT portfolio's impact on practice management and patient care across the country."
Headquartered in National Harbor, MD, HPI (http://www.hpiinc.com) provides platform-agnostic revenue cycle management (RCM), electronic health record (EHR), transcription, and practice management services to medical practices across the US. The clinical background of HPI's management team significantly differentiates the firm from its competitors. As a business built by physicians, HPI understands the problems that medical practices face and the solutions that would best solve them, allowing HPI to function as a practice improvement consultant for customers in addition to providing top-notch services. HPI's core competency around RCM services allows it to boast a 98% first pass claims acceptance rate—nearly 28% higher than the national average. GPB Capital will bring its significant experience in healthcare IT to help HPI enhance its business by working closely with the management team to develop the sales and operational infrastructure needed to continue scaling. In addition, GPB Capital will seek to optimize HPI's product offerings by unlocking synergies with its other healthcare IT portfolio companies.
"HPI is a successful and forward-looking player in the healthcare IT and technology enabled services universe," said David Gentile, Founder and CEO of GPB Capital. "At GPB Capital, we choose industry veterans to lead our strategy teams because we believe their institutional knowledge to be invaluable. HPI's management team has followed a similar formula to great success, making the company an ideal addition to our portfolio. We look forward to working with our new operating partners at HPI to help them—and the medical practices they serve—achieve the next level of growth and profitability."
About GPB Capital Holdings, LLC
GPB Capital is a New York-based alternative asset management firm focused on acquiring or investing in income-producing companies and assets. GPB Capital seeks to provide its portfolio companies with the strategic planning, managerial insight, and capital needed to enable strong businesses to achieve the next level of growth and profitability. GPB Capital has raised more than $1.5 billion in capital. For more information, please visit www.gpb-cap.com.
SOURCE GPB Capital Holdings, LLC