NEW YORK, Aug. 9, 2011 /PRNewswire/ -- Halyard Capital, a New York-based private equity firm, has announced it has made a growth investment in Practice Insight, LLC, a leading provider of software-as-a-service (SaaS) based revenue cycle management solutions to healthcare providers. The Company's solutions automate every stage of a physician practice's reimbursement workflow, providing a high ROI by helping practices reduce bad debt, shorten the collection cycle and reduce the administrative staff needed to manage the reimbursement process. Practice Insight's solutions are sold to physician practices nationwide through a network of reseller relationships.
Practice Insight was founded in 2003 and is led by Michael Reeves, Houston Johnson, David Reeves, Denise Perry and Jim Goerlich.
"We have developed a strong relationship with the Practice Insight team over the last two years," said Michael Furey, Principal at Halyard Capital. "We have been impressed by their ability to continuously develop proprietary solutions that address the evolving needs of physician practices. Physicians, hospitals and health plans are facing ever-increasing economic and regulatory challenges driving the need for technology solutions that improve their workflows."
"We are thrilled to be partnering with Halyard Capital and look forward to leveraging their network and knowledge of the industry to support the Company's next stage of growth," said Houston Johnson, President of Practice Insight.
"Halyard's investment in Practice Insight is part of its continued focus on investment opportunities in middle market companies providing technology-enabled outsourced services to the healthcare market," said Robert B. Nolan, Sr. Managing Partner at Halyard Capital.
About Halyard Capital
Halyard Capital, a private equity firm with over $600 million of capital under management, is focused on leveraged buyout and growth equity investments in Healthcare, Education, Information and Business Services companies. The firm has extensive experience and a proven track record within these industries, having invested in businesses that include EducationDynamics, Engauge, HCPro, NETGEAR, Presidio, TRANZACT and WMI. Additional information regarding Halyard's strategy, principals and investments can be found at www.halyard.com.
About Practice Insight
Practice Insight, based in Houston, TX, was founded in 2003 by a group of executives who have been providing services to the Healthcare industry since 1977. The core of Practice Insight's product is the EDIinsight application which manages all stages of the claim workflow with functionality that includes: eligibility verification, claims scrubbing, real-time claims submission and tracking, ERA management, patient statements and secondary claims processing. Practice Insight has partnered with many of the best-known healthcare IT vendors and resellers to distribute their solutions to over 30,000 physicians nationwide.
SOURCE Halyard Capital