DENVER, Dec. 31, 2020 /PRNewswire/ -- OrthoBanc, LLC, the trusted name in orthodontic patient financial management for over 20 years, announced today that it has been purchased by Accel-KKR, a leading technology-focused private equity firm. Lincoln International served as OrthoFi's exclusive financial advisor and arranged debt financing in support of the transaction. Truist Securities served as advisor to Orthobanc on the transaction. In 2019, Accel-KKR invested in OrthoFi, an innovative software and technology-enabled service platform for the Orthodontic specialty industry. Accel-KKR is combining the strengths of these two companies to revolutionize the way patients access, afford and pay for quality orthodontic care. The corporate entities will be combined as OrthoFi with David Ternan as its CEO.
The merger of these award-winning technologies and experienced teams will deliver a portfolio of industry-leading patient acquisition software solutions and revenue cycle management services. Combining the strengths of the two companies sets the stage for an evolution of orthodontic practice development with a spectrum of solutions to fit every orthodontic practice.
"OrthoFi's mission has always been to help orthodontic practices Start More Smiles and to simplify their lives. We are thrilled to work with OrthoBanc, and to leverage their legacy of trusted payment solutions and industry-recognized customer service. I am excited and honored to lead this team of talented individuals. Our collective product offerings and our customer-centric cultures are an ideal fit, and will undoubtedly enhance the experience of the customers we serve," said Dave Ternan, CEO of OrthoFi.
"For 20 years, OrthoBanc has been committed to being a trusted partner for orthodontic practices to manage their patient payments. The new partnership with OrthoFi will leverage their innovations in patient acquisition and insurance management with our experience in payment management and our commitment to customers and their billing parties. This powerful combination will give practices an industry-first set of seamless solutions to help them maximize their success," added Bill Holt, CEO of OrthoBanc, who will transition to Senior Executive Advisor as part of the merger.
OrthoFi is an innovative, tech-enabled solution that helps Orthodontists start more patients and give them more time to provide great quality care. Our combination cutting-edge Customer Relationship Management and robust Revenue Cycle Management system helps practices grow by over 10% YOY and manages patient and insurance billing and collections with exceptional collection results that exceed industry standards. In less than 7 years, OrthoFi has partnered with over 600 practice locations throughout the US and has helped over 500,000 patients find quality, affordable Orthodontic care. OrthoFi is headquartered in Denver, Colorado.
For over 20 years, OrthoBanc has been the preferred patient payment management solution for orthodontic and dental practices. The OrthoBanc Customer Care team has delivered excellent customer service to over 2.5 million responsible billing parties, currently serving over 2500 practice locations throughout the US. OrthoBanc is headquartered in Chattanooga, Tennessee.
Accel-KKR is a technology-focused investment firm with over $5 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
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