NEW YORK, April 13, 2020 /PRNewswire/ -- The Wicks Group ("Wicks"), a New York-based investment firm, announced that it has completed the sale of SCI Solutions, Inc. ("SCI"), a leading provider of healthcare patient access and engagement software, to R1 RCM Inc. (NASDAQ: RCM), a leader in technology-enabled revenue cycle management services to healthcare providers.
The combination of R1 and SCI is expected to deliver enhanced value for healthcare providers and patients. In particular, SCI's "digital front door" offering creates ease and efficiency for patients. For providers, SCI's software improves operating efficiency and capacity utilization by collecting and organizing information prior to a patient's visit, and driving revenue cycle workflow and patient visit logistics using a rules-based engine uniquely built for healthcare providers and enhanced over years of broad deployment across the United States.
"We are excited to join the R1 team to create the most advanced outsourced RCM, patient access and patient engagement software and services platform in the healthcare industry," said Joel French, CEO of SCI up until the closing of the transaction and now EVP of Patient Experience at R1. "We thank the team at Wicks and the rest of the investor group for their support and collaboration in delivering this outcome for the company."
"It has been a pleasure to work alongside the SCI management team to build a product offering that is highly valued and increasingly necessary as healthcare consumers play a larger role in managing their own care," said Max von Zuben, Managing Partner of Wicks, SCI's lead investor. "We believe this is a great combination for both companies."
SCI was an investment of Wicks, NEA and Columbia Pacific. B.C. Ziegler & Company and Fenwick & West LLP provided financial and legal advisory services, respectively, to SCI in the transaction.
The Wicks Group is a private equity firm based in New York City that invests in information and information services companies in the lower-middle market. Since its founding in 1989, Wicks has invested over $1 billion of capital in more than 30 platform companies and approximately 100 add-on acquisitions. The firm has applied a consistent investment strategy since its founding, partnering with high-quality, experienced management teams to build businesses organically and through acquisitions.
ABOUT SCI SOLUTIONS
SCI Solutions improves the health of the health system by operating the industry's largest EHR-agnostic care coordination marketplace, enabling patients, health plans, referring providers and rendering provider facilities to securely navigate, communicate and transact digitally in more than 400 geographic markets. With its digital engagement solutions, SCI enables health enterprises to offer a consumer-friendly digital front door, giving patients and their providers improved choice and convenience. As a result, health enterprises reduce administrative costs, increase outpatient revenue, and benefit from enhanced patient and referring physician loyalty.
Max von Zuben
SOURCE The Wicks Group