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CorroHealth, a Plano-based provider of revenue cycle management solutions to health systems and health plans, has received a strategic investment from Patient Square Capital, a Menlo Park, California-based healthcare investment firm.
Pat Leonard
“Since our founding in 2019, CorroHealth has grown into a technology and clinically driven healthcare RCM platform,” CorroHealth CEO Pat Leonard said in a statement. “The Patient Square team has a long history of successfully investing in and scaling healthcare companies. We welcome them and look forward to leveraging their expertise to expand our capabilities and help our customers. We look forward to continuing to deliver outstanding value.”
The amount invested in Patient Square was not disclosed.
CoroHealth said its current shareholders, including Carlyle’s investment funds, TT Capital Partners, Sanaka Group, and CoroHealth management, will continue to be investors.
Patient Square and Carlyle jointly manage CorroHealth.
“We are excited to partner with CorroHealth’s management team and investors to further build on CorroHealth’s strong track record of organic and inorganic growth,” said Justin Sabet-Peyman, Patient Square Partner he said in a statement. “We are confident in the attractiveness of the RCM market and believe CorroHealth is well-positioned to continue delivering differentiated technology-enabled solutions to our provider and payer customers.”
Carlyle has been a majority investor in CorroHealth since 2019 and its predecessor business since 2017.
“We are extremely proud of the evolution of CorroHealth since its founding. We believe the future is bright for CorroHealth and look forward to working with new and existing partners to support CorroHealth’s continued growth and innovation. “We are fully committed to this,” Carlyle Partner and Global Co-Head of Healthcare Joe Bress said in a statement.
CoroHealth said the transaction is expected to close by the end of the year.
CorroHealth was formed through the merger of four companies: Visionary RCM, T-System, RevCycle+ and TrustHCS to create a comprehensive provider of healthcare analytics, RCM and technology services for hospitals and health systems around the world. Just last month, CorroHealth expanded by acquiring the Xtend healthcare revenue cycle management business from Navient.
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