The company founded in 2012 by Anurag Jain is a leading provider of revenue cycle management (RCM) services, specialising in medical billing, coding, and accounts receivable management. It has 27,000 employees and 20 global delivery centres with operations in nine Indian cities, including Chennai, Mumbai, Pune, Noida, Coimbatore and Thiruvananthapuram besides the Philippines and the US.
Jain is a serial entrepreneur and venture capitalist who co-owns the Texas Super Kings Team in the US Major League Cricket tournament. He’s also managing partner of Perot Jain LP, co-founded Brigade Corporation, an international customer support company, and founded Vision Healthsource, an Indian IT and business process outsourcing company. Access Healthcare is expected to post revenue of $360 million and ebitda of $120 million in FY25, said sources. The company supports over 500,000 healthcare providers across 80 specialties and processes over $120 billion of accounts receivable annually.
Accounts receivable in healthcare outsourcing refers to tracking and collecting payments from insurance companies and patients for healthcare providers’ services. Investors include former executives at Dell Services (Perot Systems) and Ross Perot Jr. Athenahealth, a cloud-based software company, is also a minority stakeholder.
In recent years, Access Healthcare has expanded its footprint in India through acquisitions, including Pacific BPO in 2018. Last year, the company opened a 170,000 sq. ft facility in Noida, investing approximately $5 million.
In 2023, Access Healthcare acquired Envera Health, a US-based leader in patient engagement services.
“Access Healthcare is not being marketed for acquisition. We do not comment on speculation about any ongoing strategic initiatives. We remain focused on our business operations and continue to work diligently on delivering value to our customers and employees,” said an Access Healthcare spokesperson.
Blackstone, Carlyle, TPG and New Mountain Capital declined to comment. Hillhouse didn’t respond to queries.
New York-based New Mountain Capital is an active investor in the outsourcing space. In 2019, it acquired Indian healthcare BPO firm Emids. In 2021, it acquired a significant majority stake in Accolite Digital, a Texas-based provider of cloud and digital product engineering services with a strong presence in India. In July, it made a buyout proposal for healthcare services provider R1 RCM, valuing the company at nearly $6 billion. Later, private equity firms TowerBrook Capital Partners and Clayton, Dubilier and Rice acquired R1 RCM for about $8.9 billion. New Mountain Capital has over $55 billion in assets under management.
Private equity buyout funds have been actively acquiring healthcare BPOs with a strong presence in India. Recently, Ontario Teachers’ Pension Plan acquired a 45% stake in Omega Healthcare, valuing the company at $1.8 billion.
Swedish fund EQT Partners had outbid Hillhouse to acquire GeBBS Healthcare Solutions, a global provider of RCM services and risk-adjustment solutions, from ChrysCapital for about $860 million in September. TA Associates acquired a significant majority stake in Vee Healthtek for $250 million last month.
The increasing complexity of healthcare billing and reimbursement regulations, the growing focus on improving patient experience and the need for efficient and cost-effective revenue cycle management processes, are some of the key factors driving the healthcare revenue cycle management market, according to a study by Precedence Statistics.
The global healthcare BPO market is estimated to expand from $152 billion in 2022 to $259 billion by 2028, clocking a compound annual growth rate (CAGR) of 9.7%.
