About half a dozen global private equity funds including New Mountain Capital have submitted bids to acquire a majority stake in healthcare BPO Access Healthcare, ET first reported on 30 December. The majority stake sale is likely to value Access at $1.5 billion, ET reported.
Set up in 2012 by Anurag Jain, Access Healthcare is a leading provider of revenue cycle management (RCM) services, specializing in medical billing, coding, and accounts receivable management. Access Healthcare has 20 global delivery centers. It has operations in 9 cities in India such as Chennai, Mumbai, Pune, Noida, Coimbatore and Trivandrum. It has operations in the Philippines, and the USA.
A serial entrepreneur and venture capitalist, Indian-origin Anurag Jain is the co-owner of the Texas Super Kings Team, in the US Major League Cricket tournament. Jain, also the Managing Partner of Perot Jain LP, co-founded Brigade Corporation, an international customer support company, and founded Vision Healthsource, Indian IT and Business Process Outsourcing company.
“New Mountain’s deep experience in healthcare and provider technology, as well as its philosophy of building great businesses will help accelerate Access Healthcare in this next phase of growth,” said Matt Holt, Managing Director and President, Private Equity at New Mountain. New York-based New Mountain Capital is an active investor in the outsourcing space.In 2019, it had acquired Indian healthcare BPO firm emids – founded by former Wipro Technologies engineers Saurabh Sinha and Arnab Chatterjee in 1999.
In 2021, New Mountain Capital 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 had submitted 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.
“Healthcare organizations are facing unprecedented challenges in navigating complex reimbursement systems and the need to maintain financial sustainability,” said Anurag Jain, Chairman and CEO of Access Healthcare. New Mountain has a strong track record of partnering with founder-led businesses. By delivering innovative, technology-driven solutions to clients, our platform not only improves their financial performance but also enhances the overall patient experience, he added.
