HRG is Acquired by CPSI
Brentwood Capital Advisors Serves as Exclusive Financial Advisor to Healthcare Resource Group
Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Healthcare Resource Group, Inc. (“HRG” or the “Company”) in its sale to CPSI (NASDAQ: CPSI). CPSI is a leading provider of healthcare solutions and services to community hospitals, their clients and post-acute care facilities. TruBridge, a subsidiary of CPSI, provides business, consulting, and an end-to-end Revenue Cycle Management (RCM) solution to healthcare organizations of all sizes.
Founded in 1994, HRG has approximately 400 employees that provide RCM outsourcing solutions to 77 healthcare clients primarily located in the Pacific Northwest and Southwest, including academic medical centers, tribal organizations, and independent hospitals.
Boyd Douglas, President and Chief Executive Officer of CPSI, stated, “The combination of HRG and TruBridge will more effectively address the growing demand from healthcare organizations to outsource revenue cycle operations. In addition to the TruBridge RCM product suite, we are excited about the ability to cross-sell other solutions to HRG clients, including TruCode Encoder, our medical coding encoder solution. Importantly, our combined teams of experienced RCM professionals are dedicated to improving results and delivering greater value to our shared client base.”
“The combination of TruBridge and HRG creates an organization that is well positioned to take advantage of current and future growth opportunities in the market. The HRG and TruBridge teams have prided themselves on their strong culture and excellent results through unique client solutions; something that we expect to be a key differentiator as one combined company,” added Steve McCoy, Chief Executive Officer of HRG. “As our exclusive financial advisor, BCA was invaluable in advising HRG on the best transaction timing and process strategy in order to maximize shareholder value and deliver a premium outcome.”
“This acquisition combines two leading providers of RCM services and creates a unique opportunity to leverage their peer-reviewed and industry recognized solutions, technology, and scale to a broad and diverse footprint of clients,” said Porter Meadors, a Director in BCA’s Healthcare Technology Investment Banking practice. “We enjoyed working with CEO, Steve McCoy and President, Greg West, and team, and expect they will continue to thrive under CPSI’s ownership.”
About Brentwood Capital Advisors
Headquartered in Franklin, Tennessee, Brentwood Capital Advisors is one of the nation’s premier independent investment banks, specializing in providing innovative, actionable, and no-conflict strategic and financial advice on mergers and acquisitions, recapitalizations, corporate divestitures, and growth capital to growth-oriented, middle-market Healthcare Services, Healthcare Technology, and Business Services companies since 1999. For more information, visit www.brentwoodcapital.com.
Since 1994, HRG has grown into a nationally recognized provider of customized healthcare RCM solutions that deliver exceptional results for clients. The mission of HRG is to take care of healthcare providers’ RCM needs so they are free to focus on their patients’ needs. Through a wide variety of both continuous and one-time PFS and HIM services, HRG provides specialized solutions for each of its client’s unique RCM needs. By building its culture around maximizing client and employee satisfaction, HRG has been able to develop a leading reputation in its industry. For more information, visit www.hrgpros.com.
CPSI is a leading provider of healthcare solutions and services for community hospitals, their clinics and post-acute care facilities. Founded in 1979, CPSI is the parent of five companies – Evident, LLC, American HealthTech, Inc., TruBridge, LLC, iNetXperts, Corp. d/b/a Get Real Health and TruCode LLC. Its combined companies are focused on helping improve the health of the communities it serves, connecting communities for a better patient care experience, and improving the financial operations of its customers. For more information, visit www.cpsi.com.