HealthEdge Investment Partners has sold Corridor to WellSky, a portfolio company of Leonard Green and TPG Capital
Founded in 1989, Corridor is a leading provider of technology-enabled outsourced coding, revenue cycle and education solutions to the post-acute healthcare industry. Leveraging deep and broad post-acute expertise, Corridor delivers documentation quality improvement and reimbursement success to clients ranging from large health systems and national chains to smaller, independently operated agencies. For more information, please visit www.corridorgroup.com.
WellSky, a leading health and community care technology company, announced that it has acquired Corridor, an end-to-end tech-enabled services platform designed for the post-acute care industry’s toughest challenges, from HealthEdge Investment Partners, a healthcare-focused private equity firm. By adding Corridor to its portfolio, WellSky will expand its medical coding and revenue cycle management (RCM) offerings to help care providers increase efficiency and improve performance across clinical, financial, operational and compliance areas. Given the increasingly complex and frequently changing regulations that complicate coding and billing processes, healthcare organizations are turning to trusted and experienced coding and RCM providers who can increase productivity and help ensure accurate reimbursement. With the addition of Corridor, WellSky expands its comprehensive services — including medical coding, clinical documentation review, billing and collections services — that address these challenges within the post-acute and long-term care sectors.
“Providers today must continually demonstrate higher quality performance and compliance, and they’re looking for solutions to support quality patient care and reduce administrative burdens,” said Bill Miller, Chief Executive Officer of WellSky. “As we looked to strengthen our services offerings, Corridor emerged as an ideal partner. Together, WellSky and Corridor help more post-acute care organizations succeed against industry challenges.”
Corridor has a proven track record as a leading tech-enabled services partner to post-acute providers, serving more than 2,600 client sites and supporting more than 52,000 clinicians. The addition of Corridor allows WellSky to strengthen its position in home health coding and RCM and move into the skilled nursing facility billing business. The announcement comes on the heels of WellSky’s recent acquisition of Experience Care, a leading technology company for long-term and post-acute care providers, further demonstrating its commitment to the long-term care market.
“For more than 30 years, Corridor has held steadfast to our mission to help our clients maximize their performance and resources with powerful, tech-enabled solutions. I’m thrilled that Corridor will continue to advance that mission as part of the WellSky team,” said Des Varady, Chief Executive Officer of Corridor. “With access to WellSky’s tech-enabled solutions that are focused on improving outcomes, lowering costs and improving patient and family satisfaction, we can better serve our client partners.”
Corridor’s deep industry expertise in billing and financials, workforce issues and medical coding complements WellSky’s aim to deliver innovative solutions that power providers’ success. Corridor clients will soon be able to leverage WellSky’s robust analytics, care coordination, patient engagement, interoperability and electronic health record solutions to enhance care quality and better position clients for success with value-based care models. Varady is staying on to lead the Corridor team, along with Corridor’s leadership, who will integrate with WellSky as they evolve and invest in the future of tech-enabled services.
In today’s challenging environment, home health and hospice providers are in great need of innovative solutions to help them combat significant wage pressures, labor shortages, new payment models and ongoing regulatory complexities. Corridor is the industry’s leading provider of outsourced coding and revenue cycle management solutions, combining decades of best practices, advanced technology and specialized talent to deliver consistent results for the post-acute market.
Mike Siano, Managing Director in Lincoln’s Healthcare Group, commented, “We greatly enjoyed working with the Corridor and WellSky teams on this successful transaction. As the leading technology provider for the health and community care market, WellSky is well-positioned to be the optimal partner to help further advance Corridor’s mission of solving complex coding and billing challenges for thousands of post-acute providers.”
Selecting Lincoln as our advisors was the best decision we made for the sale of Corridor. Lincoln’s exceptional knowledge of the market and their deep relationships with the buyer universe ensured that we targeted a highly curated roster of potential buyers. They designed and executed a strategic process tailored to our unique market position, and then executed the process and tactics flawlessly. Lincoln made sure we didn’t miss a beat, especially in keeping our complex diligence process simple and easy for me and my team – simply put, Lincoln helped us be our best every step of the way. Most importantly, they secured a great outcome for Corridor’s shareholders. The Lincoln team did a phenomenal job connecting us with WellSky, a partner who share our passion for excellence in the post-acute industry and vision for growth. We’re excited for our continuing growth and a future made possible by our work with Lincoln.
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