Healthcare Services Acquisitions in Wisconsin

HPS/PayMedix closed $33 million of equity and debt financing to accelerate national growth of its healthcare financing and payments platform. The round was led by HLM Investment Partners ($16M growth equity) and included Escalate Capital Partners (providing a $17M term debt facility), RVM Enterprises, and existing investor SV Health Investors.

Atlanta-based NOVO Health Services has acquired Madison United Healthcare Linen (MUHL), a Wisconsin-based cooperative that provides linen and laundry services to hospitals and clinics. The deal expands NOVO's Midwest footprint and lets it leverage MUHL's infrastructure and relationships to enhance service capabilities and infection-prevention support for healthcare providers in Wisconsin.

Lyra Health has acquired Bend Health, Inc. to bolster its pediatric and neurodiversity mental health capabilities, adding Bend's neuropsychological testing, youth high-acuity care, and virtual intensive outpatient offerings. The deal integrates Bend's collaborative care model into Lyra's employer-focused platform (serving more than 20 million members) to expand whole-family mental health services for employers, health plans, and health systems.

VisiQuate, an AI-driven revenue cycle management (RCM) provider, has acquired Etyon, a Milwaukee-based healthcare technology firm specializing in RCM machine learning, denial prevention algorithms, and data tokenization. The deal is intended to expand VisiQuate’s ML and data capabilities within its Ana Intelligence Suite to deliver deeper predictive insights and improved denials and payments management for healthcare providers.

Knowtion Health, a Boca Raton-based, PE-backed revenue cycle management provider, has completed the acquisition of Switch RCM, a data- and technology-first healthcare revenue intelligence firm based in Madison. The deal expands Knowtion’s automation, analytics and recovery capabilities and brings multiple Switch leaders into Knowtion’s executive and innovation teams; terms were not disclosed.

GetixHealth, a portfolio company of H.I.G. Capital, has completed the acquisition of Americollect, a Manitowoc, Wisconsin-based provider of patient engagement solutions. The deal expands GetixHealth's revenue cycle management (RCM) capabilities and patient financial engagement offerings, with H.I.G. supporting continued investment in technology and scalable operations.

Professional Credit Service (PCS), a Tonka Bay-backed patient financial engagement and recovery services provider, has acquired Elevate Medical Solutions, a U.S.-based medical coding, denials management, and auditing firm. The add-on expands PCS's capabilities into mid-stage revenue cycle management (RCM), combining Elevate's credentialed coding teams and AI-assisted tools with PCS's national footprint.

Recovery.com has acquired Madison-based AI startup RedFox AI to accelerate its development of AI-powered tools for connecting people with mental health and addiction care. The deal brings RedFox's conversational Navigator product and its cofounders into Recovery.com's team to expand responsible AI capabilities and integrate new voice-guided diagnostic and guidance features across the platform.

Valsoft Corporation acquired American Data, a long-standing provider of Electronic Health Record (EHR) software (ECS) for the U.S. long-term care market. American Data will operate independently within Valsoft’s healthcare portfolio, with Kara McDonald leading growth initiatives to expand the product and customer success efforts.

MERIT, a global clinical trial endpoint and technology services provider, has acquired OSOD, LLC, a Madison-based ophthalmic preclinical services consortium with over 30 years of experience. The acquisition strengthens MERIT's ability to provide a seamless transition from preclinical to clinical phases of ocular drug and device development while retaining OSOD's management team and expert network.

InTandem Capital Partners has completed a strategic equity investment in Healthfuse, a Milwaukee-based leader in revenue cycle vendor management. The partnership will provide capital and operational support to accelerate Healthfuse's growth and expand its data-driven vendor management and analytics capabilities for hospitals and health systems.

Net Health has acquired Alinea Engage, a web-based patient engagement and workflow automation platform for rehabilitation therapy providers. The acquisition expands Net Health's portfolio with patient onboarding, family engagement and revenue-cycle automation capabilities; Alinea will continue to operate under CEO and founder Carol Vance with support and investment from Net Health.

Health In Motion, a member of the Confluent Health family, has acquired Spooner and Hayward Physical Therapy & Wellness, a therapist-owned outpatient physical therapy practice with locations in Spooner and Hayward, Wisconsin. The deal expands Health In Motion's regional footprint to 11 clinics across Wisconsin and Pennsylvania and gives SHPT access to Confluent Health's management services, clinical education, and hybrid care platform.

Surgery Partners entered into a strategic partnership with eleven Wisconsin physician‑owned entities to form the Midwest Orthopedic and Musculoskeletal Alliance (MOMA). The joint venture brings together orthopedic, physical therapy, pain management and anesthesia practices to create a unified, growth‑oriented musculoskeletal care platform in Wisconsin, with Hyde Park Capital advising the physician groups.

Rainier Partners' portfolio company Omega Fitness has acquired 21 Anytime Fitness gyms in Wisconsin from MDS Fitness, expanding Omega's footprint and strengthening geographic density in the state. The deal increases Omega's position as one of the largest Anytime Fitness franchisees (now operating 120+ gyms) and is an add-on to the Rainier-backed platform focused on rapid roll-up growth.

Vyne Medical, a Dunwoody, Georgia-based healthcare communication and automation provider, has acquired Extract Systems, a Madison, Wisconsin provider of AI-driven data extraction solutions. The acquisition integrates Extract Systems' machine‑learning extraction and redaction capabilities into Vyne Medical's Trace platform to expand clinical and document automation capabilities and accelerate entry into government services; terms were not disclosed.

WellRive, a move-management and downsizing services provider headquartered in Flower Mound, Texas, has acquired Moving Forward, a senior move management company based in Madison, Wisconsin. The acquisition expands WellRive's geographic footprint and brings Moving Forward's local expertise in downsizing and senior relocations into WellRive's national network.

Probo Medical, a PE-backed global provider of diagnostic imaging equipment and services, has signed a definitive agreement to acquire Alpha Source Group, a Milwaukee-based provider of field service, depot repair, refurbishment and parts distribution for medical imaging equipment. The add-on deal expands Probo's modality coverage and geographic footprint in North America and integrates Alpha Source's network of field engineers and four Centers of Excellence into Probo's platform.

DirectMed Parts & Service, a private equity-backed aftermarket diagnostic imaging parts and service provider, has acquired Technical Prospects, a leading supplier of aftermarket parts, training, and support for Siemens medical imaging equipment based in Appleton, Wisconsin. The deal — executed by DirectMed (a portfolio company of NMS Capital) — expands DirectMed's Siemens expertise and parts/modality coverage across CT, MRI, cath-angio, ultrasound, mammography and other imaging modalities; terms were not disclosed.

Divine Healthcare Management has acquired Superior Rehabilitation Center, a skilled nursing and rehabilitation facility at 1800 New York Avenue in Superior, Wisconsin, and will rebrand it as Divine Rehabilitation and Nursing at Superior. The acquisition expands Divine Healthcare Management's regional footprint and brings the facility under its portfolio of rehabilitation and skilled nursing operations.

Orbita acquired the assets of Wellbe — including Wellbe's software, customers and select staff — in a transaction finalized on Aug. 16, 2023. The deal combines Orbita's conversational AI and virtual assistant platform with Wellbe's patient navigation capabilities to create an end-to-end digital pathway for specialty care.

INVO Bioscience, Inc. (Nasdaq: INVO) has signed binding agreements to acquire Wisconsin Fertility Institute, a Madison-area fertility clinic that generated approximately $5.5 million in trailing 12-month revenue. The purchase price is $10.0 million payable over three years, and the clinic will become a wholly owned subsidiary to expand INVO's clinic footprint and support adoption of its INVOcell technology.

Chartis, a comprehensive healthcare advisory firm, has acquired Chi-Matic, an Epic-focused revenue cycle technology and consulting firm based in Verona, Wisconsin. The deal adds Chi-Matic's revenue cycle technology and services to Chartis' revenue cycle strategy, operations, and IT capabilities to advance clients' revenue cycle performance.

Beam Healthcare, a Madison, Wisconsin–based telemedicine provider, received a revenue-based growth investment from Decathlon Capital Partners. The funding will support Beam's geographic expansion and continued development of enhanced patient care programs without diluting ownership.

The Pennant Group, Inc. (NASDAQ: PNTG) acquired the assets of Kenosha Visiting Nurse Association, Inc. (KVNA), a provider of skilled home health, private duty, and community health services in Kenosha, Wisconsin. The acquisition expands Pennant's home health footprint in southern Wisconsin and will be operated alongside its Cornerstone Healthcare home health and hospice subsidiary.

Emmes, a global full-service clinical research organization, has acquired Clinical Edge, a Milwaukee-based provider of visual function examiner training and certification for ophthalmic clinical trials. The deal combines Clinical Edge with Emmes' Optym ophthalmology unit (rebranded OptymEdge), expanding Emmes' ophthalmology certification capabilities and geographic reach across the U.S., Europe and Asia.

Alpha II, supported by growth equity firm WestView Capital Partners, has acquired Madison-based Health eFilings to expand its revenue cycle management platform with clinical data analytics and automated MIPS reporting. The combined business will integrate Alpha II's denial-prevention content and rules engine with Health eFilings' analytics to offer enhanced revenue integrity and value-based care reporting for healthcare providers.

Humana Inc. will acquire substantially all of the assets of Inclusa, Inc., a Wisconsin-based Managed Care Organization that provides long-term care services through the state’s Family Care Medicaid program. The deal expands Humana’s Medicaid footprint and long-term care capabilities in Wisconsin; the transaction remains subject to customary state regulatory approvals and closing conditions.

An affiliate of The Beekman Group has completed a recapitalization of FCDG Management, LLC (First Choice Dental), a multi-specialty dental service organization based in the Greater Madison, Wisconsin market. The Beekman's investment will support First Choice Dental's growth and geographic expansion — enabling the company to expand its multi-specialty dental services across Wisconsin and beyond.

Molina Healthcare has entered a definitive agreement to acquire substantially all the assets of My Choice Wisconsin for approximately $150 million, net of expected tax benefits and required regulatory capital. My Choice Wisconsin is a Medicaid managed care organization serving over 44,000 MLTSS and core Medicaid members with roughly $1 billion in premium revenue for the 12 months ending March 31, 2022; Molina says the deal expands its MLTSS footprint and will be immediately accretive to adjusted EPS, subject to regulatory approvals.

Accrete Health Partners, the strategic holding company of Bon Secours Mercy Health, has acquired Nordic Consulting Partners from Silversmith Capital Partners and other minority shareholders. Nordic is a Madison, Wisconsin–headquartered global health and technology consulting firm with more than 1,900 professionals; the acquisition expands Accrete/Bon Secours’s health IT and digital capabilities.

Blue Sea Capital completed a substantial growth investment in SIMKO Specialty Dental to form Specialty Smile Partners, a management services organization that will administratively support SIMKO's continued growth and future affiliations. SIMKO's doctors and management will retain their roles while the new platform (Specialty Smile Partners) supports expansion across existing and new geographies; financing for the transaction was provided by Twin Brook Capital Partners.

Partners Group has signed an agreement to acquire OMERS Private Equity's interest in Forefront Dermatology, the largest physician-led dermatology group in the U.S. Forefront's physicians and executive team — and OMERS — will remain minority investors as Partners Group becomes the lead sponsor to support continued geographic expansion and growth; the deal is expected to close in early Q2 2022.

CORA Health Services (d/b/a CORA Physical Therapy), a portfolio company of H.I.G. Capital, has acquired Alliant Physical Therapy Group, a seven-clinic operator in Milwaukee and Kenosha, Wisconsin. CORA also expanded its footprint with acquisitions of Can Do Physical Therapy (Jesup, Georgia) and Keck Physical Therapy (Hendersonville, North Carolina) to broaden its geographic presence in Wisconsin, Georgia and North Carolina.

Nautic Partners has made a strategic growth investment in SPS Health to support the company's continued investment in technology, clinical and operational solutions for post-acute pharmacies and PBMs. The capital from Nautic (from its tenth fund) will help SPS expand its technology-enabled offerings and broaden its reach across long-term care, behavioral health, correctional and other specialty pharmacy markets.

Exact Sciences Corp. acquired PreventionGenetics, a CLIA- and ISO-accredited genetic testing laboratory based in Marshfield, Wisconsin, for $190 million (50% stock, 50% cash) to accelerate its entrance into hereditary cancer testing. PreventionGenetics reported preliminary 2021 revenue of about $36 million and ~100+ staff; Exact Sciences intends to leverage its commercial reach to expand hereditary cancer and genetic testing domestically and internationally.

Sotera Health has acquired Regulatory Compliance Associates (RCA), a Pleasant Prairie, Wisconsin-based life sciences regulatory and quality consulting firm. The deal expands Sotera Health’s US technical consulting and regulatory capabilities for pharmaceutical and medical device customers; terms were not disclosed.

The Firmament Group provided equity backing to industry veterans Bill Brann and Pete Hietpas to launch PRN Health Services (Nurses PRN), a tech-enabled medical staffing provider headquartered in Appleton, Wisconsin. Nurses PRN will supply healthcare professionals to hospitals, long-term care and other care sites across the United States, with Firmament supplying capital and strategic support to scale the platform.

Brown & Brown, Inc. acquired all outstanding stock of Remedy Analytics, a Milwaukee-based pharmacy consulting and analytics firm that operates the PharmaLogic medication platform. Remedy Analytics will continue operating from Milwaukee within Brown & Brown's Retail segment to expand the firm's pharmacy consulting and data-driven benefits capabilities for employer clients.

Cloudmed has acquired Eligibill, a Wisconsin-based provider of insurance discovery and clearinghouse services, and will integrate Eligibill's capabilities into the CloudmedAI platform. The acquisition expands Cloudmed's revenue cycle technology and insurance discovery functionality to help hospitals and health systems accelerate reimbursement and recover underpaid revenue.

Senior Helpers, the national in-home senior care franchisor (owned by Advocate Aurora Enterprises), acquired Miller Home Care LLC, a Milwaukee-based franchise location, converting it to a corporate store. The acquisition expands Senior Helpers’ corporate footprint in the Greater Milwaukee area and will serve as a center for staff training, program incubation and new service development to be rolled out across its franchise network.

FOX Rehabilitation, a Cherry Hill, New Jersey-based provider of geriatric house calls, has acquired Taylored Rehab LLC, a Fond du Lac, Wisconsin-based provider of physical, occupational, and speech therapy serving assisted living communities, group homes, and in-home patients across 13 Wisconsin cities. The acquisition is FOX's first private-practice purchase and is intended to deepen its presence in Wisconsin and expand its pool of clinicians to serve more older adults.

WebMD Health Corp., an Internet Brands company, acquired The Wellness Network from Granite Bridge Partners. The purchase expands WebMD's point-of-care and video-based patient education offerings for hospitals and health systems and brings The Wellness Network's EHR-integrated content and HealthClips 360 capability into WebMD's provider services portfolio. Terms were not disclosed.

Caravel Autism Health has acquired The Center for Autism Treatment to expand access to autism therapy, psychological assessments, and family counseling for Milwaukee-area families. The acquisition brings The Center's clinicians and speech-focused programs into Caravel's integrated platform, increasing Caravel's capacity across the Milwaukee metro and surrounding suburbs.

ICV Partners has made a majority investment in Cherry Tree Dental, a Madison, Wisconsin–based dental practice management company that operates 28 locations across the state. The investment, made in partnership with Cherry Tree co-CEOs Steve Sorrel and Jack Young, will support geographic expansion, technology improvements, and succession planning for small dental practices.

SV Health Investors has completed a recapitalization of Caltius Equity Partners' investment in Health Payment Systems (HPS). The investment will support HPS' expansion in the Upper Midwest and beyond and includes leadership additions with Tom Policelli named CEO and Tom Flynn joining HPS' board.

New Capital Partners (NCP), a Birmingham-based healthcare-focused private equity firm, has made a minority/growth investment in Healthfuse, a vendor performance and revenue-cycle vendor management company. Healthfuse’s founding management team will remain in place and will partner with NCP to enhance its data platform and accelerate growth across health systems and hospitals.

Smile Brands Inc., a portfolio company of Gryphon Investors, completed the acquisition of Midwest Dental, a Dental Support Organization with over 230 offices headquartered in Mondovi, Wisconsin. The combination creates one of the largest DSOs in the U.S., representing approximately 650 offices and over 8,000 employees across 30 states; terms were not disclosed.

AccuRisk Solutions LLC, a Chicago-based managing general underwriter, acquired the rights to Case Management Specialists, Inc. effective December 1, 2020. The acquisition brings Case Management Specialists’ medical management, wellness services and predictive analytics capabilities into AccuRisk’s cost-containment and occupational accident product offerings to expand its service capabilities for employer and insurer clients.

New Capital Partners (NCP) and OSF Ventures have made a growth investment in DotCom Therapy, a Madison, Wisconsin–based virtual behavioral health and teletherapy provider. The funding will help DotCom Therapy scale its teletherapy platform and expand delivery of speech, occupational, and mental health services to schools and homes across the United States.