CRESCENT SPRINGS, Ky. and BOSTON, Ma. — Riverside Partners, LLC, a Boston-based private equity firm, announced today that it has completed a majority equity investment in Bottom Line Systems (“BLS” or the “Company”). Based in Crescent Springs, Kentucky, BLS is a leading provider of revenue cycle management technology and related services to large hospital systems and other healthcare providers throughout the United States. The Company offers payment compliance services which recover additional reimbursement, and improves contracts and revenue cycle processes for its clients. BLS’ solution is powered by proprietary, custom-designed technology.
“We are excited to partner with Bob Stevens and his team to support continued growth at BLS,” said Max Osofsky, Partner at Riverside Partners. “BLS provides a unique solution that combines technology and specialized teams that enable the most detailed underpayment and denial review in the industry. We look forward to working with Bob and his team to continue to build BLS into the nationally recognized leader in its market.”
“BLS’s technology not only increases collections, but also improves the internal processes and workflow of its customers,” added Ian Blasco, General Partner at Riverside Partners. “We look forward to investing in the Company’s systems to further enhance already powerful technology and identify even more reimbursement opportunities for BLS’ clients.”
“We are thrilled to be partnering with Riverside Partners,” said Bob Stevens, CEO of BLS. “Riverside brings deep healthcare and technology expertise to us which will help us to continue to expand our technology, enhance our service to customers and grow our client base.”
Today’s news comes at a time of ongoing expansion for BLS. The Company continues to grow through word of mouth referrals, as a greater number of hospitals, including some of the largest healthcare systems in the country, experience the value of partnering with BLS.
BLS was advised on the transaction by Dinan Capital Advisors. Riverside Partners was advised by Choate, Hall & Stewart. Financial terms of the transaction were not disclosed.
About Riverside Partners:
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visitwww.riversidepartners.com.
About Bottom Line Systems:
Bottom Line Systems is a leading provider of revenue cycle management technology and services to healthcare providers, nationally. A central part of Bottom Line Systems’ healthcare payment compliance service is process and managed care contract improvement. As a result, in addition to superior healthcare revenue recovery, the Company provides ongoing information and ideas to improve process and future reimbursement.