Clearwell Group Acquires Leading Provider of Revenue Cycle Management Services
Clearwell Group announced today that it has acquired the revenue cycle management (“RCM”) business of Microwize Technology, Inc. (“Microwize” or “Company”), a healthcare software and IT services company based in Paramus, New Jersey, through its portfolio company Encoda.
Founded in 1997, Microwize is a leading provider of billing, scheduling, and electronic health record software and technology-enabled services. The acquisition of the Company’s RCM segment adds to Encoda’s growing base of RCM customers while simultaneously expanding Encoda’s team of client service professionals.
“We are excited to partner with Clearwell Group in the acquisition of the Microwize RCM business,” said Michael Kallish, CEO of Encoda. “The transaction continues the Encoda growth story by bringing together two companies dedicated to improving the financial operations of medical practices nationwide.”
The transaction marks Encoda’s second add-on acquisition in partnership with Clearwell Group. Encoda previously acquired the RCM division of MedCo Data, LLC in March 2017.
“We are excited to partner with Microwize as their team has built a leading provider of revenue cycle management services. Together with Encoda, we look forward to working with the business in its next chapter of growth," said Ryan Cortner, Partner at Clearwell Group.
About Clearwell Group
Clearwell Group makes control and meaningful minority investments in companies located in the southeastern United States, with a focus on the state of Florida. We invest with the belief that businesses should generate positive investment return in addition to positive significance. We support high-integrity entrepreneurs with a collaborative approach to creating value that leverages experience and network. This aligns our interests with management to achieve the best possible outcome with the right amount of capital over the right period of time. Unlike the traditional fund structure, we bring patient capital to bear without artificial time constraints. Industries of particular interest include manufacturing, business services, healthcare, software, and financial services.
Encoda is a leader in healthcare reimbursement automation and revenue cycle management services that empower medical business offices to cost-effectively collect the most money in the shortest time possible. Clients significantly enhance their revenue cycle management process by licensing the patented, cloud-based Encoda BackOffice™ platform or contracting for billing services through the Encoda Revenue Assistance Program™.
Clearwell Group's Direct Investment Criteria
We are a family office based in Tampa, FL. The goal of our direct investment effort is to build a family of businesses continuing the legacies started by great family entrepreneurs.
Our principals have over 35 years of investment experience covering hundreds of individual investments in dozens of industries. Clearwell Group makes control and meaningful minority investments in companies located in the southeastern United States with a focus on the state of Florida.
Financial criteria for our investments is as follows:
Buyouts: $1M+ EBITDA
Growth Capital: $1M+ Revenue
Real Estate: Tax-Efficient Development
Industries of particular interest include manufacturing, business services, healthcare, software, and financial services. We work with exceptional, entrepreneurial-minded management teams with a vision for growth. We welcome family businesses into our family and are committed to building lasting, well-capitalized, meaningful businesses and brands.