Primus Capital will support continued rapid growth for Hayes’ MDaudit Enterprise™ platform – a cloud-based solution for healthcare compliance and revenue integrity
Wellesley, MA — October 10, 2018 — Hayes, the leading provider of compliance and revenue integrity technology solutions and services for the nation’s premier healthcare organizations, today announced that Primus Capital has made a major growth investment in the future of the company and its solutions. The investment by Primus will accelerate the company’s strong performance with their industry-leading revenue integrity and compliance SaaS platform, MDaudit Enterprise. The management team at Hayes will continue to be actively involved in the day-to-day operations and growth strategies of the company.
The company’s flagship revenue integrity software platform, MDaudit Enterprise, is a powerful, cloud-based risk monitoring solution. Used by the foremost academic medical centers, hospitals and physician groups in the U.S., MDaudit is an enterprise-class platform that enables organizations to efficiently monitor medical claims for billing and coding accuracy to ensure compliance with government and private payer requirements to maximize the attainable level of revenue. The platform accelerates productivity for revenue cycle and compliance professionals by providing workflow automation, risk monitoring, built-in analytics and benchmarking capabilities – all in a single, integrated platform. In the market since 2003, MDaudit is currently used to audit one in eight providers in the U.S.
“Hayes has built a truly differentiated compliance auditing and revenue integrity platform, as demonstrated by the top-tier healthcare organizations on their client list. These institutions recognize the need for a robust, data-driven solution that allows their compliance and revenue cycle teams to minimize compliance risk and secure their revenue stream,” said Phil Molner, Managing Partner of Primus. “The company’s technology is of tremendous importance given the constantly evolving regulatory landscape and the need for organizations to stay vigilant in monitoring their billing practices.”
“We are delighted to partner with Primus as they have one of the strongest healthcare technology disciplines we found among growth investors,” comments Pete Butler, chief executive officer at Hayes. “We’re looking forward to this next step in our company’s growth and development. Our mission is to ensure that leading healthcare organizations have the right workflow technology and analytics tools in place to maximize their revenue integrity. The Primus investment will accelerate Hayes’ rapid growth and enable us to expand our position as the industry leader and innovator in healthcare compliance and revenue integrity software.”
Chris Welch, Principal of Primus, added, “We are excited to partner with the impressive leadership team at Hayes and to work with management to build upon the company’s track record of innovation. Hayes is a great addition to our portfolio.”
Bowstring Advisors served as exclusive financial advisor to Hayes in the transaction.
Primus is a growth-oriented private equity firm focused on investing in leading software, healthcare and technology-enabled services companies. Primus partners with exceptional management teams to accelerate growth, improve operating performance, and increase the value of the companies in which they invest. Primus pursues buyouts, control and minority recapitalizations, secondary share purchases and expansion financings; this flexible approach enables them to engage with business owners and design tailored investment structures to meet the particular needs of the transaction. For more about Primus, visit www.primuscapital.com.
About Hayes and MDaudit
Hayes is a leading healthcare technology provider that partners with the nation’s premier healthcare organizations to improve revenue, mitigate risk and reduce operating costs to succeed in an evolving healthcare landscape. MDaudit Enterprise, our flagship revenue integrity SaaS platform, enables organizations to reduce compliance risk, improve efficiency and retain more of their revenue stream by providing workflow automation, risk monitoring, and built-in analytics and benchmarking capabilities – all in a single, integrated cloud-based platform. To learn more visit www.hayesmanagement.com.