After building the industry’s most successful private firm for collecting high-value government debt, Performant Financial Corporation recognized significant opportunities for growing its business. By strategically partnering with Parthenon, Performant has been able to develop and execute an aggressive growth plan, adding extensive new market opportunities to its portfolio. Performant has been able to successfully leverage its ongoing investments in people, technology and innovation to enter the student loan consolidation space through our VFI business and the healthcare auditing and recovery sector through Performant Audit & Recovery, which have generated new business value and driven record revenue growth for the overall company. Parthenon has provided valuable counsel and support throughout every stage of this exciting process.
“Parthenon is a great partner in evaluating and executing strategic options. They provide a level of resource not commonly available, but profoundly helpful, to middle-market size companies.”
Parthenon is a great partner in evaluating and executing strategic options.
Lisa Im Chairman, CEO and PresidentPerformant Financial Corporation
Arrow is a leading, full-service accounts receivable management company that purchases charged-off debt, conducts contingency collection work and performs third-party receivables servicing. We chose Parthenon as a partner because we appreciated their vision for Arrow and Arrow’s management team. That shared vision helped us to complete the company’s transition to a firm with formal processes for underwriting debt purchases and operational management.
We needed to develop a more robust infrastructure capable of supporting the company’s rapid growth. We implemented this vision by developing and executing a full potential strategy with four key elements:
Improve inventory management in order to optimize efficiency and profitability
Expand operating capacity through outsourcing, acquisitions and greenfield expansion
Improve Operating and Financial Reporting in order to improve accountability and margins
Develop alternative business lines including financing other receivable management and collections businesses
With the assistance and leadership of the Parthenon team, we built four task forces responsible for implementing each of these strategies. Each task force was accountable to the company’s executive management team. Each group did a fantastic job of making Arrow be all it could be. As a result of these efforts, our company more than doubled in revenue and profitability between 2002 and 2004 and continues to grow robustly today.
“We partnered with Parthenon in order to bring on a value-added investor that would help us be all that we can be. Parthenon has been a tremendous partner in working with our family business to institute professional policies, processes and practices as we worked together to manage our growth, and execute our strategic plan.”
Parthenon has been a tremendous partner in working with our family business to institute professional policies, processes and practices as we worked together to manage our growth, and execute our strategic plan.
Jack Lavin President and CEOArrow Financial Services
AccuMed was founded by Mike McMaude in 2000 and the company has grown from the start-up phase to 33 locations and more than 1,300 patient admissions per month. Mr. McMaude had a vision for a home healthcare company with the following mission statement, “Treat all of our patients the way we would want to be treated ourselves.” With the help of some industry veterans that shared his vision, Mike McMaude and the team embarked on the journey of building a home care company that would focus on hiring the best nurses and practitioners along with offering them the opportunity to provide their patients with the finest services.
“Parthenon proved to be enormously helpful in various business areas including helping us to focus on our rapid growth needs, assisting us to make the most profitable acquisitions, and offering expertise in cost savings measures.
AccuMed offers a coordinated system of healthcare services to patients in the comfort of their homes. Patients may require a single service from AccuMed or combination of services that the Company tailors to each individual patient’s needs under their physician’s supervision. Services include skilled nursing, physical therapy, occupational therapy, speech therapy and medical social work.
“Parthenon really took the time to understand our industry, the intricacies of reimbursement and the specific obstacles that we face on a daily basis. It was great having a partner that knew our business and could truly add value to our operations.”
Parthenon really took the time to understand our industry, the intricacies of reimbursement and the specific obstacles that we face on a daily basis. It was great having a partner that knew our business and could truly add value to our operations.
Mike McMaude CEOAccuMed
Intermedix is the leading provider of revenue cycle management services and technology to emergency healthcare providers. The company offers a full outsourced revenue management solution, seamlessly combining robust technologies and services to manage the clinical documentation, billing and informatics needs of pre-hospital emergency care providers and emergency department physicians. Intermedix is the only national revenue cycle management company focused solely on the emergency services sector, a critical area in the healthcare landscape but one plagued by poor data collection and a chaotic environment. Intermedix was formed through the combination of several niche companies focused on discrete segments of the emergency services market. Parthenon Capital’s original strategic vision was to combine these individual segments into one seamless market. Parthenon sponsored the combination of our two predecessor companies and has been instrumental in working with the company since then on the next chapter of its strategic growth. Together, Parthenon Capital and our management team have transformed the emergency healthcare landscape and created a dominate provider in the revenue cycle marketplace. Intermedix is focused on continuing to expand its capabilities in the emergency services market as well as leveraging its best-in-class management, technology and processes in tangential healthcare segments.
“Parthenon has been instrumental in helping us transform Intermedix into the clear leader in our market. Parthenon’s deep expertise in healthcare revenue cycle management and the resources they make available to our company have been critical success factors over time. We view Parthenon Capital as a true partner that has been deeply involved in our growth over time.”
We view Parthenon Capital as a true partner that has been deeply involved in our growth over time.
Doug Shamon CEOIntermedix
AmWINS is one of the largest and most diversified wholesale insurance distribution firms in the United States handling premium placements in excess of $3.4 billion dollars annually. AmWINS distributes specialty insurance products through over 11,500 retail agents providing them with access to property and casualty, group life and health, and program administration services. In addition, AmWINS has strong relationships with over 800 insurance markets uniquely positioning our company to support the objectives of our carrier partners as well as our retail customers. Based in Charlotte, NC, the company operates through approximately 45 offices across the United States.
Parthenon partnered with AmWINS in late 2005 and immediately began to help us grow our company by providing resources and thought leadership on acquisitions as well as capital markets. As an example, in 2007, Parthenon helped us complete one of our largest acquisitions as a company (American Equity Underwriters) and also helped us refinance our bank debt at very favorable terms.
“Parthenon is a valued resource for management and has actively helped us build a stronger company for our customers, employees and all shareholders. We are very pleased to have Parthenon as our partner and appreciate the continuing relationship.”
Parthenon is a valued resource for management and has actively helped us build a stronger company for our customers, employees and all shareholders.
Steve DeCarlo President and CEOAmWINS Group