MEDNAX, Inc. and Frazier Healthcare Partners announced that they have entered into a definitive agreement under which MEDNAX will sell its MedData business to Frazier. Frazier has partnered with The Edgewater Funds to strengthen the MedData investment backing. Together the private equity funds bring significant experience and resources to help MedData grow.
Nader Naini, Managing Partner of Frazier, said, “We are excited to be partnering with MedData’s 2,000 dedicated employees to continue to provide best-in-class patient financial and advocacy services to the company’s broad base of customers. As part of our growth strategy, we are committed to bringing additional resources to accelerate and enhance its offerings to help our customers reduce costs, recover revenue and optimize their operations.”
Both new partners (Frazier and Edgewater) completed an extensive evaluation of MedData and saw impressive value and prominent growth potential. Frazier and Edgewater provide a wealth of experience, investment acumen, and vast network of relationships in the revenue cycle management space and across a diverse range of industries. Working together, their broad expertise can strengthen MedData’s position as a leader in the marketplace and accelerate its business growth.
Additionally, in conjunction with the investment, MedData announced Michael Shea as its new CEO. Mike is a versatile healthcare executive with more than 30 years of experience in revenue cycle management services. He founded MedAssist, one of the first Medicaid eligibility companies in the country, in 1989 and most recently founded and built Bolder Healthcare Solutions as its CEO. Mike will work closely with MedData President and COO Emily Fisher and the rest of the company’s leadership team to continue driving innovations in outsourced revenue cycle management and patient financial advocacy.