The amount of the transaction was not disclosed. The acquirers now hold a majority interest in the company. As part of the investment, Arneek Multani, John Reardon and Taimur Shaikh of Trident Capital, Peter Grua of HLM Venture Partners and Glen Moller will join MedSave’s board of directors. John Reardon will become Chairman of the Board of MedSave.
The company intends to use the funds to advance its technology platform and service offerings, as well as for future acquisitions.
Led by Glen Moller, Chief Executive Officer, MedSave provides technology and services to help Medicare Advantage plans as well as commercial and Medicaid insurance plans, manage their risk adjustment processes to ensure that they are fairly reimbursed based on the insurance risk of their individual members.
The company uses a proprietary, cloud-based technology platform to provide a full-service solution, including analytics, onsite medical record retrieval, prospective, in-home health risk assessments, and HCC coding services.
It now serves four out of the top five national health plans.