Craneware acquires ClaimTrust Inc
Craneware, the market leader in automated revenue integrity solutions for the U.S. healthcare market, announced the acquisition of Nashville-based ClaimTrust Inc, a Software-as-a-Service (SaaS) revenue cycle technology solutions provider. The deal is valued at an initial consideration of $15 million with a maximum total consideration of $19.5 million, subject to certain performance criteria and working capital adjustments.
"This acquisition is a major step forward for Craneware. ClaimTrust brings five core complementary products to the existing Craneware Revenue Integrity Solutions™, increasing our product set and strengthening the value we deliver to the healthcare market," said Keith Neilson, CEO of Craneware. "ClaimTrust has helped hospitals manage the Recovery Audit Contractor (RAC) process to win more than twice as many appeals as their peers and defend millions of dollars in Medicare RAC denials. This is just one of the many reasons ClaimTrust adds tremendous value to Craneware's existing offerings."
With U.S. hospitals facing increased fiscal and regulatory pressures, ClaimTrust's powerful revenue cycle tools will further help Craneware's clients improve financial performance and meet increasingly stringent compliance regulations.
"Craneware is a market leader in providing revenue integrity solutions that deliver the necessary visibility to identify and address revenue leakage," said Joe Ferro, President and CEO of ClaimTrust. "ClaimTrust is excited to continue providing exceptional client service while offering our clients Craneware's industry award-winning and HFMA peer-reviewed revenue integrity software."
ClaimTrust has a customer base of more than 275 hospitals, of which approximately 10 percent overlap with the more than 1,000 healthcare organizations Craneware currently serves. Through the acquisition, Craneware will expand its employee base from 150 to more than 200.