The combined companies will work together to bolster providers’ ability to improve financial performance and succeed in value-based care arrangements
WellSky, a leading health and community care technology company, announced today that it has acquired Corridor, an end-to-end tech-enabled services platform designed for the post-acute care industry’s toughest challenges, from HealthEdge Investment Partners, a healthcare-focused private equity firm. By adding Corridor to its portfolio, WellSky will expand its medical coding and revenue cycle management (RCM) offerings to help care providers increase efficiency and improve performance across clinical, financial, operational, and compliance areas.
Given the increasingly complex and frequently changing regulations that complicate coding and billing processes, healthcare organizations are turning to trusted and experienced coding and RCM providers who can increase productivity and help ensure accurate reimbursement. With the addition of Corridor, WellSky expands its comprehensive services — including medical coding, clinical documentation review, billing, and collections services — that address these challenges within the post-acute and long-term care sectors.
“Providers today must continually demonstrate higher quality performance and compliance, and they’re looking for solutions to support quality patient care and reduce administrative burdens,” said Bill Miller, CEO of WellSky. “As we looked to strengthen our services offerings, Corridor emerged as an ideal partner. Together, WellSky and Corridor help more post-acute care organizations succeed against industry challenges.”
Corridor has a proven track record as a leading tech-enabled services partner to post-acute providers, serving more than 2,600 client sites and supporting more than 52,000 clinicians. The addition of Corridor allows WellSky to strengthen its position in home health coding and RCM and move into the skilled nursing facility billing business. The announcement comes on the heels of WellSky’s recent acquisition of Experience Care, a leading technology company for long-term and post-acute care providers, further demonstrating its commitment to the long-term care market.
“For more than 30 years, Corridor has held steadfast to our mission to help our clients maximize their performance and resources with powerful, tech-enabled solutions. I’m thrilled that Corridor will continue to advance that mission as part of the WellSky team,” said Des Varady, CEO of Corridor. “With access to WellSky’s tech-enabled solutions that are focused on improving outcomes, lowering costs, and improving patient and family satisfaction, we can better serve our client partners.”
Corridor’s deep industry expertise in billing and financials, workforce issues, and medical coding complements WellSky’s aim to deliver innovative solutions that power providers’ success. Corridor clients will soon be able to leverage WellSky’s robust analytics, care coordination, patient engagement, interoperability, and EHR solutions to enhance care quality and better position clients for success with value-based care models.
Varady is staying on to lead the Corridor team, along with the Corridor leadership team, who will integrate with WellSky as they evolve and invest in the future of tech-enabled services.
Lincoln International acted as the exclusive financial advisor to Corridor and HealthEdge on this transaction.
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