PEs seek access to majority stake in US healthcare BPO
Blackstone and Carlyle are competing to acquire a majority stake in Texas-headquartered healthcare BPO Access Healthcare, said people aware of the development. Hillhouse Investment, which narrowly missed out to EQT on a similar US-centric firm GeBBS in September, is also making a strong bid.
All these firms are due to submit non-binding offers by the middle of December for a 60-70% stake in the company, valuing it at $1.4-1.5 billion. The quantum of the stake sale is expected to be decided over subsequent rounds of negotiations, said the people cited.
Set up in 2012 by Anurag Jain, an Indian-origin serial entrepreneur and venture capitalist, privately held Access Healthcare has 20 global delivery centres in nine cities in India, the Philippines, and the US.
Access Healthcare provides services to hospitals, healthcare systems, medical groups, medical billing companies, health plans, and boutique revenue cycle management (RCM) software and services firms. A team of over 27,000 helps clients redefine revenue cycles and improve administrative, financial, and clinical outcomes, according to the company website. It supports 500,000 physicians and processes over 400 million transactions per year, managing $120 billion in claims annually, the website said.
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