Ridgemont Equity Partners
Ridgemont Equity Partners, HealthMark Group, and OTech Group Form HCIT Partnership
February 4, 2020
Platform to Offer Software and Technology-Enabled Solutions for Release of Information, Patient Intake Management, and Other Healthcare Administrative Needs
Charlotte, NC (February 4, 2020) – Ridgemont Equity Partners, a middle market private equity investor, today announced its partnership with HealthMark Group, a technology-enabled provider of release of information and other health information management services, and OTech Group, a provider of patient intake management software and systems. Together, the businesses will form a leading software and technology-enabled solutions platform to help medical practices minimize the administrative burden associated with patient check-in, form completion and signing, and compliant medical record release. With Ridgemont’s backing, management will continue to invest in product development and acquire complementary offerings to further expand the platform. Financial terms of the transaction were not disclosed.
“Ridgemont is very pleased to partner with HealthMark and OTech to support the next chapter of growth for the combined company,” said Anthony Cassano, Partner at Ridgemont. “As a firm, we have been actively pursuing opportunities in HCIT given the evolving demands of a diverse patient population and still nascent levels of technology adoption in certain areas of the healthcare ecosystem.” Seth Peck, Principal at Ridgemont, added, “The value proposition of HealthMark and OTech’s offerings are at the crux of our investment thesis in the technology and healthcare sectors – a streamlined solution that reduces cost, mitigates compliance risk, and improves satisfaction for patients through the implementation of digital processes and user-friendly software.”
“We have known Ridgemont for several years and are excited to partner with them and gain their financial and strategic support,” said Bart Howe, CEO of HealthMark. “I am delighted to have OTech join the HealthMark family and build upon our existing solutions for our clients. By combining HealthMark and OTech’s capabilities, we can offer a broader set of complementary services as well as further automate our workflow and ability to manage medical records and information exchange for our clients.”
“We strongly believe that we found the right cultural match in HealthMark and Ridgemont, who share our firm’s core principles of investing in innovative healthcare technology solutions, exceptional service, and long-term relationships,” said Bruce Steinhardt, CEO of OTech. “Additionally, we see an extraordinary opportunity to utilize the resources of the new platform to accelerate our momentum, enhance our offering, and deliver even more value to our clients.”
As the businesses begin to integrate, Bart Howe will become the CEO of the combined platform, while Bruce Steinhardt will continue to play a key leadership role at OTech to support the organization and its client base.
About HealthMark Group
HealthMark provides software and tech-enabled services related to the management of medical records and information. The company’s services help minimize the administrative burden associated with patient check-in, form completion and signing, and compliant medical record release.
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65B of committed capital.