May 24, 2016 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as exclusive advisor to Nurse Audit, a privately held healthcare payment integrity services company, on the sale of its business to Equian, a leading payment integrity organization owned by New Mountain Capital.
Ben Dunn, lead advisor to Nurse Audit and Managing Director at Covington Associates, stated “Equian’s acquisition of Nurse Audit highlights the demand in the market for expertise in the increasingly complex healthcare payment segment.”
Sharon Weston of Nurse Audit said, “The Covington team played a crucial role in exploring all strategic options and ultimately executing a successful transaction for Nurse Audit. The team’s knowledge of the industry and foresight throughout the process was extremely valuable. I found Covington’s entire team accessible and most supportive during the engagement. I strongly recommend Covington if you are looking to receive exceptional service and maximum value for your company.”
Equian CEO, Scott Mingee, stated, “With the addition of Nurse Audit, we add significant expertise and new content to the Equian platform that will create meaningful additional value for our combined client base. In today’s complicated reimbursement environment, our clients desire a strategic partner with a broad range of capabilities to assist in their payment accuracy programs. Nurse Audit complements our existing payment integrity services with a market-leading, coding-focused approach that will increase the savings we deliver to our customers.”
Sharon Weston, CEO of Nurse Audit added, “We are very excited to be joining the Equian team and look forward to continuing to provide the same gold standard quality of service to our clients, while also being able to offer a highly attractive expanded suite of solutions.”
Equian is a leading end-to-end Payment Integrity organization. The company’s platform manages over $250 billion of claims data in their innovative platform designed to assist clients by avoiding, identifying, pricing, analyzing clinical codes, and ultimately recovering inaccurate transactions in the complex environments of healthcare, workers compensation, and property & casualty markets. Equian acts on data to pay the right party for the right amount at the right time delivering over $1.25 billion in actionable savings throughout the payment spectrum.
About Nurse Audit
Founded in 1994 and based in Portsmouth, New Hampshire, Nurse Audit provides comprehensive audit services to major health insurance carriers. The company specializes in audit and review programs, including provider audits, DRG validation, CPT code and clinical reviews, high-cost implant reviews, high-cost pharmaceutical reviews, and bill negotiation services.
About Covington Associates LLC
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion.
Within Healthcare, Covington recently has completed M&A transactions with market leaders, including Optum, Diplomat Pharmacy (NYSE: DPLO), and Eli Lilly (NYSE: LLY) amongst several others.
For more information, visit www.covllc.com.