Career Step, LLC, a portfolio company of Revelstoke Capital Partners, a Denver-based private equity firm has acquired the Revenue Capture and Coding and Documentation Divisions of Panacea Healthcare Solutions. After completion of the acquisition, Career Step and Panacea will now provide end-to-end education, consulting and data analytics solution to the revenue cycle and healthcare financial marketplaces. Financial details of the acquisition were not disclosed.
For Career Step, the acquisition further expands its educational offerings to the information available through consulting and data analytics. This acquisition also brings more than 25 industry experts in-house, which will augment Career Step’s Professional Training division and enable faster development and delivery of educational products. Based in Lehi, Utah, Career Step
is a leading provider of online, career-focused education and professional training programs in the high-growth healthcare sector. Career Step offers high quality, cost effective, job-specific training solutions that help learners and corporate employees quickly gain career skills and prepare to sit for nationally recognized certifications.
Founded in 2007 and based in St. Paul, Minnesota, with additional offices in New Jersey and Florida, Panacea Healthcare Solutions provides expert coding, compliance, technology and financial advice to hundreds of healthcare providers each year. These services help healthcare organizations improve their bottom line, and industry-proven Panacea products and strategies include CLAIMSauditor®, I10FocusTM and Hospital Zero-Base Pricing®.
As part of the acquisition, Panacea Healthcare solution business will continue to operate as an independent brand and entity within the Career Step Professional Training Division, and as part of the transaction Frederick Stodolak and others on the current Panacea management team will continue as shareholders. The transaction closed February 1, 2017, and Hogan Lovells US LLP acted as exclusive legal advisor to Career Step.
“At Career Step, our focus is on improving lives and business results through education,” said Steve Tober, Career Step President and CEO in a statement. “With the acquisition of Panacea and the combination of our complimentary product and service offerings, we will now be able to drive better results for healthcare organizations by tying the information available through their consultants and data analytics to the education we offer. We have been working closely with Panacea for the past two years, and we have proven through our joint efforts that our combined offerings can meet an important market need.”
The transaction closed February 1, 2017, and Hogan Lovells US LLP acted as exclusive legal advisor to Career Step.