12/10/2020
Boston, MA – Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm, has completed the sale of abeo Management Corporation (“abeo”), a provider of outsourced revenue cycle management (“RCM”) and practice management services to independent and hospital-employed anesthesia physicians. The sale transaction represents the culmination of a successful partnership with abeo’s management team, led by longtime revenue cycle executive CEO Michael O’Boyle. Varsity Healthcare Partners, a healthcare services private equity investment firm, will merge its investment in DuvaSawko, a provider of outsourced RCM services to independent emergency medicine practices, with abeo.
Formed via the merger of three leading anesthesia billing and technology companies, abeo has grown to serve more than 350 hospital-based and independent anesthesia practices. abeo is known for its end-to-end RCM capabilities, proprietary technology solutions, and personal service for clients in 42 states nationwide.
“We have greatly enjoyed working with the abeo team and are proud to have contributed to such a strong company,” said Dave Ament, co-CEO and Managing Partner of Parthenon. “We believe the merger of abeo and DuvaSawko combines two RCM category leaders and we look forward to their continued success in the future.”
O’Boyle, stated, “We have benefitted enormously from our partnership with Parthenon and are excited to join with the leadership of DuvaSawko. This strategic combination will enable both businesses to benefit from greater scale, diversification, and enhanced sales, service and managerial infrastructure.”
About abeo Management Corporation
Based in Dallas, TX, abeo provides comprehensive revenue cycle services and practice management solutions for over 350 hospital-based and independent anesthesia practices. The Company marries end-to-end RCM capabilities and proprietary technology solutions with extensive practice management capabilities, so as to optimize collections/workflow, compliance and practice efficiencies for clients across 42 states nationwide. abeo’s anesthesia RCM platform and service infrastructure support client billing and collections processing associated with more than three million anesthesia cases annually, while the Company’s advisory services and technology products assist abeo’s clients with driving enterprise-wide efficiencies. For more information, visit abeo.com.
About Parthenon Capital
Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare, and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.