The Coding Source Announces Growth Investment by Parthenon Capital and Related Acquisition of Sinaiko Healthcare Consulting


LOS ANGELES, CA — The Coding Source LLC, a leading provider of clinical coding, audit and compliances services to health plans and healthcare providers, announced today the completion of a growth investment by Parthenon Capital Partners, a growth oriented private equity firm with offices in Boston and San Francisco.  The Company also announced the acquisition of related Sinaiko Healthcare Consulting, Inc., a leader in revenue cycle and compliance consulting to hospitals, medical groups and other healthcare entities.  Proceeds from the transaction were used to provide liquidity to certain shareholders and capital to the Company to pursue future growth initiatives. The Coding Source will continue to be led by the current management team, headed by Greg Sinaiko as Chief Executive Officer.  Following the transaction, the senior management team and affiliates of Parthenon Capital Partners will own 100% of the combined Company.

Founded by Chief Executive Officer Greg Sinaiko, The Coding Source is a recognized leader in providing risk adjustment coding services to Medicare Advantage and Managed Medicaid plans and other clinical coding, audit and compliance services to provider organizations.  The Company’s coding services are enhanced by their proprietary technology platform which provides customers clinical documentation, reporting, and data management tools to more efficiently collect, analyze, and enhance reimbursement data.  With the addition of Sinaiko Healthcare Consulting, the Company also offers a broad set of consulting services focused on assisting providers and health plans with technical coding and compliance matters.  The Consulting division will be led by Jeff Sinaiko, its current President and a 20 year veteran of the business.

About the recapitalization, Mr. Greg Sinaiko commented “Our ambition going forward is to provide our clients with the highest level of service and accuracy in the risk adjustment and payment integrity industry.  We will continue to invest heavily in technology and people in order to remain an industry leader as we broaden the set of clinical coding and other revenue cycle services we can offer our clients.  We are excited to have Parthenon Capital Partners as our partner and look forward to their help in achieving our goals.  We are also very pleased to be merging with Sinaiko Consulting and welcome their professionals and clients to the combined company.  We look forward to building on the legacy started by my father, Richard Sinaiko, over 20 years ago.”

David Ament, a Managing Partner at Parthenon Capital Partners, said “Increasingly, health plans and healthcare providers are adapting to payment schemes that incorporate elements such as the risk and acuity of a member base and the quality of care provided.  The government’s growing role as a payor of healthcare services will likely accelerate this trend.  We believe companies such as the The Coding Source that can assist health plans and providers in key revenue cycle areas are well positioned for a growing role in the future.  We are very excited to partner with Greg and the TCS management team to continue to further their leadership position in this area.”
Brad Sloan, a Vice President at Parthenon Capital Partners, remarked “Parthenon has been analyzing the payment integrity industry broadly for more than two years and has evaluated dozens of companies in this area.  The combined company is the strongest we’ve seen in the clinical coding and risk adjustment industry from a service and technology standpoint and we are quite enthusiastic about the many future growth opportunities that lie ahead.”
Triple Tree, LLC advised The Coding Source and Sinaiko Healthcare Consulting on the transaction.  Falcon Capital Partners, LLC advised Parthenon Capital Partners.

Based in Los Angeles, CA, The Coding Source serves clients nationwide to optimize revenue while ensuring compliance.  In an age where every code counts, providers, health plans and healthcare facilities trust The Coding Source for comprehensive medical coding services. From outsourced coding and compliance monitoring to on-site training and risk adjustment services, The Coding Source’s full range of services are designed to enhance accuracy and efficiency while improving bottom-line results.  For more information, visit

Sinaiko Healthcare Consulting was founded in 1990 to bring together the best and brightest consulting talent in the industry to provide expert advice, solutions and service to the firm’s clients. Sinaiko senior consultants are professionals with 10 to 30 years of experience in various facets of the industry, including hospitals, medical groups, managed care organizations and academic institutions. For more information,

Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco.  Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service 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 business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.  Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities.  For more information, visit