Parthenon Capital Announces Strategic Growth Investment in Medical Review Institute of America
July 08 2024 - 10:35AM
Business Wire
Positions Clinical Review Leader for
Continued Growth and Expansion of Automation-Enabled
Solutions
Medical Review Institute of America (“MRIoA” or the “Company”),
a leading provider of outsourced utilization management and
clinical review solutions to payers, announced a strategic
investment from Parthenon Capital (“Parthenon”), a growth-oriented
private equity firm. As part of the transaction, MRIoA management
and Summit Partners, an investor in MRIoA since 2017, will both
retain significant positions in the business. Financial terms were
not disclosed.
“We are thrilled to welcome Parthenon as an investor in MRIoA.
The firm brings deep expertise in supporting high-growth healthcare
businesses at the intersection of services and technology and will
be an invaluable partner as we look to scale and innovate,” said
Ron Sullivan, CEO. “We are grateful for Summit Partners’ active
support over the last several years and for their continued
partnership moving forward. We are excited to continue to provide
best-in-class utilization management services to our clients while
also looking for even more ways to add value in the years
ahead.”
Dan Killeen, a Partner at Parthenon, said, “MRIoA plays a
critical role in enabling payer organizations to ensure members
receive timely access to the care they need. With significant
investments in clinical resources, service delivery and automation,
the Company is uniquely positioned to help clients navigate a
dynamic health care system, and we are excited to partner with
MRIoA as it enters this next chapter of growth.”
Dave Ament, Co-CEO of Parthenon, added, “MRIoA has established
itself as a trusted, scale partner providing high-quality clinical
review solutions to health plans, third-party administrators and
pharmacy benefit managers across the country. We look forward to
working with Ron and the MRIoA team to build on this strong
foundation in the years ahead.”
Mizuho and its affiliate Greenhill & Co. acted as exclusive
financial advisor to MRIoA. Kirkland & Ellis, LLP acted as
legal advisor to Parthenon Capital in connection with the
transaction.
ABOUT MEDICAL REVIEW INSTITUTE OF AMERICA
Founded in 1983, Medical Review Institute of America, LLC
(MRIoA) is a leading medical review company in the United States.
With one of the largest, most extensive clinical review networks,
industry-leading turnaround times, and utilization review licensing
in all states that require it, our professionalism, enthusiasm and
collaborative approach are transforming clinical care delivery
nationwide. MRIoA is a technology-enabled provider of clinical
insights to payers and patients through analytics and
evidence-based clinical opinions derived from independent specialty
reviews and virtual second opinion solutions that empower better
decision-making. For more information, visit www.mrioa.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708398015/en/
Molly Fazio Kloos, Parthenon Capital 617-960-4012
mollyk@parthenoncapital.com