CorroHealth, a healthcare technology and revenue cycle management (RCM) services company, has finalised the acquisition of Navient’s Xtend healthcare RCM business.
This strategic move is set to improve CorroHealth’s capabilities in the RCM consultancy and technology domain.
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The transaction was initially agreed upon on 13 August 2024.
As per the initial announcement, the deal was valued at a $365m cash consideration, subject to certain customary adjustments.
As of 30 June 2024, the book value of the acquired healthcare services business stood at approximately $136m, inclusive of $113m of goodwill, along with acquired intangible assets, Navient’s previous announcement stated.
With the completion of this acquisition, CorroHealth will continue to operate Xtend from its existing offices in Hendersonville, Tennessee, US.
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By GlobalDataIn addition, more than 925 Xtend employees have now become part of the CorroHealth team, expanding the company’s workforce and expertise.
Xtend Healthcare president Mike Morris said: “The entire Xtend team is excited to join a world-class revenue cycle management leader like CorroHealth.
“As part of the CorroHealth team, we now have a broader scope of capabilities and automation tools to offer our customers.”
This latest development further strengthens CorroHealth’s position in the market while also making it a comprehensive provider of clinical and financial end-to-end solutions.
The acquisition also brings significant scale to the company’s existing RCM offerings and introduces new patient engagement capabilities, including a multichannel patient communication service, a component previously absent from its suite of services.
CorroHealth CEO Pat Leonard said: “This is a significant step forward for CorroHealth and for our clients. Adding the talented and knowledgeable Xtend staff to the clinically led CorroHealth team adds a powerful new layer of financial security for our clients.
“These new services will take additional burden off our clients and allow them to focus on providing high quality health care.”
