US-based healthcare credit balance management solutions provider Trend Health Partners has acquired Advent Health Partners, a Tennessee-based healthcare technology company.
Financial terms of the deal have not been disclosed.
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This deal is expected to position Trend as an artificial intelligence (AI)-driven platform to ensure payment accuracy and revenue integrity in the healthcare industry, serving both payers and providers.
Established in 2010, Advent developed a proprietary technology platform called Cavo.
Leveraging AI, Cavo helps to streamline the review of medical records regarding revenue cycles and payment integrity aspects, including denials management, utilisation management, itemised bill reviews, and DRG reviews.
Trend CEO Sarah Armstrong said: “Cavo will help us extend our existing platform, TRENDConnect, to solve an even broader set of challenges for our payer and provider clients.
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By GlobalData“We are very excited to welcome the Advent team into our organisation.”
Aligning with Trend’s goals, Advent’s solution aims to boost reimbursement accuracy, reduce administrative costs, and promote collaboration and transparency between payers and providers.
The acquisition will allow Trend to integrate Advent’s complementary solution and technological capabilities.
This integration will help Trend to provide increased value to its payer and provider clients by bringing together clinical and non-clinical data and analytics into a unified platform.
The merged company will serve more than 50 health plans and almost 1,000 hospitals.
This deal is being backed by a follow-on investment from Lone View Capital, which has been Trend’s institutional investor since 2022.
OM Partners has acted as financial adviser and Barnes & Thornburg as legal counsel to Advent while William Blair & Company acted as the financial adviser, and Holland & Knight as legal counsel to Trend.
Commenting on the deal, Advent CEO Mark Thienel said: “We are incredibly proud of what the Advent team has accomplished over the past decade, and of the significant value that we have delivered to our clients.
“We couldn’t be more excited to partner with the team at Trend and continue building on that legacy.”
