What You Should Know:
– WellSky, a health and community care technology company, announced it has acquired Corridor, an end-to-end tech-enabled services platform for the post-acute care industry, from HealthEdge Investment Partners. Financial detials of the acquisition were not disclosed.
– By adding Corridor to its portfolio, WellSky will expand its medical coding and revenue cycle management (RCM) offerings to help care providers increase efficiency and improve performance across clinical, financial, operational, and compliance areas.
Corridor Background
Founded in 1989, The Corridor Group Holdings, LLC (Corridor) is a leading provider of technology-enabled outsourced coding, revenue cycle and education solutions to the post-acute healthcare industry. Corridor has a proven track record as a leading tech-enabled services partner to post-acute providers, serving more than 2,600 client sites and supporting more than 52,000 clinicians.
Post-Acquisition Plans
Given the increasingly complex and frequently changing regulations that complicate coding and billing processes, healthcare organizations are turning to trusted and experienced coding and RCM providers who can increase productivity and help ensure accurate reimbursement.
The acquisition of Corridor allows WellSky to strengthen its position in home health coding and RCM and move into the skilled nursing facility billing business.
As part of the acquisition, Corridor CEO Des Varady is staying on to lead the Corridor team, along with the Corridor leadership team, who will integrate with WellSky as they evolve and invest in the future of tech-enabled services. Corridor’s deep industry expertise in billing and financials, workforce issues, and medical coding complements WellSky’s aim to deliver innovative solutions that power providers’ success. Corridor clients will soon be able to leverage WellSky’s robust analytics, care coordination, patient engagement, interoperability, and EHR solutions to enhance care quality and better position clients for success with value-based care models.
