Aspirion Acquires Revenue Cycle Management Company FIRM

Aspirion recently acquired FIRM Revenue Cycle Management Services, Inc. (FIRM RCM), a company that works with hospitals to recover denied, unpaid, and underpaid claims.

The technology-enabled healthcare revenue cycle management company announced late last week that the deal with FIRM RCM closed on May 18th, making it the sixth successful transaction Aspirion has made over the last five years to bolster the range of healthcare revenue cycle management services it offers to clients.

Aspirion helps hospitals and physicians recover lost claims revenue by overturning denials and underpayments, resolving aged accounts receivable (A/R), and collecting complex claims, such as motor vehicle accident, workers' compensation, Veterans Affairs and TRICARE, and out-of-state Medicaid. The company, headquartered in Columbus, Georgia, serves clients nationwide, including half of the ten largest health systems in the country.

“We are thrilled to welcome FIRM RCM to the Aspirion family,” Amy Amick, CEO of Aspirion, said in the announcemnet. “FIRM RCM has been built upon an incredible commitment to client excellence and robust subject matter expertise which is the backbone for the exceptional value they bring to their clients. This core fiber to the company's DNA aligns extremely well with Aspirion's. We know together we can help bring even greater value to the market.”

Nancy Momcilovic, Esq, president of FIRM RCM, will continue to lead the FIRM RCM team following the acquisition. FIRM RCM is an attorney-driven company based in Las Vegas, Nevada, that uses case, contract, and statutory law to assist hospitals in recovering revenue.

Last year, Chicago-based healthcare private equity firm Linden Capital Partners bought a majority stake in Aspirion. The transaction valued the revenue cycle management company between $650 million and $700 million. Previously, Aspirion acquired ARx, Advicare, Specialized Healthcare Partners LLC, and HRS ERASE.

Revenue cycle management vendors have been on a buying spree, acquiring companies to expand the services for healthcare providers. Last month, business process management company Sagility LLC acquired Devlin Consulting, a payment integrity firm. Another technology-enabled revenue cycle management company AGS Health also scooped up an offshore patient access BPO unit from Availity.

Efficient revenue cycle management is key as healthcare providers of all sizes deal with the repercussions of the COVID-19 pandemic, which left many large providers with massive financial losses. Meanwhile, providers are facing a challenging macroeconomic environment, which includes tight labor markets and rising operating expenses.