Exclusive: Veritas combines Coronis and MiraMed in new RCM platform - Axios .

Focused Coding



Veritas Capital has combined Coronis Health and MiraMed Global Services — creating a new multi-specialty revenue cycle management platform for health care providers, the tech-focused firm tells Axios.

Why it matters: The expansion and consolidation of managed care is making the the billing and collection function increasingly difficult for health care providers. That pressure is fueling demand for outsourced RCM providers, which private equity has been rolling up like gangbusters.

Catch up quick: Axios scooped last month that Veritas, following a Guggenheim Securities-run process, had acquired Coronis from investors including 424 Capital, and was considering combining the company with another privately held peer.

  • The newly combined company is expected to produce approximately $80 million to $90 million of pro forma EBITDA in the calendar year 2022, sources familiar with the matter say.
  • Per July's report, sources told Axios that Coronis — which marketed about $50 million of adjusted EBITDA — commanded a double-digit multiple. Veritas declined to comment on financials.

Details: Coronis CEO Stephen Grubbs will lead the combined company, with MiraMed chief Tony Mira stepping in as vice chairman of the board of directors.

  • Coronis provides end-to-end RCM solutions — patient eligibility verification, medical coding review, AR management, and other functions — to a range of outpatient and inpatient care settings.
  • Jackson, Mississippi's MiraMed, whose founder family will retain a minority stake, plays in business process outsourcing, health information management coding, risk adjustment, AR management, among other things. It focuses on anesthesia-focused practices and commercial health care clients.
  • Both are hybrid onshore-offshore models, with Coronis maintaining a sizable captive offshore infrastructure.