OrthoBanc to merge with Accel-KKR backed OrthoFi
US-based OrthoBanc said that it has been acquired by Accel-KKR and is being merged with the latter’s OrthoFi to create a major player in orthodontic patient acquisition and financial management.
Accel-KKR, which is a technology-focused private equity firm, had invested last year in OrthoFi, a software and technology-enabled service platform that caters to the orthodontic specialty industry.
The private equity firm said that the combination of OrthoBanc and OrthoFi will transform the manner in which patients access, afford, and pay for quality orthodontic care. The enlarged company will deliver a portfolio of patient acquisition software solutions and revenue cycle management services.
OrthoBanc has been providing patient payment management solutions for orthodontic and dental practices for more than 20 years. The Tennessee-based company is said to currently cater to more than 2500 practice locations across the US.
On the other hand, OrthoFi is a tech-enabled solution that helps orthodontists start more patients and enable them to find more time to offer quality care. The Colorado-based company claims to have partnered with more than 600 practice locations in the US to help patients find orthodontic care that is quality and affordable.
Bill Holt – CEO of OrthoBanc said: “For 20 years, OrthoBanc has been committed to being a trusted partner for orthodontic practices to manage their patient payments. The new partnership with OrthoFi will leverage their innovations in patient acquisition and insurance management with our experience in payment management and our commitment to customers and their billing parties.
“This powerful combination will give practices an industry-first set of seamless solutions to help them maximize their success.”
The combined company will operate as OrthoFi with its CEO to be David Ternan.
Dave Ternan – CEO of OrthoFi said: “OrthoFi’s mission has always been to help orthodontic practices Start More Smiles and to simplify their lives. We are thrilled to work with OrthoBanc, and to leverage their legacy of trusted payment solutions and industry-recognized customer service.
“I am excited and honored to lead this team of talented individuals.
“Our collective product offerings and our customer-centric cultures are an ideal fit, and will undoubtedly enhance the experience of the customers we serve.”