TACOMA, WA – March 4, 2014 – National revenue cycle consulting firm, MultiCare Consulting Services, LLC (MCS) announces that, effective February 28, 2014, it has completed the sale of the assets of the MCS consulting business through a management buyout arrangement involving former MCS Managing Directors, James McHugh, Tim Kinney and Jake Morris. Under the terms of the sale, the assets of the MCS business were acquired by a newly formed independent consulting business, McKinnis Consulting Services, LLC, owned by McHugh, Kinney and Morris. The new entity is headquartered in Chicago, IL, with the former MCS employees joining the newly formed, McKinnis Consulting Services. The financial terms of the agreement have not been disclosed.
Diane Cecchettini, President and CEO of MultiCare Health System, states: “We are very proud of the success of MCS. The firm has excelled in helping many health care providers nationally to improve financial and operational strength. This sale will also ensure a smooth transition for MCS customers as MultiCare focuses on its core mission of providing health care to communities in the south Puget Sound region of Washington State. We look forward to working with McKinnis Consulting Services in a collaborative manner in the future, and send our best wishes to its directors and staff.”
“As the founding owner of MCS, MultiCare Health System has supported our growth to a successful national consulting firm. We are very grateful for our relationship and for the opportunities MultiCare provided us to develop into a firm that provides exceptional quality and service to our clients,” said James McHugh, Managing Director of MCS.
Fairmount Partners served as the exclusive financial advisor to the management team / owners of McKinnis Consulting Services in this management buyout transaction.
MCS was founded in 2009 and provides a full suite of revenue cycle consulting services. A core component of their services includes technical diagnostics, implementation support, and optimization of health information systems. MultiCare Health System, is an integrated delivery system based in Tacoma, Washington, is comprised of five hospitals and an extensive network of employed providers that provide care to communities in the south Puget Sound area of Washington State A HIMSS Davies Award winner, MultiCare is nationally recognized for its quality health care, its business and technological transformation and its advanced use of an electronic health record through Epic System’s suite of applications.
About Fairmount Partners
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount offers deep expertise in the Healthcare Services, Healthcare Information Technology, IT and Business Services, Software, Telecommunications and Technology markets. Fairmount has completed more than 145 engagements over the past ten years. For 2011 through 2013, the total value of Fairmount’s completed transactions exceeded $2.0 billion. Fairmount has completed transactions throughout North and South America, Europe, Asia, and Australia. For more information, visit: www.fairmountpartners.com
Principals of Fairmount Partners acted as advisors to MCS in this transaction.