Investment supports acceleration of strategic growth plan with focus on product development and M&A
New Mountain Capital joins existing investors, including Eir Partners and the management team
NEW YORK & CHARLESTON, S.C.–(BUSINESS WIRE)–New Mountain Capital, a leading growth-oriented investment firm with more than $37 billion in assets under management, today announced an investment in ClaimLogiq, a healthcare technology platform that enables complex claim reviews for health plans prior to payment. Affiliates of New Mountain Capital are partnering with ClaimLogiq’s management team and existing investor, Eir Partners, to support the next phase of growth for the company, including investments in product development, talent and infrastructure.
ClaimLogiq is a leading technology-enabled payment integrity provider that delivers savings for health plans by reducing errors in complex claims prior to payment through its proprietary software platform, TrueCost. TrueCost is a highly configurable, HITRUST CSF® certified solution that uses cutting-edge machine learning to accelerate the claim review process, enabling a more proactive and transparent approach that drives savings prior to payment and reduces downstream costs to payers and providers. ClaimLogiq is the only vendor in the market that offers a flexible delivery model whereby clients can use the TrueCost platform to enable their internal payment integrity teams or work with ClaimLogiq’s clinical experts on a fully outsourced basis.
“This is an exciting time for ClaimLogiq. We have built a differentiated platform that streamlines the payment integrity process for claim reviews and drives tremendous value for our payer customers,” said Tom Magnotta, CEO of ClaimLogiq. “We have significant runway ahead of us, and New Mountain Capital is the ideal partner to support our technology and product roadmap given their deep sector expertise and successful track record in the space. Their support will further enable our clients to make more informed decisions with accurate, real-time claim reviews, regardless of complexity.”
“We view ClaimLogiq as a significant new platform in the health technology space,” said Matt Holt, Managing Director and President, Private Equity at New Mountain Capital. “The company is exceptionally well positioned to accelerate innovation in the healthcare payments market by leveraging advanced technology and data to enable the shift to new payment models.”
“We are thrilled to support Tom and the rest of the management team in building a next-generation payment integrity platform. ClaimLogiq offers its clients a compelling value proposition and we are looking forward to supporting investments in technology, automation and strategic acquisitions to further extend ClaimLogiq’s offering and to continuously improve the value proposition for customers,” added Kyle Peterson, Managing Director at New Mountain Capital.
“ClaimLogiq represents a compelling opportunity for us to build a disruptive solution in the healthcare technology industry. We are excited to bring to bear our firms’ combined expertise to support ClaimLogiq in its next phase of growth,” added Brett Carlson, Managing Partner at Eir Partners.
Ice Miller served as legal counsel to ClaimLogiq and Eir Partners. Ropes & Gray served as legal counsel to New Mountain Capital.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease real estate funds with over $37 billion in assets under management. New Mountain seeks out what it believes to be the highest quality leaders in carefully selected “defensive growth” industry sectors and works intensively with management to build the value of these companies. Additional information about New Mountain Capital is available at www.newmountaincapital.com.
ClaimLogiq is a healthcare software and technology company that delivers a proactive approach to payment integrity through a powerful, simplified solution. The unique payer-facing, claim-analyzing solution is HITRUST CSF® certified and makes claim reviews accessible to all size healthcare payers for in-depth insight and real-time access into the status of every claim at every stage of the audit lifecycle for controlled, consistent, accurate, and defensible outcomes. ClaimLogiq’s innovative software stands out by allowing payers control, configurability, and transparency over the entire claim process and can be applied as a SaaS model, full service, or as a hybrid to suit the specific needs of every payer. For more information, visit www.claimlogiq.com or follow ClaimLogiq on LinkedIn.
About Eir Partners
Eir Partners is a US-based investment company focused exclusively on health tech and tech enabled companies. Eir’s investment platform includes direct platform investments as the sole investor or alongside strategic or other private equity firms. Eir has completed or partnered on over $4.2 billion in healthcare technology transactions since inception in 2015 and has been involved in several large-scale health tech companies including Cloudmed, Equian, Millennia, Convey and others. Targeted stages of investment include growth equity through control buyouts. For more information about Eir, visit www.eirpartners.com.
For New Mountain Capital
Dana Gorman / Matthew Butler
(212) 371 – 5999
[email protected] / [email protected]