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FUTURE OF HEALTHCARE

Veritas Capital Completes Combination of Coronis Health and MiraMed Global Services

Veritas Capital | August 08, 2022 | Read time : 04:00 min

Veritas Capital

Veritas Capital a leading technology and government investor with deep healthcare expertise, announced that an affiliate of Veritas completed the combination of two complementary revenue cycle management businesses: Coronis Health and MiraMed Global Services. The combination creates a scaled RCM platform providing end-to-end technology-enabled solutions to a diverse set of healthcare providers across the U.S. The newly combined company benefits from meaningfully increased scale, end-to-end RCM capabilities across multiple specialties, and robust infrastructure with over 8,500 employees globally.

The combined company will be led by Coronis CEO Stephen Grubbs. MiraMed’s founder and CEO Tony Mira will serve as Vice Chairman of the Board of Directors.

Veritas has a proven track record of driving growth for companies within the healthcare technology market. The firm brings a culture of intense customer focus and accelerating growth through investment in R&D and product innovation.

Coronis is a leading provider of end-to-end RCM solutions to U.S. healthcare providers including primary and specialty physician practices, anesthesia groups, laboratories, emergency medical services, behavioral health centers, FQHCs, and hospitals. Since its founding in 2015, Coronis has rapidly become an industry leader with an emphasis on quality, transparency, and customer satisfaction. Coronis’ solutions address the full RCM continuum for a patient’s journey, allowing clients to focus on delivering high quality patient care to communities they serve. Veritas acquired Coronis from 424 Capital and other minority shareholders.

Founded by Tony and Sue Mira in 1979, MiraMed is a leading provider of end-to-end RCM and business process outsourcing services for anesthesia practices and commercial healthcare clients in the U.S. MiraMed delivers medical coding, billing, and receivables management solutions to regional anesthesia-focused physician practices and other commercial healthcare clients, supported by a highly strategic hybrid onshore/offshore delivery model. Veritas acquired MiraMed from the Mira family, who will retain an ownership position in the combined company.

“This combination brings together two highly complementary businesses with a shared mission to improve operations for healthcare providers across the U.S. Coronis’ end-to-end RCM solutions paired with MiraMed’s expertise and global infrastructure creates a robust platform for growth in a highly fragmented market. We look forward to leveraging our expertise in healthcare technology to support the combined company and, in partnership with management, deliver innovative technology-based solutions to ensure the continued success of the company’s healthcare provider clients.”

Ramzi Musallam, CEO and Managing Partner of Veritas Capital

“We are thrilled to partner with Veritas Capital through this combination, which will better position us to help our clients focus on providing what’s most important – the absolute best patient care,” said Mr. Grubbs, CEO of Coronis. “MiraMed has a terrific team and value proposition, and we are confident that, with a larger platform and enhanced resources provided by Veritas, the combined company is poised for continued organic and inorganic growth to benefit our clients, employees, and partners."

“Our family built MiraMed to serve the growing needs of our healthcare clients and their patients. By combining with Coronis, we created a new company with the scale, resources, and global infrastructure to provide an expanded set of solutions to our clients,” said Tony Mira, founder and CEO of MiraMed. “Together, we will expand our operational footprint to serve clients across various specialties and make investments in technology to enhance operations for our clients across the healthcare industry. I look forward to working with the talented team at Coronis, as well as Veritas, as we embark on this next chapter.”

“Our investment in Coronis and partnership with Stephen and the entire management team firmly established how our playbook can create value in the healthcare technology sector,” said 424 Capital Managing Partner Walter Beinecke. “We welcome Veritas as the new stewards of Coronis and wish the team continued success.”

Latham & Watkins LLP served as legal counsel to Veritas. Lincoln International LLC and TripleTree LLC served as financial advisors to Veritas. Guggenheim Securities LLC served as lead financial advisor and Whiteman Osterman & Hanna LLP served as legal counsel to Coronis. Gibson, Dunn & Crutcher LLP served as legal counsel to MiraMed.

About Veritas Capital
Veritas is a longstanding technology investor with a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means.

Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to Veritas. We are proud stewards of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. 

About Coronis Health
Coronis is a leading provider of end-to-end RCM solutions to U.S. healthcare providers including primary and specialty physician practices, laboratories, and hospitals. By using industry-leading technology combined with high-touch relationship building, Coronis Health allows healthcare practitioners to focus on patient care. 

About MiraMed Global Services
MiraMed is a leading provider of end-to-end RCM and Business Process Outsourcing services for anesthesia practices and commercial healthcare clients in the U.S. MiraMed partners with physician practices, hospitals, health networks, and related industry service organizations to provide a broad portfolio of solutions to streamline operations, improve productivity and ensure compliance.

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AppliedVR Partners with Lovell to Better Serve Government Healthcare Systems

Prnewswire | April 13, 2023

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Businesswire | May 31, 2023

HeartBeam, Inc. a cardiac technology company that has developed the first and only 3D-vector electrocardiogram (VECG) platform intended for patient use at home, today announced that it has entered into a Strategic Alliance Agreement (SAA) with Samsung, extending the existing SAA between LIVMOR and Samsung. HeartBeam acquired the assets of LIVMOR earlier this year. 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We are excited that LIVMOR is now part of HeartBeam and look forward to continuing our successful collaboration. The potential of combining LIVMOR’s technology and the HeartBeam AIMIGo system holds significant promise to address major cardiac conditions for our veterans.” Founded in 2016, LIVMOR developed the Halo™ Atrial Fibrillation (AF) Detection System, the world’s first FDA-cleared prescription wearable for continuous cardiac rhythm monitoring. The Halo system provides continuous monitoring of pulse rhythms for the detection of AF on-demand during the day and automatically overnight. Under the previous SAA, LIVMOR and Samsung developed a physician-prescribed and fully integrated patient care platform that provides extended monitoring of patient cardiovascular health in virtually any setting, using medical grade equipment. LIVMOR’s technology was commercially deployed within the VA Healthcare System in Dallas, Texas. “Thanks to our cooperation with LIVMOR and Samsung, we are able to treat some of the nation’s most at-risk patients as safely and effectively from the comfort of their homes as we would if they were sitting in an exam room,” said Dr. Jerrold Grodin, Department of Veterans Affairs, North Texas. “We’ve seen an increase in early adoption from patients when their physicians are also early adopters.” Among the available opportunities is a potential collaboration with the Department of Veterans Affairs through its Accelerating VA Innovation and Learning (AVAIL) program. In September, the VA announced that 17 companies had won spots in a potential five-year, $650 million healthcare technology research and development program. Participants provide subject-matter expertise to help the agency design, build and test novel platforms, services and care models that could be scaled into clinical production to support the Veterans Health Administration. One of the AVAIL program's awardees is Longview International Technology Solutions (LTS), a systems integration company. LIVMOR and Samsung have been designated as official collaborators with LTS for the AVAIL project. With the Company’s anticipated participation in the AVAIL project, HeartBeam could share its expertise in the assessment and monitoring of cardiac symptoms as it collaborates with Samsung to innovate and develop solutions for the VA, the largest integrated healthcare system in the U.S. "Veterans reported a rate of heart attacks more than twice that of non-veterans in one study," Dr. Vajdic added. "This shows that coronary artery disease is a significant problem for veterans, making improvements in heart attack detection at the VA particularly critical." About HeartBeam, Inc. HeartBeam, Inc. is a cardiac technology company that has developed the first and only 3D-vector ECG platform intended for patient use at home. By applying a suite of proprietary algorithms to simplify vector electrocardiography (VECG), the HeartBeam platform enables patients and their clinicians to assess their cardiac symptoms quickly and easily, so care can be expedited, if required. HeartBeam has two patented products in development. HeartBeam AIMI™ is software for acute care settings that provides a 3D comparison of baseline and symptomatic 12-lead ECG to more accurately identify a heart attack. HeartBeam AIMIGo™ is the first and only credit card-sized 12-lead output ECG device coupled with a smart phone app and cloud-based diagnostic software system to facilitate remote evaluation of cardiac symptoms. 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Onera Announces Strategic Partnership with MedBridge Healthcare to Deliver the First Self-Applied, No-Wire Polysomnography Solution in the US

businesswire | April 10, 2023

Onera Health, a leader in transforming sleep medicine and remote monitoring, announced an exclusive strategic partnership with MedBridge Healthcare, a leading provider of sleep management services including sleep screening, in-center, inpatient and home diagnostic testing and therapy coordination. This new partnership aims to broaden access to Onera’s medical-grade PSG-as-a-Service solution, further improving the patient experience and lowering the operational burden currently faced in many sleep clinics across the US. “Onera Health and MedBridge Healthcare share the same values, so this partnership was an easy decision for us both. We’re working towards the same goal of improving the quality of life for people that suffer from sleep-related diseases through comprehensive testing,” says Ruben de Francisco, Founder and CEO of Onera. “I’m convinced our patient-centric Type 2 Polysomnography solution is the perfect addition to their already highly successful mail-to-home services.” MedBridge operates a network of sleep disorder programs across the US, performing over 70,000 sleep procedures annually. John Mathias, Chief Development Officer of MedBridge said, “As a leading sleep management service provider in the US, we are excited about the potential of Onera’s technology and its contribution to our end-to-end solution. We are pleased to extend our service through this partnership with at-home polysomnography systems that a patient can apply themselves within minutes. We firmly believe this will significantly improve the cost and access for testing, diagnosis, therapeutic coordination, and long-term care management of patients with sleep disorders.” Onera and MedBridge plan to onboard the first customer for the innovative home polysomnography service in the first half of the year. About Onera Health Onera Health is a leader in transforming diagnostics and monitoring. Their breakthrough products and technologies are poised to help millions of people struggling with health ailments and chronic conditions in a variety of medical fields, including sleep, neuro, cardiac and respiratory care, ultimately improving the health and quality of life for patients around the world. The company’s innovative solutions provide comprehensive physiological and health-related data to physicians in a variety of clinical and non-clinical environments to optimize patient care and reduce healthcare costs. Onera has offices in the Netherlands and the US.

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