Sunbound buys outsourced RCM firm Richter, raises $24Mn Series A
- Sunbound completed its acquisition of Richter Healthcare Consultants on Oct. 15.
- Sunbound closed a $24 million Series A led by TTV Capital.
- Sunbound’s total funding now stands at $36 million.
- The combined firms are on track to process $3 billion in annualized payment volume.
WASHINGTON, D.C., UNITED STATES — Sunbound, which sells an AI-powered revenue operating system to senior living operators, has acquired Richter Healthcare Consultants, a firm that has provided outsourced revenue cycle management to post-acute and senior living operators for more than 25 years.
The deal follows Sunbound’s $24 million Series A, which brings its total funding to $36 million.
Software meets a billing team
Richter delivers outsourced revenue cycle management, accounting, Medicaid eligibility and reimbursement services alongside clinical and financial consulting, Sunbound said in an announcement on Oct. 15.
Financial terms of the transaction were not disclosed.
Jennifer Richter, Richter’s founder and CEO and a certified public accountant, will stay with the company in a new role focused on industry partnerships and product strategy.
Sunbound has always paired its software with a team of revenue experts, and Richter adds experience serving skilled nursing, senior living, home health and hospice operators.
The company said that expertise gives it a foundation to expand further into skilled nursing, one of the most complex segments in post-acute billing.
Together, the two firms are on track to process $3 billion in annualized payment volume.
“By joining forces with Richter, a company with deep expertise in skilled nursing and post-acute care, we can transform revenue operations for even more care providers,” said Manny Cominsky, Sunbound’s co-founder and CEO.
What changes for clients
Clients of both companies will not experience any service interruptions, and each will benefit from the other’s offerings over time, Sunbound said.
Sunbound says operators using its end-to-end RCM see a 99% claims collection rate and 96% first-pass acceptance.
“Sunbound’s software handles the high-volume, repetitive tasks that have traditionally slowed things down, so our clients see faster results, and our team can focus on the work where their expertise makes the biggest difference,” Jennifer Richter said.
Backing from TTV Capital
TTV Capital led the Series A, with participation from Bling Capital, Fika Ventures, Live Oak Bank and Ziegler Linkage Fund.
Sunbound will use the capital to accelerate business growth and product development.
“Healthcare finance is incredibly complex, and most senior living and skilled nursing operators lack modern financial technology,” said Neil Kapur, partner at TTV Capital.
For senior living and skilled nursing operators, the deal puts revenue cycle management (RCM) software and an outsourced billing team under one provider.
Operators outsourcing medical billing can ask how exceptions and denials are worked and who is accountable for results.
They can compare partners on the top healthcare outsourcing companies in the United States list.
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- Experity acquires Exdion to boost AI-Driven RCM · 13 Jul
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
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