Career Step Acquires Panacea Healthcare Solution’s Revenue Capture and Coding and Documentation Divisions
Career Step creates an end-to-end solution to provide education, consulting and data analytics to the revenue cycle and healthcare financial marketplace with the acquisition of Panacea Healthcare Solution’s Revenue Capture and Coding and Documentation Divisions.
“At Career Step, our focus is on improving lives and business results through education,” said Steve Tober, Career Step President and CEO. “With the acquisition of Panacea and the combination of our complimentary product and service offerings, we will now be able to drive better results for healthcare organizations by tying the information available through their consultants and data analytics to the education we offer. We have been working closely with Panacea for the past two years, and we have proven through our joint efforts that our combined offerings can meet an important market need.”
Founded in 2007 and based in St. Paul, Minnesota, with additional offices in New Jersey and Florida, Panacea Healthcare Solutions provides expert coding, compliance, technology and financial advice to hundreds of healthcare providers each year. These services help healthcare organizations improve their bottom line, and industry-proven Panacea products and strategies include CLAIMSauditor®, I10Focus™ and Hospital Zero-Base Pricing®.
“The Panacea team is excited to join Career Step,” said Frederick Stodolak, Panacea CEO at the time of the acquisition. “Both companies have worked successfully together for years, and we look forward to integrating our combined talent and technology to offer our clients a more synergistic and comprehensive offering. The combined business model is unique in that we provide learning solutions at the onset of individuals’ careers as well as integrated educational, consulting and technology services to support them throughout their career lifetime.”
Career Step’s acquisition focuses on tying its educational offerings to the information available through consulting and data analytics. This acquisition also brings more than 25 industry experts in-house, which will augment Career Step’s Professional Training division and enable faster development and delivery of educational products.
“Since the implementation of ICD-10, the need for new and continuing revenue cycle education has grown,” said Mike Hodgson, Career Step Professional Training Division Executive Vice President. “The combination of Career Step’s programs and Panacea’s consulting services and data analytics software will enable us to identify opportunities for revenue improvement by capturing lost charges and underbilled services and then improving pricing models based on actual costs. The information we gather for clients through consulting and software services will help us identify areas for education that will facilitate long-term staff performance improvement.”
Career Step will run the Panacea Healthcare Solution business as an independent brand and entity within the Career Step Professional Training Division, and as part of the transaction Frederick Stodolak and others on the current Panacea management team will continue as shareholders. The transaction closed February 1, 2017, and Hogan Lovells US LLP acted as exclusive legal advisor to Career Step. More information on the available products can be found at www.panaceainc.com.
About Career Step
Career Step, a portfolio company of Denver-based equity firm Revelstoke Capital partners, is an online provider of career-focused education and professional training. The company has trained over 100,000 students for new careers, has more than 150 partnerships with colleges and universities nationwide, offers a variety of continuing education courses for healthcare professionals and has educated more than 8,000 health information professionals through its Professional Training Division. Career Step provides training for several of the largest and most respected healthcare employers in the nation and is committed to helping students and practicing healthcare professionals alike gain the skills they need to be successful in the workplace - improving lives, advancing careers and bettering business results through education. More information can be found at www.careerstep.com or 1-800-246-7836.
About Panacea Healthcare Solutions
Panacea Healthcare Solutions, a Career Step company, provides expert coding, compliance, financial consulting and information technology to hundreds of healthcare providers and organizations each year to proactively maintain compliance and identify risk and new incremental net revenue opportunities. Each solution is rooted in Panacea’s extensive frontline experience in healthcare finance and coding, including chargemaster and coding compliance auditing, CLAIMSauditor®, I10Focus™ and Hospital Zero-Base Pricing®, which has earned the coveted HFMA Peer Review® designation. The company maintains offices in Minnesota, New Jersey and Florida. More information can be found at www.panaceainc.com or 1-800-252-1578.