Contact:
Richard Leonardo
CEO
FAIRPAY Solutions
972.715.8000
rleonardo@fairpaysolutions.com
RIVERSIDE FINDS THE RIGHT PRICE WITH FAIRPAYLeading Medical Cost Containment Solution Determines the Fair Price of Healthcare
DALLAS—October 1, 2009—The Riverside Company, the largest global private equity firm focused on the smaller end of the middle market (“SEMM”) and one of the industry’s most experienced buyout investors, today announced that the company has entered into an equity partnership with FAIRPAY Solutions, a premier specialty bill review company offering enhanced workers’ compensation cost containment services.
Founded in 1999 and based in Addison, TX, FAIRPAY is a market leader in specialty bill review for workers’ compensation medical claims. FAIRPAY also employs its pioneering technology to reprice auto accident claims and long-term care claims. Combining innovative technology and a deep understanding of federal and state regulations, FAIRPAY allows payers to determine the fair market value of healthcare services. FAIRPAY also offers a range of other services in conjunction with its specialty bill review service, including formal dispute resolution support and provider negotiations.
FAIRPAY realizes significant savings for more than 1,000 payers, including insurance carriers, managed care organizations, third-party administrators and self-insured employers. FAIRPAY’s proprietary data, processes, software systems and algorithms generated more than $185 million in savings for clients in 2008.
“We are thrilled to bring FAIRPAY into the Riverside family of healthcare-related companies,” said Karen Pajarillo, Riverside Partner. “With a growing share of a niche market, FAIRPAY fits perfectly with Riverside’s proven strategy of targeting operationally sound, well-managed companies poised for growth. We look forward to partnering with FAIRPAY’s management team to pursue both organic growth opportunities and acquisitions down the line, including opportunities to increase FAIRPAY’s geographic coverage and leverage its proprietary data and systems.”
“Since I joined FAIRPAY in 2005, we’ve always been focused on providing the best service and technology possible to our customers,” said Richard Leonardo, CEO of FAIRPAY Solutions. “With Riverside as a partner, we now have the resources and strategic guidance on board to enable FAIRPAY to keep pace with a rapidly expanding market for specialty bill review in worker’s compensation claims. With a scalable software platform, proprietary databases, and a deep institutional knowledge of the legal and regulatory environment, we’re very excited for what the future holds for the FAIRPAY – Riverside partnership.”
About The Riverside Company
The Riverside Company is the largest global private equity firm focused on the smaller end of the middle market (“SEMM”) and is one of the industry’s most experienced buyout investors. Riverside invests in premier companies valued up to $150 million and partners with strong management teams to build companies through acquisitions and value-added growth. Since its founding in 1988, the firm has invested in more than 200 transactions with $5.0 billion in enterprise value, and has a current portfolio in North America, Europe and Asia consisting of more than 60 companies. Riverside offers certainty to close and can complete acquisitions in as little as 45 days, thanks to its more than $3.0 billion of capital under management, over 180 professionals in 18 offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Eindhoven, Hong Kong, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw), and long-standing relationships with partner lenders. Learn more about The Riverside Company at www.riversidecompany.com or www.riversideeurope.com.
About FAIRPAY Solutions
FAIRPAY’s corporate mission is simple and straightforward: to provide industry leadership as the most innovative and customer-oriented company in the specialty bill review business by delivering substantial healthcare savings for our clients. FAIRPAY’s proprietary, patent-pending Medical Analysis, Auditing and Repricing Services (MAARS.net) solution reprices bills by analyzing legal, financial, medical and actuarial data. The system complies with each state’s specific statutes and precedents for workers’ compensation bill review and contains data from more than 20 public and proprietary databases. FAIRPAY offers a suite of solutions to address the specialty bill review needs of workers’ compensation and auto/liability payers. These solutions, supported by FAIRPAY’s innovative technology and powered by the most comprehensive databases in the industry, result in accurate and fair pricing recommendations that deliver significant savings – risk free. For more information about FAIRPAY Solutions, visit www.fairpaysolutions.com or call 1-888-847-5215.
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