Investment firm Marlin Equity Partners has agreed to purchase AdvancedMD, a cloud-based ambulatory electronic health record systems provider, from publicly traded ADP (NASDAQ: ADP), which provides automated business process outsourcing services such as payroll and human resources.
Although the purchase price has not yet been disclosed, South Jordan, Utah-based AdvancedMD will join a group of health IT companies in the portfolio of Marlin, an international firm with more than $3 billion of capital under management. Among other health IT companies in its portfolio is eMDs, another ambulatory EHR and practice management solution provider, which has been merged with MDeverywhere, a physician revenue cycle management services provider. Another is SigmaCare, a provider of integrated clinical software solutions to the long-term and post-acute care market.
Designed for smaller private practices, AdvancedMD serves more than 17,000 practitioners and 500 medical billing companies nationwide.
Raul Villar, who was ADP AdvancedMD’s president, will continue as CEO of the independent company after a 26-year career with ADP as a corporate vice president.
Villar called Marlin a “perfect fit” for AdvancedMD because the firm is committed to the company’s vision of enabling small medical practices to increase cash flow, reduce administrative burdens and focus more on patient care. “Under Marlin ownership we are poised to accelerate product investment and will continue to deliver best-in-class implementation and service to our loyal clients and partners,” he said in a prepared statement.