MRO Corp. (MRO), a leading clinical data workflow platform and the KLAS-rated No. 1 provider of release of information (ROI) solutions, announced today the acquisition of Northbrook, IL-based Cobius Healthcare Solutions (Cobius), a leading provider of reimbursement and compliance risk management tools for hospitals, healthcare systems, and physicians. The acquisition expands MRO’s software and workflow solutions in audit and denial management and compliance.
Founded in 2000 by Doug Weinberg, Cobius serves all types of healthcare providers, including many of the nation’s largest healthcare systems. Cobius’ software solutions automate workflows, resolve compliance issues, provide key business intelligence, and help ensure providers receive the reimbursement they have earned. Mr. Weinberg and the Cobius team will join MRO as full-time employees.
“We are passionate about providing comprehensive, enterprise-wide solutions that help healthcare providers run more effectively,” said Mr. Weinberg, Cobius’ CEO. “From the beginning, our mission has been to deliver solutions that are simple to use, reduce risk, and optimize revenue. As part of MRO, we have a great opportunity to further that mission. We are very excited to be joining the MRO organization and continuing to invest in innovation and customer service.”
“MRO’s mission is to manage the complex process of ingesting, curating, and releasing clinical data and medical chart information on behalf of providers and downstream requesters. From a strategic and a workflow standpoint, Cobius’ software and solutions are a natural extension of our core clinical data release solutions. This combination will enable us to offer clients superior workflow and technology integration to achieve their operational goals and financial objectives related to revenue integrity,” said Stephen Hynes, Chief Executive Officer for MRO. “Cobius has a reputation for delivering innovation and outstanding service, which is DNA shared with MRO. I’m delighted to welcome Doug and the Cobius team to the MRO family.”
The merger enables the two market leaders to provide a more comprehensive and innovative line of software, services, and support for managing denials, payer audits, internal audits, and release of information. Solutions can be deployed across departments and various work groups to automate and streamline workflows, improve compliance, and provide comprehensive insights that improve financial performance.
MRO is supported by Parthenon Capital, a leading growth oriented private equity firm focused on building franchise companies in healthcare.
Republic Partners, LLC served as financial advisor to Cobius while Foley & Lardner LLP served as the company’s legal advisor. Kirkland & Ellis LLP served as MRO’s legal advisor.