Clearview Capital Fund IV LP and its affiliates have recapitalized, in partnership with its management, LTC Consulting Services LLC and affiliates.
Headquartered in Lakewood, NJ, with additional offices in Detroit, Miami, Philadelphia, Cleveland, Toronto and Israel, LTC is a provider of revenue cycle management , finance, accounts payable, insurance contracting and credentialing, and other office management services to hundreds of skilled nursing facilities and other healthcare providers nationwide.
The company will continue to be led by co-founders, Michael Bauman and Mark Josefovic, each of whom retained a significant equity stake in the recapitalized business.
“We are excited to be partnering with Michael, Mark, and the entire LTC team,” said Matthew Blevins, partner of Clearview Capital. “We believe LTC is perfectly positioned to benefit from continued RCM outsourcing by SNF operators who are first and foremost focused on delivering exceptional patient care. Persistent COVID-related census challenges, reimbursement complexity, and chronic staffing shortages will further accentuate the importance of an efficient revenue cycle function and LTC has developed an incredible reputation for delivering industry-leading outcomes to its SNF clients.”
“From our first meeting with Clearview through the closing of the transaction, they have been a pleasure to work with,” said Bauman. “Mark and I were seeking a partner with prior healthcare services experience that could provide the necessary capital and strategic guidance to accelerate LTC’s growth. We look forward to bringing our combined strengths and experiences together to take LTC to the next level.”
“LTC has always been focused on providing a great service to our clients, as well as understanding the individual needs of each client and how we can support them,” added Josefovic. “As the industry evolves, we felt it was important to understand that tomorrow will look different than today and what we were able to do alone in the past will be much more efficient in the future with the right partner. We have great confidence in our new
partnership with Clearview and our ability to continue not only meeting but exceeding our clients’ expectations.”
LTC is the eighth platform investment in Fund IV, a $550 million committed fund raised in 2018.
Business Capital Exchange Inc. provided financial advisory services to LTC, while Troutman Pepper provided legal advice to the company. Alston & Bird LLP served as Clearview’s legal adviser.