SCI Solutions, a provider of enterprise access management, physician connectivity and front-end revenue management software, is flush with two new investments and a new CEO, and it is on a path to growth, executives announced Tuesday.
SCI named Joel French its managing partner and CEO, and Jeff Anderson its managing partner and chief sales officer. Founder John Holton will serve as managing partner and chief operating officer.
The investors are The Wicks Group of Companies, LLC, a New York-based private equity firm, and New Enterprise Associates, Inc., a venture capital firm.
French declined to reveal the amount of the investment, noting that SCI is a private entity. French said the company would add personel in all areas of the business to augment SCI's 100-member staff.
At a time when healthcare reform is presenting greater challenges for healthcare organizations and prompting CEOs and CFOs to give every expense a greater level of scrutiny, French said SCI is well positioned to prove its value in the healthcare space, adding that the company has a 97 percent client retention rate.
SCI serves a rapidly growing client base of approximately 450 hospitals and 30,000 physicians nationwide that utilize its Web-based services to improve patient access, referring physician satisfaction, provider revenue certainty, operational efficiency and compliance.
"The products the company has rolled out to its clients have been bullet-proof," French said, and have provided strong return on investment time after time.
"Too often, the strategy for ROI is hope and a prayer," he added.
Positioned for growth
The company plans to use the new funding to expand distribution and accelerate delivery of complementary SCI product offerings. French said SCI would also aggressively explore selective acquisitions.
SCI founder John Holton said the decision to grow was a strategic one, aimed at taking advantage of SCI's market-leading position. “We are retiring some loyal, longtime investors, and have partnered with Wicks and NEA to align our mutual goals for market expansion," he said.
The expansion will be led by a new team.
As managing partner and CEO, French will be responsible for overseeing strategy, corporate development, marketing and finance.
He brings more than 20 years of experience leading health information technology and consulting firms. He has advised and served executives representing several hundred hospital networks, large physician groups, health plans and life sciences companies on matters of strategy, performance improvement, financial transactions and product management.
“As provider organizations navigate reimbursement reforms, shed operating costs, develop market advantage via emerging care models and comply with expanded regulatory obligations, we believe working capital availability will be a central constraint,” said French. “SCI’s Web-based platform represents a robust set of offerings our clients will utilize to better orchestrate patient care transitions across community trading partners, align revenue with clinical appropriateness and address the growing body of compliance and accreditation mandates.”
Anderson will serve as managing partner and chief sales officer for SCI. He will be responsible for direct and channel sales. Anderson’s healthcare career spans more than 20 years across sales, business development, client delivery and systems integration roles. He has worked with companies such as Superior Consultant Holdings, Ernst & Young, Accenture and Huron Consulting Group.
“Based on my experiences consulting with large global companies in other industries that have experienced systemic economic challenges, macroeconomic factors indicate the health industry will undergo even more stress as fiscal realities impact every provider and payer,” said Anderson. “SCI’s innovative offerings will be key to the solution portfolio that enterprise leaders require to survive and prosper financially.”
