KING OF PRUSSIA, PA — SimiTree announced its recent acquisition of Miami-based Imark Billing in a strategic expansion of revenue cycle management services.
SimiTree Managing Principal Mike Freytag said the expansion positions SimiTree to rapidly deploy outsourced billing, coding and other revenue cycle services to organizations ranging from start-up to enterprise operations.
“We’re excited to bring onboard the skilled team at Imark Billing, with its impressive record of supporting clients in achieving their financial goals. This move will deliver the scalability SimiTree needs to address the industry’s growing need for our services as we head into 2022.
“We continue to see a burgeoning number of clients who need help with cash flow, compliance, claims processing delays, and ultimately, profitability,” Freytag said. “The synergy between Imark and SimiTree will enable us to quickly deliver tangible benefits to many more clients, no matter the size or census.”
Imark Billing founder and CEO Lynn Labarta, who established her company in 2003 to provide billing, coding, and consulting services to home health and hospice agencies nationwide, will move into a leadership role at SimiTree.
“Becoming part of SimiTree offers Imark clients expanded access to all of SimiTree’s differentiated resources, proprietary tools, impressive data analytics and the most knowledgeable minds in the business,” Labarta said. “Our goal has always been to provide our clients significant reimbursement assistance and Medicare revenue recovery. Now we have access to SimiTree’s entire spectrum of clinical, financial, and operational consulting expertise to support that goal. ”
SimiTree was created by the merger of Simione Healthcare Consultants and BlackTree Healthcare Consulting in May 2021 to provide an array of solutions to home health, hospice, applied behavioral analysis, palliative care, and other post-acute organizations.
In addition to outsourced services including billing, coding, OASIS, Review Choice Demonstration (RCD) and Quality Assessment and Performance Improvement (QAPI), SimiTree offers clinical, financial and operational consulting; executive placement, interim management, retention consulting and other talent solutions; mergers and acquisitions support; compliance assessments and risk mitigation plans; sales and growth training; and robust benchmarking and data analytics.
SimiTree leads the nation in cost report preparation for Medicare-certified home health agencies, and provides hospice cap reporting and hospice cap due diligence services.
“We believe the acquisition of Imark Billing is the ideal next step for SimiTree as it continues to expand the scope and scale of services and solutions, furthering the mission to help post-acute organizations become stronger and healthier overall by aligning business and care,” said Sheridan Capital Partners Partner Sean Dempsey. Sheridan is a healthcare-focused private equity firm backing SimiTree.
“SimiTree continues to provide the best options in the industry, helping its clients address challenges, identify strategic growth opportunities and improve profitability,” Dempsey added.
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