After a multi-year sourcing effort within the healthcare IT vertical, Spectrum identified Passport Health as a differentiated platform providing healthcare providers with proprietary, real-time connectivity to payers' patient data. Spectrum’s understanding of the company’s hybrid subscription and transaction-based business model, value of the company’s two-sided network and the evolving healthcare landscape helped accelerate the growth of the company .
At the time of the company’s acquisition by Experian, Passport was processing over 400 million transactions annually for over 2,500 hospitals and 9,000 other healthcare providers.
Scott MacKenzie was recruited as CEO, David Whitt as CFO, Scott Bagwell as SVP Sales, Crista Harwood as General Counsel, and Paul Joiner as VP Corp. Dev. In addition, numerous key individuals were elevated to management roles including Howard Bright as CTO and Marcus Padgett as SVP Revenue Cycle Solutions.
Approximately 50% of U.S. hospitals use at least one Passport product. The company increased bundled products sales from 10% to over 50% of annual sales.
Passport completed the acquisition of Data Systems Group, a provider of revenue cycle software, and STAT Scheduling Technologies, a provider of enterprise scheduling software.
The company was recognized as the #1 Patient Access solution by KLAS, a research and ratings provider to the healthcare IT industry.
During Spectrum’s investment, revenue grew 30% annually and employee count grew by over 150%.
Experian leadership was introduced to Passport’s management team at Spectrum’s annual healthcare IT event - Spectrum subsequently supported management in negotiating the sale of the company.
Experian, the global information services company, is pleased to announce that it has signed a definitive agreement to acquire Passport Health Communications, Inc.
Read moreIntelliSource is Category Leader in Patient Access - Eligibility Checking as Passport Solutions Sweep Top Rankings
Read moreThe acquisition of Data Systems Group expands the geographic reach and capabilities of Passport's claims management operations and strengthens its range of revenue cycle solutions.
Read moreThe acquisition gives Passport an integrated suite of solutions that includes scheduling, eligibility and demographic validation, orders, patient payments, patient self-service, and claims management.
Read more