CHESTERFIELD, Mo., Jan. 13, 2021 (GLOBE NEWSWIRE) -- Healthcare Fraud Shield (the “Company” or “Healthcare Fraud Shield”), the leading provider of Fraud, Waste and Abuse (“FWA”) detection software to healthcare payers, announced today that Charlesbank Technology Opportunities Fund, a fund managed by Charlesbank Capital Partners, has invested over $50 million in the Company. Healthcare Fraud Shield’s FWAShield™ platform is the most advanced and effective solution in the market, and this investment will allow the Company to accelerate its existing investments in proprietary analytics, artificial intelligence, new products and customer service. Prior to this investment, Healthcare Fraud Shield had not taken any institutional equity.
Healthcare Fraud Shield, based in Chesterfield, Missouri, is one of the fastest growing providers of FWA solutions in the healthcare industry. The Company offers a next-generation SaaS platform that uses proprietary data, artificial intelligence, rules and algorithms to enable healthcare insurance payers to identify Fraud, Waste and Abuse. These proprietary analytics and artificial intelligence models are continuously updated by Healthcare Fraud Shield’s team of FWA experts, allowing the platform to reliably deliver best-in-class results, drive meaningful cost savings and achieve high ROI for customers. In addition, the platform provides workflow and productivity tools that significantly enhance efficiency. The platform is fully integrated, addressing the entire range of pre-payment and post-payment workflows with a combined view of both medical and pharmacy claims.
“We aim to partner with our customers by providing industry-leading analytics, deep subject matter expertise and responsive services to tackle fraud, waste and abuse in our healthcare system,” said the Company’s President and CTO, Mike Moseler. “Charlesbank’s investment will allow us to accelerate development of new features and deployment of our platform’s capabilities, like our recently launched AIShield™ product and our innovative PreShield™ product, across insurance plans covering millions of lives.” Healthcare Fraud Shield will continue to be led by Mr. Moseler, along with Tony Rademeyer, EVP of Sales, and Karen Weintraub, EVP SIU.
“We are delighted to partner with the Company and its outstanding management team during this phase of accelerated investment and growth,” said Darren Battistoni, Managing Director at Charlesbank. “The Company’s proprietary rules, datasets, AI models and workflow solutions are highly unique and effective. We are excited to support the Company’s continued investment in its technology, its artificial intelligence capabilities, and most importantly, its people.”
Bhuvan Jain, Senior Vice President at Charlesbank, added, “Healthcare Fraud Shield has built the leading product suite that comprehensively addresses payers’ growing and complex FWA needs. We look forward to supporting Mike, Tony and Karen as they build on their success to date.”
Leonis Partners served as the exclusive financial advisor to Healthcare Fraud Shield. Mintz Levin Cohn Ferris Glovsky & Popeo, P.C. acted as legal advisor to Charlesbank.
About Healthcare Fraud Shield
Healthcare Fraud Shield is one of the fastest growing providers of FWA solutions in the healthcare industry. Customers who have implemented the FWAShield™ suite of SaaS products have realized millions of dollars in savings and benefited from productivity and workflow improvements. The company founders and core development team previously pioneered automated FWA systems in the financial services industry, creating two of the leading solutions still in use today. By combining this cutting-edge technology with the most knowledgeable healthcare fraud prevention experts, Healthcare Fraud Shield is acknowledged as the most innovative and effective solution in the market today. For more information, please visit hcfraudshield.com.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm managing more than $7 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, and also makes opportunistic credit investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
Contacts
For Healthcare Fraud Shield:
Tony Rademeyer
Executive Vice President, Sales
trademeyer@hcfraudshield.com
888-333-8140
For Charlesbank Capital Partners:
Maura Turner
Vice President, Communications and Investor Relations
(617) 619-5457
mturner@charlesbank.com