Industry: Electronic Medical Records Management
Location: Kansas City, MO
The DVS Group Role: Sellside Advisory
DataFile Technologies (DVS Sellside Client):
DataFile Technologies provides hospitals, healthcare systems, and medical practices across the country with health information management solutions to centralize and optimize workflows. Since 2005, DataFile has weathered industry regulation changes with agility and ease by leveraging technology and subject-matter expertise, while accomplishing double-digit growth during that same period. The company partners with clients to create customized and efficient HIM solutions by increasing accuracy rates and improving the overall patient experience. Key services include Release of Information (ROI) and Remote Electronic Filing (e-Filing). DataFile offers innovative solutions tailored to the needs of its clientele that are in alignment with the constantly changing compliance landscape.
ScanSTAT Technologies (Buyer):
ScanSTAT is a medical records release and disclosure management company based in Georgia. It has been primarily focused on providing Release of Information (ROI) solutions through its innovative and technology-driven platform after being founded by Glenn Andrews in 2006. Since its inception, ScanSTAT has experienced double-digit growth and profitability every year while maintaining the industry’s highest customer retention rate. It has accomplished these goals by continuously developing its solutions to meet the evolving digital and security demands of the healthcare industry.
To be a leading medical information service provider, ScanSTAT has made customer and patient satisfaction the aligning motivation to everything that it does.
More information about the company and its services can be found at the company website here.
The Deal:
“When I first started DVS Group, I was driven by the idea of helping good people buy good businesses and they will do good in the world, which eventually became our why – Make Change Positive,” stated Kevin Lindsey, founder and managing partner of DVS Group. “Janine embodies everything about our Why and what that stands for.”
“In 2005, I advised Janine in the acquisition of DataFile Technologies, which at the time, was a small medical record scanning business with two scanners and two part-time employees”, continued Lindsey. “It has been incredible to watch her fearlessness the last 15 years as she transformed into a CEO growing her company to more than 400 employees and the fifth largest firm in the United States. It has also been fulfilling to watch the impact she has had on her employees and charitable organizations, and I’m glad I was able to be part of the beginning, as well as this next phase. I won’t say ‘end,’ as Janine is only getting started.”
Closing the deal on March 27, 2020, in the middle of the Covid-19 crisis, was no small feat and required intense focus from both sides. But the effort was worth it, as the merger of the two companies—which created the largest founder-owned, Release-of-Information company in the nation—also created the third largest firm in the US. The two companies will combine business operations in the coming year, employing more than 800 team members nationwide.
“DataFile offers an exciting opportunity for ScanSTAT to strengthen and expand its service offerings further into Document Filing, Prior Authorization and more,” explains Matt Rohs, president of ScanSTAT. “The combined companies will bring unparalleled levels of compliance and security while supporting the increasing regulatory challenges faced by hospitals, clinics, patients and related consumers of health information.”
Janine Akers, CEO and DataFile founder, also commented, “With this merger, we will be able to draw upon decades of experience and expertise, while providing a platform of cutting-edge technology. I’m excited by the opportunities this has created and the position it puts us in to best support healthcare providers nationwide.”