WellSky, a health and community care technology company, announced the acquisition of Corridor, a tech-enabled services platform designed for the post-acute care industry. The acquisition was made from HealthEdge Investment Partners, a healthcare-focused private equity firm.
WellSky is geared towards enhancing its medical coding and revenue cycle management (RCM) offerings.
With Corridor’s addition, WellSky said it aims to bolster its services, encompassing medical coding, clinical documentation review, billing, and collection services, specifically tailored to address the unique challenges in the post-acute and long-term care sectors.
In a press release, Bill Miller, CEO of WellSky, said providers need to demonstrate higher quality performance and compliance, while also seeking solutions to alleviate administrative burdens.
“Providers today must continually demonstrate higher quality performance and compliance, and they’re looking for solutions to support quality patient care and reduce administrative burdens,” said Bill Miller, CEO of WellSky. “As we looked to strengthen our services offerings, Corridor emerged as an ideal partner. Together, WellSky and Corridor help more post-acute care organizations succeed against industry challenges.”
Corridor servers over 2,600 client sites and supports more than 52,000 clinicians. This acquisition allows WellSky to expand its presence in home health coding and RCM and venture into the skilled nursing facility billing business, the company said. It follows WellSky’s recent acquisition of Experience Care, emphasizing its commitment to the long-term care market.
Ownership of Los Alamos Nursing and Assisted Living Facilities Changes Hands
The Los Alamos Retirement Community (LARC) has transferred ownership of the Sombrillo Skilled Nursing Facility and the Aspen Ridge Assisted Living Facility to OPCO, a national entity. In a press release, LARC said the decision was driven by challenges such as labor shortages and evolving liability issues in New Mexico that rendered LARC’s non-profit model unsustainable.
LARC said the move is aimed at ensuring the long-term viability of these essential healthcare facilities, allowing them to thrive under OPCO’s broader risk distribution capabilities, the company stated. In a press release, they expressed confidence in OPCO’s ability to maintain the high standard of care.
“We believe that this sale is the best way to maintain the long term viability of the facilities,” they said in a press release.
The change in ownership signifies a strategic step toward securing the future of healthcare services in the community, while preserving the legacy of excellence, they said.
Blueprint Facilitates Sale of Historic Cape Cod Nursing Facility
A New York-based real estate investment firm enlisted Blueprint to conduct a confidential marketing process for a 128-bed skilled nursing facility situated in the historic South Dennis town on Cape Cod and selected Housing Assistance Corporation Cape Cod.
Housing Assistance Corporation Cape Cod plans to implement a capital expenditure initiative to rejuvenate the property and ultimately transform it into housing, Blueprint said in a press release.
“Throughout the negotiation, diligence, and transition processes, Blueprint worked closely with both buyer and seller, facilitating active and open lines of communication to ensure a smooth sale process,” Blueprint said in a statement.
