Health IT

Report: Rev cycle company nThrive has proposed a merger with athenahealth

Sources told the New York Post that the deal would likely keep an athenahealth share price in the $135 range.

By Erin Dietsche on October 01, 2018

Alpharetta, Georgia-based nThrive, which offers revenue cycle solutions, has proposed a merger with EHR vendor athenahealth, according to the New York Post.

Sources said the deal would likely keep an athenahealth share price in the $135 range. Though discussions around the possible merger continue, sources told the New York Post they could still fall apart.

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Private equity firm Pamplona Capital Management owns nThrive, which provides revenue cycle technology, patient access solutions, value-based care tools and more. Its clients include hospitals and health systems. Founded in 1998, the company was previously known as MedAssets-Precyse and Equation.

nThrive did not immediately respond to a request for comment.

There have been a few question marks surrounding athenahealth’s future for months.

In May, Elliott Management made a $6.9 billion offer for the Watertown, Massachusetts company at $160 per share. The firm was aggressive in pursuing athenahealth, sending multiple letters urging the vendor to carefully consider a sale.

Shortly thereafter, Jonathan Bush stepped down from his positions of president, CEO and a member of the board of directors. His departure came after he admitted to physically attacking his ex-wife and as allegations of his inappropriate behavior at athenahealth were brought into the spotlight.

In mid-September, the New York Post reported Elliott had backed away from its $160-per-share bid for athenahealth, but that it may also be considering making an offer at a lower price.

Yet a day after the New York Post article ran, a source with knowledge of the process told MedCity that Elliott remained engaged and was working toward submitting a bid.

We’ll have to wait and see what the future holds for athenahealth.

Photo: Nasco, Getty Images