Visionary RCM (VRCM), a services company specialising in healthcare revenue cycle management, has received funding of Rs 15 crore from IndoUS Venture Partners (IUVP). The company will primarily use the capital for inorganic growth expansion for acquiring healthcare services companies in the US.
"We are looking at acquiring companies in the size of $5 to $10 million," Rajesh Surana, CEO, VRCM told VCCircle. Surana added that they have already identified the targets and signed an LOI (Letter of intent) with these companies and will look to close deals as early as October. "With this investment, we have certainly moved up the value chain by acquiring these companies and not becoming an offshore vendor to them," said Surana.
The healthcare services company is also diversifying into hospital billing management which is a "high margin area". With this funding, the company is looking to aggressively scale up its processes to become a leading player in this space. Surana, however, has no plans for any domestic expansion and said that, "we feel that we can build domestic infrastructure ourselves than doing any domestic acquisitions here".
It currently provides services like medical coding, medical billing, document management, medical transcription and caters to physician groups, hospitals, academic medical centers, durable medical equipment suppliers, billing and receivables management companies and practice management software companies.
Saffron Capital Advisors Private Limited was the exclusive advisor to this transaction.
VRCM was started in 2006 by a first generation entrepreneur Rajesh P Surana, along with Sundararajan, advisor to Shriram Group and Mr. Abhaya Kumar, Joint Managing Director, Shasun Chemicals and Drugs. The company currently has a delivery center in Chennai.
Recently, Netscribes, Inc., a company offering research & analytics solutions, raised a second round of growth capital from Basil Growth Corporation, for inorganic growth and expansion.