ACU-Serve ‘speeds up’ growth

AKRON, Ohio, and PHILADELPHIA – ACU-Serve’s significant investment from Lovell Minnick Partners will allow Founder and CEO Jim Knight to take the revenue cycle management company to the next level, he says. 

ACU-Serve announced on Oct. 19 that LMP, a private equity firm that has raised about $4.75 billion of committed capital since 1999, will invest in the company through its affiliated funds, Lovell Minnick Equity Partners V and V-A. As part of the transaction, Scott Bagwell, former president of Experian Health, and Brenda Cline, former senior level executive at Savista and nThrive, will join its board. 

"We are thrilled to welcome Lovell Minnick as our new business partner, and their arrival brings a wealth of invaluable experience and value-added board members," said Knight, who remains a significant investor of the company. "While we've successfully crafted a solid foundation, our journey has just begun. With the guidance of individuals who have already navigated the path to building larger companies, we aim to accelerate our growth and continue to provide best-in-class service to our clients. They've not only 'been there,' but they've 'done that.'" 

Also as part of the deal, Tom Meadows, one of Knight’s business partners, and Sylvia Toscano, who sold her company, Pro-Med, to ACU-Serve in 2021, will retire. 

New funding in hand, a top priority for ACU-Serve will be building out a C-suite. The company is looking to hire a CFO along with other C-level executives over the next year, Knight says. 

“As we look at what we want to accomplish in the next three to five years, the initial step involves adding depth and experience to our executive team to help support a rapidly growing operation,” he said. 

Another top priority: Making additional acquisitions to build on Pro-Med and, more recently, ECS Billing & Consulting North in 2022, with a particular focus on RCM and billing companies that specialize in home infusion, orthotics and prosthetics, and complex rehab, Knight says. 

“We want to continue to consolidate the market,” he said. “We feel like we can be that one unified force that really provides the industry with a full-service, end-to-end model. Having completed over 175 add-on acquisitions in support of its portfolio companies, LMP will help accelerate that strategy.” 

In a nutshell, the new funding gives ACU-Serve the ability to think bigger, Knight says. 

“Why can’t we be the juggernaut of our industry in the revenue cycle management space?” he said. “We believe there is tremendous opportunity to grow and provide services to the HME and other closely related health care segments.”