Technology company Sunbound announced the acquisition of Richter Healthcare Consultants to expand the company’s AI-powered revenue operating system for senior living providers.
The acquisition follows the recent close of a Series A funding round for Sunbound, securing $24 million in the latest round and bringing the company’s lifetime total funding raised to $36 million. The latest Series A funding round was led by TTV Capital with participation from Bling Capital, Fika Ventures, Live Oak Bank and the Ziegler Linkage Fund.
Sunbound will use the new capital infusion to fast-track business development growth and product development.
In emailed comments to Senior Housing News on Thursday, Sunbound CEO Manny Cominsky said the company was ready to make the acquisition after adding to Sunbound’s management team and establishing proof of concept for the operating system offered to operators.
“That foundation gave us the confidence and structure to know we could integrate the business successfully,” Cominsky told SHN. “We had the team and the platform to bring another company in and do it well. That, combined with our new funding, gives us the capital to invest in both the acquisition and continued product development.”
Richter has worked exclusively with post-acute and senior living operators for over 25 years, offering revenue cycle management, accounting, Medicaid eligibility and reimbursement services, along with clinical and financial consulting. Richter Founder and CEO Jennifer Richter will remain with the company in a new role geared toward industry partnerships and product strategy.
Daily operations and account contacts will remain uninterrupted across both Sunbound and Richter following the acquisition. Clients from each company will gain access to the other’s complementary software and consulting services as the teams integrate further behind the scenes, Cominsky said.
“Senior living is and will remain core to Sunbound,” Cominsky added. “This deal lets us bring Richter’s accounting, controller and consulting services to more senior living operators, so they get the same full range of support, from admission to payment to the books.”
Terms of the acquisition were not publicly available as of Thursday’s announcement. The recent growth helps Sunbound build a foundation for future expansion into skilled nursing and senior living. Together, Sunbound and Richter are on pace to process $3 billion in annualized payment volume.
Combined, Sunbound and Richter will offer providers software that oversees the revenue cycle from admission to payment.
As acuity continues to climb and the industry faces affordability challenges, Cominsky said Sunbound is positioned to help operators manage their communities and pursue new revenue opportunities and reimbursements while improving operational efficiency in expense control.
“Over the next year, we want to see operators get paid faster, see fewer denials, stop bad debt before it starts and give community and corporate staff time back,” Cominsky said. “We also want to deliver on the commitments we’ve made, starting with no disruption to service for clients of either company.”
Companies featured in this article:
