Selling easy-to-use, SaaS-based revenue cycle and workflow management (RCM) tools, eSolutions was a highly profitable $70 million/year company backed by Francisco Partners. The company’s core solutions focused on eligibility, claims, data & analytics, audits & denials, and quality & compliance for providers.

Shortly after joining eSolutions as its new CEO in 2018, Gerry McCarthy recognized the need to explore opportunities to accelerate the company’s growth. To do so, he engaged ST Advisors to help create a well-researched and actionable inorganic growth plan — identifying market opportunities for partnership, as well as for M&A.

ST Advisors worked with eSolutions to finalize a list of ten RCM markets worth investigation and jointly identified and prioritized a set of evaluation criteria, based on input from management, a robust series of stakeholder interviews, and ST Advisors’ expertise and industry perspective.

To create a shared understanding that would inform the management team’s decision-making process, ST also developed a 25-slide proprietary presentation on current healthcare trends and their implications for the revenue cycle space.

Integrating its combined knowledge with secondary research and interviews with ~20 subject matter experts, ST Advisors then evaluated the ten identified markets. Each market was assessed for size, competitive dynamics, and strategic fit, as well as potential impact on eSolutions’ current business and ultimate exit potential.