Apex Revenue Technologies Acquires Nashville Firm
Little Canada-based health services company Apex Revenue Technologies acquired Nashville-based LetterLogic in a deal that expands its footprint nationally.
“It will allow us to be more of a nationwide organization,” said Brian Kueppers, founder and CEO of Apex.
LetterLogic will continue to operate under its original name: “The spirit is more of a merger,” said Kueppers.
Both companies handle sending billing statements to patients for its clients, primarily health care systems and providers. The deal closed on Monday; terms of the transaction were not disclosed.
Kueppers said that Apex’s revenue is now more than $60 million and that LetterLogic’s revenue is nearly $40 million. Looking ahead, Kueppers said that the combined organization would have annual revenue topping $100 million.
“We expect to have significant revenue growth over the next few years,” Kueppers told Twin Cities Business.
Apex currently has 125 employees and LetterLogic has about 50 employees. LetterLogic founder and CEO Sherry Stewart Deutschmann will stay connected as an investor and board member.
Kueppers started Apex in his basement in 1995.
“Health care providers at that point were looking to outsource the printing and mailing of patient statements,” recalled Kueppers. “I thought I could be a player in that market.”
Apex is not a collections agency: the company sends statements to patients after insurance claims for health care have been handled. But in the age of more high-deductible health plans, many patients now have to pay more costs out of pocket and have higher bills than in the past. Kueppers said that clarity and outlining payment options are key components of patient communication.
“You better make sure that’s it’s clear and understandable,” said Kueppers.