10/10/2019
Bowstring advises Receivable Solutions on its growth recapitalization investment from WestView Capital Partners
PROVIDENCE, RI – Bowstring Advisors, a division of Citizens Capital Markets, served as the exclusive financial advisor to Receivable Solutions (RSi), a national provider of revenue cycle management (RCM) services to hospitals and health systems, on its growth recapitalization investment from WestView Capital Partners, a Boston-based private equity firm focused on middle-market growth companies.
RSi’s receivable management and revenue cycle outsourcing services offer an attractive value proposition for hospitals looking to outsource all or portions of their revenue cycle operations while maintaining a best-in-class patient experience. RSi provides a comprehensive range of outsourced services across the RCM continuum, from day one patient receivables to insurance follow-up, that are designed to accelerate cash flow, improve operating efficiencies and enhance profitability.
Paul Reardon and Donnie DuRant, co-founders of RSi, said: “We selected Bowstring Advisors because of their specific RCM knowledge, a very comprehensive process that we would follow, and their confidence in being able to provide us with a very favorable outcome. The Bowstring team developed a personal relationship with us and it helped navigate the decision-making and planning process even when there were tough decisions to be made. It was a pleasure working with and forming lifelong relationships with the Bowstring team.”
“RSi’s broad suite of RCM services and best-in-class customer and patient experience have led to an impressive growth rate over the past five years,” said Jason Wallace, Managing Director at Bowstring. “Paul, Donnie and CEO Brent Rollins have worked together to build an incredible company and were looking for a partner that could add value beyond just as a capital provider. Given their experience with entrepreneurial RCM businesses, we believe WestView is the perfect fit for RSi and we look forward to watching as the company embarks on the next phase of growth.”
Bowstring Advisors, a division of Citizens Capital Markets, Inc., is the next generation middle-market investment bank that combines sector intelligence with a client-focused approach to realize a client’s true value. Citizens Capital Markets, Inc, is a member of FINRA and SIPC and is a registered broker-dealer. Please visit bowstringadvisors.com for more information and follow us on LinkedIn.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $162.7 billion in assets as of June 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
