SpendMend, a cost recovery and spend visibility service, has acquired Contract Management Strategies, for an undisclosed amount.
Founded in 2002, Contract Management Strategies is an audit recovery and professional services provider. Its platform is used in accounts payable audit recovery, sales & use tax consulting and audit recovery, pharmacy audit recovery & price reduction, medical device audit recovery and tracking.
Michigan-based SpendMend is an audit recovery, cost containment and spend visibility solution for healthcare providers across the US. Offerings from the company include monetary recoveries, cost reduction insights, and analytics and benchmarking tools for a customer base.
SpendMend helps to prevent financial leakage by uncovering hidden data and using industry benchmarks to find the cause of the leakage and preventing it.
Sheridan Capital Partners partner Sean Dempsey said, “We partnered with SpendMend in January 2018 to help advance the Company’s position in the audit recovery market and accelerate its growth plan to offer a broader suite of cost optimization solutions to its customers.
“The CMS acquisition is a meaningful step forward in executing on this strategy and expands SpendMend’s services into the areas of tax, medical device and pharmacy.”
Earlier in the year, Sheridan completed an undisclosed investment into SpendMend to help the company accelerate its growth.
Last week, Healthcare payments company AxiaMed raised $12.4m in a round of funding led by Health Enterprise Partners. With the new funds, the company is hoping to increase its product development and its go-to-market strategy.
Copyright © 2018 FinTech Global
