February 6, 2017
Denver, CO – Career Step, LLC (“Career Step”), a portfolio company of Revelstoke Capital Partners (“Revelstoke”), a Denver-based private equity firm, is pleased to announce that it has acquired the Revenue Capture and Coding and Documentation Divisions of Panacea Healthcare Solutions. Career Step and Panacea will now provide end-to-end education, consulting and data analytics solution to the revenue cycle and healthcare financial marketplaces.
Career Step, based in Lehi, Utah, is a leading provider of online, career-focused education and professional training programs in the high-growth healthcare sector. Career Step offers high quality, cost effective, job-specific training solutions that help learners and corporate employees quickly gain career skills and prepare to sit for nationally recognized certifications. The Company has proprietary course content developed by industry experts and distributed through a robust online learning management system.
Founded in 2007 and based in St. Paul, Minnesota, with additional offices in New Jersey and Florida, Panacea Healthcare Solutions provides expert coding, compliance, technology and financial advice to hundreds of healthcare providers each year. These services help healthcare organizations improve their bottom line, and industry-proven Panacea products and strategies include CLAIMSauditor®, I10Focus™ and Hospital Zero-Base Pricing®.
“At Career Step, our focus is on improving lives and business results through education,” said Steve Tober, Career Step President and CEO. “With the acquisition of Panacea and the combination of our complimentary product and service offerings, we will now be able to drive better results for healthcare organizations by tying the information available through their consultants and data analytics to the education we offer. We have been working closely with Panacea for the past two years, and we have proven through our joint efforts that our combined offerings can meet an important market need.”
“The Panacea team is excited to join Career Step,” said Frederick Stodolak, Panacea CEO at the time of the acquisition. “Both companies have worked successfully together for years, and we look forward to integrating our combined talent and technology to offer our clients a more synergistic and comprehensive offering. The combined business model is unique in that we provide learning solutions at the onset of individuals’ careers as well as integrated educational, consulting and technology services to support them throughout their career lifetime.”
“We are enthusiastic about Career Step’s momentum in executing on our strategic initiative to expand the professional training service offering,” said Simon Bachleda, Managing Partner and Co-Founder of Revelstoke. “Panacea is a great addition to the corporate training foundation Career Step established and will aid in bolstering its base of recurring revenue streams.”
Career Step’s acquisition further expands its educational offerings to the information available through consulting and data analytics. This acquisition also brings more than 25 industry experts in-house, which will augment Career Step’s Professional Training division and enable faster development and delivery of educational products.
Career Step will operate the Panacea Healthcare solution business as an independent brand and entity within the Career Step Professional Training Division, and as part of the transaction Frederick Stodolak and others on the current Panacea management team will continue as shareholders. The transaction closed February 1, 2017, and Hogan Lovells US LLP acted as exclusive legal advisor to Career Step.