Grand Rapids-based SpendMend recruits for employees at college career fairs. Photo via fb.com
A local cost-recovery company for the health care industry has acquired an out-of-state firm.
Grand Rapids-based SpendMend, a portfolio company of Chicago-based Sheridan Capital Partners, said last month it acquired Irvine, California- based Contract Management Strategies, or CMS.
Details of the transaction were not disclosed.
The acquisition is a “meaningful step” in Sheridan Capital Partners’ growth plan, expanding SpendMend’s services into the areas of tax, medical device and pharmacy, said Sean Dempsey, partner, Sheridan Capital Partners.
“The combination results in a broader and more efficient experience for all of our clients,” said Clayton Hale, president and CEO, CMS.
SpendMend works with health care clients nationwide to identify the their financial “leakage” and recover excess spending, also providing benchmarking, analytics and actionable insights.
Founded in 2002, Contract Management Strategies provides audit recovery and professional services for clients, with specialization in accounts payable audit recovery, sales and use tax consulting and audit recovery, pharmacy audit recovery and price reduction and medical device audit recovery and tracking.