Ensemble Health Partners, which provides a healthcare revenue cycle management platform, postponed its IPO on Wednesday. It had filed to raise $605 million by offering 29.5 million shares at a price range of $19 to $22. It was expected to begin trading Thursday, October 28th.
Ensemble states that it is a leading provider of technology-enabled revenue cycle management (RCM) solutions for health systems, including hospitals and affiliated physician groups. The company manages and optimizes health systems' RCM operations from patient intake through revenue collection by deploying a scalable operating model that leverages a combination of experienced operators, proven processes, and proprietary cloud-based technology. The company derives approximately 90% of net revenue from long-term, end-to-end RCM contracts, which generally have an initial term of 5-10 years with automatic renewals thereafter.
The Cincinnati, OH-based company was founded in 2014 and booked $742 million in sales for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol ENSB. Goldman Sachs, BofA Securities, Deutsche Bank, Guggenheim Securities, Credit Suisse, Evercore ISI, Wells Fargo Securities, SVB Leerink, Baird, and William Blair were set to be the joint bookrunners on the deal.
