July 13, 2014 7:21 PM ET

Health Care Technology

Company Overview of ABILITY Network Inc.

Company Overview

ABILITY Network Inc., a healthcare technology company, provides a suite of Web-based workflow solutions that help to manage the administrative complexities of healthcare for hospitals, home healthcare agencies, hospices, skilled nursing facilities, DME, and other healthcare providers in the United States. The company facilitates direct data entry (DDE) and claims submission for Medicare; provides Medicare eligibility and payer eligibility, as well as payer eligibility workflow solutions; and offers a Medicare revenue cycle management tool. The company’s solutions include automated claim processing workflows and DDE improvement services; and automated eligibility verification and Medicare rev...

100 North 6th Street

Butler Square

Suite 900A

Minneapolis, MN 55403

United States

Founded in 2000

Phone:

612-460-4301

Fax:

612-460-4343

Key Executives for ABILITY Network Inc.

Chief Executive Officer and Director
Age: 57
President
Chief Financial Officer
Chief Operating Officer and Executive Vice President of Corporate Development
Age: 60
Chief Marketing Strategist and Executive Vice President
Compensation as of Fiscal Year 2014.

ABILITY Network Inc. Key Developments

ABILITY Network Receives $550 Million Strategic Investment from Summit Partners

ABILITY Network Inc. announced that it has entered into an agreement to receive a significant strategic investment from Summit Partners, a global growth equity investor. The agreement is expected to close shortly subject to standard regulatory approvals, and additional terms of the investment are not being disclosed. The Investment represents one of Summit Partners' large healthcare transactions to date. Summit Partners provides growth equity to exceptional entrepreneurs and management teams, including investments in companies in the technology, healthcare and other growth sectors. The recapitalization from Summit Partners comes three years after ABILITY Network received a $27 million capital investment from Lemhi Ventures and Bain Capital Ventures. Bain will continue as an investor partner in ABILITY.

New England Healthcare Exchange Network Selects ABILITY Network Inc. for Medicare Access and Management Services

ABILITY Network Inc. announced that the New England Healthcare Exchange Network (NEHEN) has agreed to implement the ABILITY Secure Exchange Platform across all its member hospitals and provider sites. NEHEN members will be upgraded to the ABILITY Secure Exchange Platform, supporting secure seamless connectivity to Medicare powered by NEHEN's administrative eligibility applications. The ABILITY Secure Exchange Platform also provides a central hub that allows NEHEN to deploy additional revenue cycle management and clinical tools available from ABILITY.

ABILITY Network Inc. Names Ken Ernsting to COO

ABILITY Network Inc. has promoted Ken Ernsting to COO. As COO, Ernsting will oversee all internal operations of ABILITY, and will also lead efforts associated with future growth strategies and operational efficiencies.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 7, 2014
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