The two companies will be combined as OrthoFi and offer a portfolio of orthodontic patient acquisition and financial management services.
OrthoFi, a software and technology-enabled service platform, is merging with OrthoBanc, an orthodontic patient financial management company. Accel-KKR, a technology-focused private equity firm, which invested in OrthoFi in 2019, has now purchased OrthoBanc. According to Accel-KKR, it is “combining the strengths of these two companies to revolutionize the way patients access, afford, and pay for quality orthodontic care.”
The two companies will be combined as OrthoFi with David Ternan as its CEO. The merger is expected to create a portfolio of patient acquisition software solutions and revenue cycle management services.
“OrthoFi’s mission has always been to help orthodontic practices Start More Smiles and to simplify their lives. We are thrilled to work with OrthoBanc, and to leverage their legacy of trusted payment solutions and industry-recognized customer service. I am excited and honored to lead this team of talented individuals. Our collective product offerings and our customer-centric cultures are an ideal fit, and will undoubtedly enhance the experience of the customers we serve,” said Ternan.
Bill Holt, CEO of OrthoBanc, who will transition to senior executive advisor as part of the merger, added, “For 20 years, OrthoBanc has been committed to being a trusted partner for orthodontic practices to manage their patient payments. The new partnership with OrthoFi will leverage their innovations in patient acquisition and insurance management with our experience in payment management and our commitment to customers and their billing parties. This powerful combination will give practices an industry-first set of seamless solutions to help them maximize their success.”