Surgical Notes Secures New Funding Round to Accelerate Product Innovation and Enhance Customer Service

On August 11, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Surgical Notes, a medical IT solutions company, announced the completion of a new round of financing. Surgical Notes will use the proceeds from this round to develop new products and enhance customer service quality. The round was solely led by the private equity firm CapStreet Group, with the financial amount undisclosed. Randy Bishop, current president of CapStreet Group, will assume the role of CEO at Surgical Notes.

Waterview Investment Banking served as the financial advisor to Surgical Notes, and Polsinelli served as legal counsel to Surgical Notes. Willkie Farr & Gallagher served as legal counsel to CapStreet.

Surgical Notes, established in 1997 and headquartered in Texas, USA, is a medical IT solutions company. The company provides customers with comprehensive integrated products and services designed to streamline reimbursement processes, reduce administrative costs, and better manage information for Ambulatory Surgery Centers (ASCs) in the United States.

Surgical Notes leverages its technology and industry expertise to provide Ambulatory Surgery Centers (ASCs) with a comprehensive suite of revenue cycle management solutions, enabling ASCs to operate more efficiently and focus more on patient care. Users can maximize profitability, streamline workflows, reduce physician-related expenses, and improve operational efficiency. Currently, over 20,000 healthcare institutions utilize Surgical Notes’ revenue cycle solutions.

CapStreet Group, founded in 1990 and headquartered in Houston, Texas, is a private equity firm. The company focuses on investing in lower middle-market companies, including industrial distribution and outsourced business services firms, as well as service and manufacturing companies. CapStreet partners with strong management teams to build infrastructure, accelerate growth and profitability, and create long-term, sustainable businesses.

CapStreet manages $340 million in investment capital. Since its founding in 1990, CapStreet has invested in more than 40 private or family-owned businesses, which have subsequently completed over 250 add-on acquisitions.

“It has been a pleasure working with the CapStreet team. They understand our business model and have extensive experience in investing in outsourced business service companies. Through our partnership with CapStreet, Surgical Notes will deliver superior products built on exceptional customer service, innovation, and best-in-class technology. We will continue to provide the ASC industry with the most advanced and cutting-edge revenue cycle solutions,” said Jeff Blankinship, CEO of Surgical Notes.

“Randy Bishop and the rest of the Surgical Notes team have built a strong company capable of achieving sustained growth through acquisitions,” said Neil Kallmeyer, Managing Partner at CapStreet. “We look forward to working with the Surgical Notes management team to establish a premier provider of outsourced solutions in the ASC market.”

CapStreet Vice President Walker Kahle added, “We look forward to collaborating with Randy Bishop and the Surgical Notes team to continue delivering new products and services to our customers.”

(Compiled by Cheng Tao)