HealthTech Solutions Group and its affiliated entities announced their acquisition of GAFFEY, an innovator in the eligibility and billing sections of the hospital revenue cycle software market. HealthTech, which is headquartered in Franklin, Tennessee, is a revenue cycle management software company serving at least 150 hospitals and a substantial US$10 Billion in net patient sales. HealthTech in this transaction was backed by Altaris Capital Partners, its private equity sponsor. Altaris Capital Partners, a New York-based private equity group, focuses its investments exclusively within the healthcare industry.

HealthTech' acquisition of GAFFEY should allow the firm to create an end-to-end revenue cycle software enterprise committed to optimizing revenue recording and collection efficiency. The combined business will be able to offer hospitals and other healthcare providers a distinctive and refined set of cloud-based software programs.

"We are thrilled about becoming part of HealthTech and to be joining the Altaris portfolio of companies. Their breadth of experience in building successful technology companies coupled with the deep domain expertise of the Altaris and HealthTech teams, provides GAFFEY with vast resources to draw upon as we embark on the next chapter of growth of our software and solutions to our customers," GAFFEY CEO and President of the now merged business HunMi Pak said.