Sunbound has acquired Richter Healthcare Consultants, combining its AI-powered revenue operating system for senior living with Richter’s more than 25 years of experience serving post-acute and senior living operators.
Jennifer Richter, CPA, Founder and CEO of Richter, will remain with the combined company in a new role focused on industry partnerships and product strategy.
The transaction follows Sunbound’s $24 million Series A funding round, which brings the company’s total funding to $36 million. The round was led by TTV Capital, with participation from Bling Capital, Fika Ventures, Live Oak Bank, and Ziegler Linkage Fund. Sunbound plans to use the capital to accelerate business growth and product development.
Richter provides outsourced revenue cycle management, accounting, Medicaid eligibility, reimbursement services, and clinical and financial consulting to skilled nursing, senior living, home health, and hospice operators. The acquisition gives Sunbound additional expertise in skilled nursing, one of the more complex areas of post-acute billing.
Together, Sunbound and Richter are on track to process $3 billion in annualized payment volume. The combined platform is designed to manage the revenue cycle from admission through payment while pairing Sunbound’s automation technology with Richter’s financial, clinical, and operational expertise.
Sunbound said its end-to-end revenue cycle management platform for Medicare, Medicaid, and managed care helps identify potential denial risks before claims are submitted. The company reports a 99% claims collection rate and 96% first-pass acceptance rate for operators using the platform.
Sunbound’s Private Payments product digitizes family payments and automates payment operations, which the company said can save more than 40 hours per community each month. Its Admissions product can also verify payer coverage and assess a resident’s ability to pay in approximately 30 seconds before a bed is committed.
Richter expands the platform with accounting and controller services, Medicaid eligibility, reimbursement and clinical consulting, audit and compliance support, and electronic health record implementation and optimization.
Existing customers of both companies are expected to experience no service interruptions, while Sunbound plans to gradually make the broader combined offering available across the two customer bases.
KEY QUOTES:
“Senior living operators spend significant time and effort dealing with manual and inefficient financial workflows. The industry deserves a modern solution that simplifies payments for both senior living operators and their families. Our platform directly addresses the operational inefficiencies, financial underperformance, and cash flow issues that have plagued operators for years. By joining forces with Richter, a company with deep expertise in skilled nursing and post-acute care, we can transform revenue operations for even more care providers.”
Manny Cominsky, Co-Founder And CEO Of Sunbound
“Our clients trust us with their most critical work, and that trust has always come from our team’s deep expertise in this industry. Partnering with Sunbound puts modern technology behind everything that our team already does well. Sunbound’s software handles the high-volume, repetitive tasks that have traditionally slowed things down, so our clients see faster results, and our team can focus on the work where their expertise makes the biggest difference.”
Jennifer Richter, CPA, Founder And CEO Of Richter Healthcare Consultants
“Healthcare finance is incredibly complex, and most senior living and skilled nursing operators lack modern financial technology. Sunbound’s AI-powered revenue operating system brings structure and predictability to an industry that has long needed it, and the company’s rapid growth signals strong product-market fit. We’re proud to invest in Sunbound as the company embarks on a clear expansion path to bring intelligent payment operations to the broader senior living and skilled nursing market.”
Neil Kapur, Partner At TTV Capital
