TripleTree Advises The Coding Source on an
Equity Investment from Parthenon Capital
August 19, 2010 12:26 PM Eastern Daylight Time
MINNEAPOLIS--(EON: Enhanced Online News)--TripleTree, LLC advised The Coding Source LLC, a leading
provider of clinical coding, audit and compliance services to health plans and healthcare providers, through a growth
equity investment from Parthenon Capital Partners. The transaction also included the acquisition of Sinaiko
Healthcare Consulting, Inc., a leader in revenue cycle and compliance consulting to hospitals, medical groups and
other healthcare entities. Following the transaction, the senior management team of The Coding Source and affiliates
of Parthenon Capital Partners will own 100% of the combined entities.
"Working with TripleTree was a far different experience than what I had expected. They knew my business, my
sector, my opportunities, and my challenges as if they had worked inside my business for years,” said Greg Sinaiko,
founder and CEO of The Coding Source. “As a result, I could focus on the key elements of my business without
having to worry if my banker needed a "teach in" on the Company and industry. TripleTree is a substance-based firm
with substance-based professionals and I look forward to collaborating with them in the months and years ahead.
With the government’s increasing role in healthcare, health plans and providers will have to adapt to an array of
payment schemes and increased complexity. Parthenon’s growth investment will provide The Coding Source the
resources it needs to continue an aggressive and accelerated growth path, building on the legacy my father, Richard
Sinaiko, began nearly 20 years ago.”
“On the back of today’s healthcare cost and quality debate in a post-reform world, new markets are being created
around clinical coding, auditing, data management, analytics and compliance-based services for both payers and
providers. The Coding Source sits in an enviable position as a preeminent thought leader across these emerging
markets,” stated Ryan Stewart, Director at TripleTree. “It has been a great pleasure to work with Greg and his
management team as they set their sights on driving new levels of value and services across the payment integrity
landscape. The relationship that TripleTree structured between The Coding Source, Sinaiko Healthcare Consulting,
and Parthenon Capital, is the type of partnership we expect the marketplace to applaud as payers and providers
seek long-term relationships with the very best partners, who are optimally positioned to provide best-in-class
About The Coding Source
The Coding Source is a leading national provider of medical and physician coding solutions. The company serves the
needs of healthcare providers and payors by performing medical chart reviews, physician and staff education,
outsourced coding services and compliance monitoring, certified professional coding education programs and
Medicare risk-adjustment coding reviews. For more information, go to www.thecodingsource.com.
About Parthenon Capital
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco.
Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service
industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization
transactions or by backing new executives. Parthenon has particular expertise in business services, financial and
insurance services and healthcare, but seeks any service, technology or delivery business with a strong value
proposition and proprietary know-how. Parthenon's investment team has deep experience in corporate strategy,
capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For
more information, go to: www.parthenoncapitalpartners.com.
About TripleTree, LLC
TripleTree is an independent investment bank and strategic advisor providing growth companies in healthcare and
other tech-enabled verticals with merger and acquisition, private capital, and principal investing services.
Cate Murphy, 952-832-3350