32-year-old Napa medical revenue software firm enters new chapter
Arthur Roosa, a programmer by training, started the concept that became SyMed Corporation in the mid-1980s when he was running an outpatient clinic in Southern California.
Founded in 1990, SyMed produces software for claims, billing and accounts receivable management and data analysis at health care providers in five states. The product portfolio, which includes modules ClaimsManagerPro, Trip ManagerPro and CredentialMyDoc, has evolved to offer more cloud-based services.
SyMed returned this year for the second straight time to the Inc. 5000 national list of fast-growing companies. The company placed at No. 4,545 with 96% revenue growth from 2018 to 2021, Inc. magazine’s key ranking metric. That was down from No. 4,381 with 63% three-year growth for SyMed’s debut on the list.
But another of the criteria for the list is independent ownership. Entrants can’t be a division or subsidiary.
That changed for SyMed earlier this year, when the company was acquired by Irvine-based Cosentus Business Services, the Business Journal reported earlier this month.
Terms of the purchase, quietly announced in April, were not disclosed.
“I sold the company to retire,” Roosa told the Business Journal, who now works part-time as chief business and technology strategist for Cosentus. “There was no other motivation.”
Cosentus had 12 offices in 11 states before the acquisition and had products for physicians and dentists in accounting, bookkeeping, payroll and accounting. With the addition of SyMed and another company, Cosentus now has 13 offices in 12 states.
“I believe that one of the truly attractive things about SyMed (for Cosentus) was it had its own software already built,” Roosa said.
Also attractive in the acquisition, according a broker of the deal, was that Consentus with SyMed would gain access to the growing behavioral health and ophthalmology markets.
After the acquisition, the Napa staff was 20. Cosentus has upwards of 700 employees nationwide.
Cosentus officials could not be reached for this story.
Jeff Quackenbush covers wine, construction and real estate. Before coming to the Business Journal in 1999, he wrote for Bay City News Service in San Francisco. Reach him at email@example.com or 707-521-4256.