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RCM / ARM Firm, Arcadia, Acquired by Annuity Health

Rockville, MD – March 31, 2020 – Greenberg Advisors (GA) is pleased to announce the sale of Arcadia Recovery Bureau, LLC (Arcadia) to Annuity Health Holdings, LLC (Annuity), a portfolio company of Pine Tree Equity. The buyer, Annuity Health, was created from the merger of AMCOL Systems, Inc. and RevMD Partners, LLC.

Arcadia, founded in 1973 and headquartered in Reading, PA, is a leading provider of revenue cycle management and accounts receivable management services focused on first- and third-party self-pay collections, extended business office services, and insurance claims resolution services for hospitals, large physician groups, and other creditors throughout the United States. The transaction significantly expands Annuity’s customer base and senior management team.

According to Brian Greenberg, “This transaction is the result of an expedited process in which we allowed a small set of highly-vetted and proven buyers to submit a bid for Arcadia. This approach enabled us to maximize the deal terms while protecting our client’s confidentiality. We’re proud that our client described this as ‘one of the best-run M&A processes I’ve ever experienced.’”

This represents one of the 40+ RCM, HCIT, and ARM transactions that have already closed in 2020.

About Greenberg Advisors
Greenberg Advisors, LLC provides trusted merger & acquisition (M&A) and strategic advice within the financial services and business services sectors worldwide. The firm is best known for its expertise in Revenue Cycle Management (RCM), Healthcare IT (HCIT), Accounts Receivable Management (ARM), and Business Process Outsourcing (BPO). Focused on these sectors for nearly 25 years, the firm’s professionals offer a comprehensive, yet highly specialized perspective from which to advise clients, which has resulted in the completion of over 130 M&A, capital raising, valuation, and strategic advisory engagements. These client successes reflect its distinct client-first approach, objective point of view, deep sector expertise, and roll-up-the-sleeves work ethic. Greenberg Advisors celebrated its 10-year anniversary in 2019. Follow the firm on Twitter @GreenbergAdvsrs or visit