Citizens M&A Advisory announced served as the exclusive financial advisor to Aviacode, a leading provider of outsourced medical coding services, to GeBBS, a ChrysCapital-backed technology enabled revenue cycle management (“RCM”) and risk adjustment solutions provider.

Aviacode, a former portfolio company of Heritage Group and Frontier Growth, is a global provider of medical coding and revenue integrity services for healthcare facilities, physician groups, payors and outpatient centers. Headquartered in Salt Lake City, with a full campus in Hyderabad, India, the company offers customers high quality onshore and offshore coding delivery with expertise across a full range of medical specialties.

Keith Hagen, chief executive officer of Aviacode, said: "We greatly appreciate the efforts made by Justin and the entire Citizens team in bringing about a successful outcome for Aviacode. Their knowledge of RCM services and deep experience executing transactions in the sector helped us find a tremendous partner with whom to build a disruptive, global, end-to-end RCM solutions provider."

“We’re thrilled to aid Keith, Heritage and Frontier in achieving a successful result with a great partner,” said Justin Bentley, managing director at Citizens. “Aviacode, in combination with GeBBS, will offer healthcare providers deep expertise across the entire revenue cycle. We look forward to following their success for years to come.”

Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has closed more than 175 transactions in the last five years and has more than 60 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).