Bionexo accelerates its M&A strategy and starts a series of acquisitions

Bionexo accelerates its M&A strategy and starts a series of acquisitions

Since receiving an investment of BRL 440 million from Bain Capital in 2021, Bionexo has set aside BRL 300 million for investment in technology and M&As. The first one has just left. The company announces today the purchase of TKS, the company that owns the BeeCare platform.

The value of the deal was not revealed, but the acquisition will boost a Bionexo vertical in a segment that moves billions of reais a year: the so-called revenue cycle managementthe relationship of expenses between hospitals and health operators.

It is clear that the coexistence between hospitals and health operators is not the most harmonious, there is always a discussion of the material that was used and what will be paid for. Bionexo had already purchased, in 2020, a company called Avatar Soluções in this segment.

Now, with BeeCare, the company increases its participation in this stage to reduce friction between the parties. “Imagine that I am a hospital and I have five different insurance plans. Each agreement has a rule and a format for receiving information from hospitals. This generates chaos in the accounts”, says Rafael Barbosa, CEO of Bionexo, to the NeoFeed.

In addition to being chaos, it generates what the market calls a gloss, billings not received or refused due to communication problems between hospitals and health insurance companies. The losses between what is used and what is charged are billions. “Our platform organizes this”, says the executive.

By purchasing BeeCare, Bionexo reaches 300 customers, including hospitals and laboratories in this segment. They are names like Albert Einstein, Sírio Libanês, Dasa, Fleury, among others. “Basically, every hospital needs a revenue cycle management solution.”

The acquisition is also another step in the journey that the company called “from planning to cash”, to be in all stages of the chain. And, according to the CEO, other M&As will follow.

Rafael Barbosa, CEO of Bionexo

Since its foundation in 2000, Bionexo has proposed to act as an intermediary between suppliers and buyers in the hospital market. Today, there are 2,600 hospitals and just over 30,000 providers connected to the platform. Of this total, 5,000 pay for subscriptions to specific products. Last year alone, the platform handled more than BRL 16 billion.

With revenues of R$148 million in the last 12 months starting in the first quarter of this year, the goal is to reach R$180 million in revenue in 2022. The solutions are sold as the process becomes more complex. “We cross sell within the platform”, says Barbosa.

A clear example of this performance occurs in the process of quoting a product. Within the Bionexo platform, a supplier receives more than 2,200 quotes per day. These are requests from hospitals to buy supplies. But to answer all the requests manually, you have to have hundreds of employees.

Bionexo then developed software for suppliers to enter their parameters and, through artificial intelligence, the answers to the quotations are sent automatically.

The company started with hospital supplies, then moved on to a specific area for orthoses and prostheses used in surgical procedures. This last segment already moves R$ 2 billion per year on the platform.

In addition, the company also manages the hospitals’ inventory using RFID technology. In order to cope with growth and supply, Bionexo began to invest heavily in technology, especially in recent years.

Of the company’s 500 employees, two-thirds are in technology – today spread across 90 cities across the country. “We invest 30% of our revenue in technology”, says Barbosa. To support this growth, Bionexo has been capitalizing itself in recent years.

In 2017, Prisma Capital, by Marcelo Hallack, entered the company’s cap table. In 2018, Temasek injected BRL 95 million. Last year, it was Bain Capital’s turn to invest through the Tech Opportunities Fund, the manager’s vehicle that invests in technology and Software as a Sesvice (SaaS).

The entry of Bain Capital filled the gap of an IPO that Bionexo was going to do and postponed because of the market window that deteriorated at the end of last year. “We came to consider it while the scenario was favorable.”

With that, the company was divided as follows: Mauricio Barbosa, founder of the company, with 13.43%; Prisma Capital with 25.47%, Temasek with 23.83% and the rest with Bain Capital. “This year, between R&D and M&A, we are going to invest R$ 100 million”, says Barbosa.

Source: Neofeed

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