Competitor Monitor — Auctus Ops

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Companies Tracked

Key Intel Flags

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Switching Windows

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Active Litigation

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Acq Targets

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Data as of

Partner Intel

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Category Direct competitors below ↓

Relation

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🗂 Manage Tracked Competitors (exit gate)

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⚡ Key Intel Flags — Act On These

ModMed ownership change (Apr 2025): Warburg → Clearlake Capital at $5.3B. New PE owner = pricing/packaging uncertainty for 40K+ practices locked into ModMed RCM. Window at 13 months — tail end of typical 12-18 mo churn cycle. Switching Window

Currence acquired (May 2025): ENT Partners / Candescent PE bought the 40-year-old multi-specialty billing firm. Currence is now captive to ENT Partners' DSO network — independent practices can no longer hire them. Market is OPEN: independent ENT practices have no specialist alternative. ENT Market Open

Nextech RCM = Assembly Health white-label. When you're competing against "Nextech RCM Services," you're competing against Assembly Health. Assembly now 1,600+ employees, new CEO Kevin Offel (Sep 2025), Inc. 5000 three consecutive years. Shore Capital-backed roll-up accelerating.

HaloMD RICO litigation: Anthem Blue Cross CA lawsuit fully dismissed (Apr 9, 2026) — judge rejected all RICO/ERISA claims; Anthem appealing. 3 BCBS cases still active (TX, GA, + 1). HaloMD's legal position is strengthening. 84% IDR win rate, $1B+ collections. "HaloMD without the lawsuits" positioning still valid while appeals run.

Amperos Health raised $21M Series A (Apr 2026 — Bessemer) — one month after ProCode launch. Derm as named vertical. Fastest-moving funded competitor in our lane. Watch Closely

GeBBS conflict flag: GeBBS acquired CPa Medical Billing (Feb 2023, under ChrysCapital) — CPa covers derm, ortho, FQHC. EQT then acquired GeBBS (Sep 2024) and is driving further M&A and specialty expansion. GeBBS is Auctus's auditing firm. Monitor for conflict-of-interest as EQT builds GeBBS into specialty billing.

HaloMD positioning has an expiration date. Anthem CA dismissed, 3 BCBS cases still active. If remaining cases follow — the "HaloMD without the lawsuits" differentiator disappears. Useful now; needs a replacement angle within 12-18 months if HaloMD's legal exposure fully clears. Positioning Watch

Claritev + Zelis OON price-fixing MDL: Two separate antitrust cases allege hub-and-spoke conspiracies to suppress OON reimbursements. Claritev MDL (77 cases, DOJ backed it in Mar 2025, motion to dismiss denied Jun 2025, active discovery, bellwether trial Dec 2027). Zelis sued separately Apr 2025, same theory. If either loses, OON repricing tools are invalidated industry-wide — and practices Auctus serves may be owed back-damages. OON Tailwind

— companies shown

How to read this map — Chips, Tiers, Flags & Research Logic

Chips — Company Flags

Switching WindowPE ownership change in last 18 months creates pricing/packaging uncertainty — clients are evaluable. Also used when a market segment is newly open (e.g., Currence acquisition).

Freshly FundedNew institutional capital raised in last 12 months. Signals accelerating build-out and potential land-grab into our ICP.

Acq TargetFounder-owned or bootstrapped specialist in our ICP verticals. No PE owner = acquirable. Inga Ellzey is named primary target; others are radar.

LitigationActive lawsuit, regulatory action, or DOJ investigation. Pink = actionable intel (e.g., "HaloMD without the lawsuits" positioning). Does not include resolved settlements.

ICP CompetitorMulti-specialty or generalist firm that markets to our ICP but is not ICP-primary. Not pure-plays — they serve many verticals. Lower threat depth than ★★★ specialists.

Tier — Business Model

S1Pure specialty RCM — billing-only firm, independent of any EHR.

S2EMR/PM captive billing — EHR vendor that bundles RCM. Lock-in risk.

S3EMR exclusive partner — third-party biller white-labeled by an EHR (e.g., Assembly Health → Nextech).

S5Generalist claimer — names our ICP on a page but has no real specialty depth.

E1AI-native platform — software-first revenue cycle automation targeting private practice.

E2PE roll-up — actively acquiring billing companies, often multi-specialty.

LawOON law firm — files IDR/NSA disputes on behalf of providers.

PPMPhysician practice management DSO — acquires practices and uses captive billing as the hook.

ICP Badges — Target Market

DermDermatology (medical + cosmetic), Mohs surgery, derm path.

PlasticsPlastic surgery — in-network reconstructive and cosmetic.

OONOut-of-network billing and IDR/NSA dispute resolution.

ENTEar, nose & throat — head & neck surgery, allergy, audiology.

Priority Stars

★★★Primary ICP, named vertical, real threat or opportunity. Act on this quarter.

★★Named vertical or active market presence. Watch; not immediate priority.

★Diffuse / hospital-first / generalist. Low near-term threat. Monitor annually.

Confidence Score

HighPublic company, SEC filing, self-disclosed on earnings call, or verified press release.

MedLinkedIn headcount, Crunchbase, Tracxn, Owler, or third-party verified.

LowEstimated, inferred from proxy data, or unverified. Treat as directional only.

Monitoring Cadence

LinkedIn headcount / growth — Manual pull via agent-browser. Quarterly or on trigger (job posting spike, layoff signal).

Funding rounds — Crunchbase + Tracxn alerts. Checked on trigger; no cron yet.

PE ownership changes — Press releases + PitchBook. Checked on trigger. Sets Switching Window chip.

Litigation — Public record search (PACER, state courts, news). Batch run 2026-05-03. Re-run quarterly or on trigger (news mention).

Revenue / scale — Owler, Inc5000, Apollo.io, Crunchbase. Ad hoc; Apollo enrichment pending Monday AM.

News monitor — Manual today. Async capability #4 (time-sensitive news monitor) will automate: HaloMD legal updates, CPT code changes, competitor M&A. Not yet built.

Track A — Derm Pure-Play

Company	Tier	ICP	★	Scale / Headcount	Backing	Conf.	Notes
Clarity RCM Acq Target	S1	Derm	★★★	200+ practices $1B+ managed	Bootstrapped	Med	#1 SERP derm billing. Derm-only since 2017. ClarityOS AI layer building. PRIMARY THREAT.
Inga Ellzey Acq Target	S1	Derm	★★★	325+ providers 85 practices · 32 states	Founder-owned	Med	Derm-only since 1978. ACQUISITION TARGET — Inga Ellzey = named target. Watch job postings + revenue signals.
PGM Billing Acq Target	S1	Derm	★★★	—	Private	Low	Founded 1981. Nationwide derm leader. Long-tenured client relationships.
ADSC / ADS RCM Acq Target	S1	Derm	★★★	—	Private	Low	Founded 1977. MedicsPremier platform — oldest derm-specific billing system in the market.
DermatologyBilling365 Acq Target	S1	Derm	★★★	—	Private	Low	Derm-only, Mohs focus. Strong AEO citation presence — appears in top-10 Perplexity sources for derm billing queries. Traditional organic footprint is low (DFS: 20 kw, 3 ETV May '26) — visibility is AI-citation-driven, not rank-driven. Monitor AEO, not SERP position.
Derm Care Billing Consultants	S1	Derm	★★★	—	Private	Low	NYC. AMBA-certified derm coders.
Dermatology RCM LLC Acq Target	S1	Derm	★★★	—	Private	Low	Medium-to-large practice focus.
Miami RCM Acq Target	S1	Derm	★★★	—	Private	Low	FL-based, Mohs focus.
AnnexMed	S1	Derm	★★	~977 employees	Bootstrapped	Med	7 locations, offshore delivery (India). Derm primary + multi-specialty.
Practolytics	S1	Derm	★★	1,400+ providers 5M+ claims/yr · 31 states	Private	Med	Active derm vertical marketing.
MBW RCM	S1	Derm	★★	500+ employees	Private	Med	Aggressive derm marketing. BPO-of-BPOs model.
MedCare MSO	S1	Derm	★★	$107M revenue	Private	Med	Derm-founded. Publishes self-ranking listicles — SEO competitor.
Medisys Data Solutions	S1	Derm Plastics	★★	$65M revenue	Private	Med	Active derm + plastics content marketing.
Medical Billers & Coders (MBC)	S1	Derm	★★	—	Private	Low	Offices in Chicago, NYC, Dallas, Houston — every Auctus target state.
TruBridge Litigation	S1	Derm	★★	Public NASDAQ:TBRG	Public	High	Schweiger Dermatology (170+ locations) is a named client. Revenue scale unknown for RCM segment.
Dermatology Billing Solutions (DermBSI) Acq Target	S1	Derm	★★★	—	Private	Low	FL boutique, derm-only.

Track A — Plastics (In-Network)
Nextech	S2	Plastics Derm ENT	★★★	11,000+ physicians	TPG Capital $1.4B (2023)	High	#1 plastics EHR. RCM white-labeled to Assembly Health. Lock-in risk. New PE = switching window possible.
Assembly Health	S3 + E2	Plastics Derm ENT	★★★	132 LI · 1,600+ claimed 3,000+ physician groups · +1,670% YoY headcount	Shore Capital	Med	Powers Nextech RCM Services. Expanding derm/ophtho/ortho. Headcount spike = roll-up activity. Source: LinkedIn.
Quantum Medical Billing Acq Target	S1	Plastics Derm	★★★	—	Private	Low	Pure plastics origin. Founded by Dr. Janevicius's billing team, Chicago. Geographic overlap.
SybridMD	S1	Plastics	★★	—	Private	Low	Reconstructive + cosmetic plastics coding depth.
Microwize Technology	S2	Plastics	★★	—	Private	Low	Hybrid EHR + billing, 30+ yrs, plastics-specific.
ClaimCare	S1	Plastics Derm	★★	—	Private	Low	Derm + plastics explicit, bundling/global period expertise.
FC Billing / MyFC Billing	S1	Plastics Derm	★★	—	Private	Low	Plastics + reconstructive focus, 99% accuracy claim.

Track A — Plastics OON / IDR
HaloMD Litigation	S1	OON Plastics	★★★	#1 IDR filer nationally $1B+ annual collections	Founder-owned (LaRoque)	Med	84% IDR win rate, contingency model. 4 active BCBS RICO suits. Positioning: "HaloMD without the lawsuits."
CollectionPro Acq Target	S1	OON Plastics	★★★	10K+ appeals handled	Private	Med	Provider-side OON specialist, NYC.
No Surprise Bill Acq Target	S1	OON	★★★	—	Private	Low	NSA/IDR identity. Closest ideological competitor to Auctus OON play.
MAC Services Acq Target	S1	OON Plastics	★★★	—	Private	Low	98% success rate, 100% post-award collection. Proprietary AI arbitration software. Surgical specialty focus.
MD Capital Advisors	S1	OON	★★★	66 employees Founded 2008 · New York	Private	Med	Full legal name: M&D Capital Premier Billing, LLC. Strong OON/NSA/IDR focus. Direct Auctus OON comp. Source: LinkedIn.
Practice With Ease	S1	OON	★★	—	Private	Low	OON + legal partner model.
IDR Dynamics	S1	OON	★★	—	Private	Low	Spun out of NYX Health IDR team. Federal IDR advisory + submission mgmt.
Howard Healthcare Group	S1	OON Plastics	★★	—	Private	Low	OON billing for private plastics practices, uses network of attorneys at their expense.
Gottlieb & Greenspan LLC	Law	OON	★★★	Tens of thousands of NSA filings	Law firm	Med	NJ/NY/CT + federal. James Greenspan = nationally quoted NSA expert.
Cohen Howard LLP	Law	OON Plastics	★★★	$150M+ recovered	Law firm	Med	NJ OON law firm specifically for plastic/reconstructive surgeons. "Cohen and Howard" John mentioned.
Minevich Law Group	Law	OON	★★	—	Law firm	Low	NY-based, all 50 states federal IDR.

Track A — ENT
Currence Physician Solutions ENT Market Open	S1	ENT	★★★	40+ yr history	ENT Partners / Candescent PE (May 2025)	High	ENT-exclusive. NOW CAPTIVE inside ENT Partners DSO rollup. Independent ENT RCM market is OPEN. Act now.
ENT Billing Associates Acq Target	S1	ENT	★★★	—	Private	Low	ENT-ONLY since 1999. AAO-HNS recognized. 26-year pure-play. Primary remaining ENT competitor.
Smart RCM Solutions	S1	ENT	★★	—	Private	Low	ENT-focused denial reduction.
ProMD Medical Billing	S1	ENT Derm	★★	—	Private	Low	ENT primary, national reach. FL base.
Pro-MBS	S1	ENT	★★	400 staff	Private	Med	ENT subspecialty depth (allergy, audiology, sinus).
Capture Billing	S1	ENT	★★	—	Private	Low	Real ENT operational background, Virginia.
BSI Medical Billing	S1	ENT	★★	—	Private	Low	30+ yrs, AAPC-certified ENT coders.
Eminence RCM	S1	ENT	★★	—	Private	Low	ENT CPT/modifier specialization.

Track A — Multi-ICP
Precision Practice Management Being Acquired	S1	Derm Plastics ENT	★★	—	Being acquired by Vee Healthtek	Med	CENTC-certified ENT coders. Derm + plastics + ENT. Acquisition = watch for client disruption.
Medusind	S1	Derm Plastics	★★	3,125–4,000 employees Miami HQ · $1.1B+ payments · 25yr derm	Alpine Investors (2023)	Med	Active acquisition platform (acquired AVA Billing 2023). PE roll-up in progress.
TriumpHealth	S1	Derm Plastics	★★	—	Private	Low	Derm + plastics + ASC.

Track A — Large Multi-Specialty (Low ICP focus)
Coronis Health Litigation	E2	Derm Plastics ENT	★	10,000+ employees	Veritas Capital	High	Covers all specialties. Generalist breadth. Monitor as acquirer — 3 acquisitions under Veritas.
CareCloud Litigation	S5	Derm Plastics	★	~$112M revenue Public · NASDAQ:CCLD	Public	High	Has derm/plastics modules but not focused. EMR/PM + bundled billing.

Track A — EMR/PM Captive Billing (S2) — Switching Windows Active
ModMed Switching Window	S2	Derm Plastics ENT	★★★	40,000+ providers $5.3B valuation	Clearlake Capital (Apr 2025 from Warburg)	High	Dominant derm/plastics/ENT EHR. Biggest structural lock-in risk. AI Scribe layer building. NEW PE — switching window now open.
AdvancedMD Switching Window	S2	Derm Plastics ENT	★★	40,000+ providers	Francisco Partners (Q4 2024 from Global Payments)	High	Multi-specialty. Same switching window dynamic as ModMed.
Ezderm	S2	Derm	★★★	—	Serent Capital (2024)	High	Derm-only EHR + RCM bundle. Lock-in risk. New PE 2024.
Greenway Health	S2	Derm Plastics ENT	★	1,203 employees $350M revenue · Founded 1977	Private	Med	EHR/PM platform, not pure RCM. Multi-specialty. Source: LinkedIn.

Track B2 — AI-RCM Platforms (ProCode Competitive Set)
Amperos Health Freshly Funded	E1	Derm	★★★	$21M Series A Apr 2026 · Bessemer	Bessemer Venture Partners	High	AI-native denial management. Derm as named vertical. Raised 1 month after ProCode launch. FASTEST MOVING. Watch closely.
Enter Health	E1	Derm Plastics ENT	★★	16 employees $9.9M total · Founded 2013 · SF	VC-backed	Med	AI coding + contract AI. Private practice focus. Closest software model to ProCode. Source: LinkedIn.
Agent AI	E1	Derm Plastics ENT	★★	16 employees $5.8M seed · Founded 2023 · LA	VC-backed	Med	AI workflow automation for billing. +217% YoY. 2023-vintage. Source: LinkedIn.
Nanonets Health	E1	Derm	★★	$42M parent funding Accel-backed	Accel (via Nanonets parent)	Med	Well-funded parent. Derm-specific RCM page explicit.
iMagnum Healthcare	E1	Derm	★★	—	Bootstrapped	Low	25-year incumbent embedding AI fast. Derm explicit, CodeEaseHCC product.
Max AI	E1	Derm	★★	~15 employees	Undisclosed	Low	Agentic swarm architecture, derm-focused, founded 2025, Ann Arbor MI. Direct shot at offshore/traditional RCM. No disclosed raise but derm ICP = watch closely.
Taiga (Bayes AI)	E1	Derm Plastics ENT	★★	2 founders	YC Spring 2026	Low	AI-native full-stack billing (coding → claims → denials → patient billing). Multi-specialty horizontal play — no ICP focus yet. Physician-founder narrative mirrors Rinova. Watch for specialty pivot.
Rinova AI	E1	Plastics Derm	★★	Pre-institutional	Pre-seed	Low	Physician-founded. Private practice agentic billing. Same narrative as ProCode.
Camber Health	E1	Plastics Derm	★★	$50M Series A	a16z	High	Behavioral → surgical specialty expansion. a16z signal = watch for productization down-market.
Humata Health	E1	Plastics Derm	★★	$25M Series A	BCBS VC	High	Strong prior auth pedigree. Surgical PA workflows. Relevant for plastics/derm auths.
Waystar	S5	Derm Plastics ENT	★	Public $968M IPO · 1M+ providers	Public	High	AI claims automation. Medium threat if they add managed RCM for small practices. Currently platform-only.
AKASA	E1	Derm Plastics ENT	★	$200M+	a16z	High	GenAI prior auth + coding. Hospital-only today. No private practice path. 18-36mo window before they come down-market.

Track B1 — PE Roll-ups (Acquisition Threat + Competition)
EqualizeRCM	E2	Derm Plastics ENT	★★	—	Pilot Wall Group	Med	Active acquirer. Named derm explicitly via MRG acquisition.
Vee Healthtek	E2	Derm Plastics ENT	★★	1,177 employees Founded 2000 · Plano TX · 7 countries	TA Associates $250M	Med	1-2 acquisitions/yr. Acquiring Precision Practice Management. Ambulatory focus. Source: LinkedIn.
Omega Healthcare	E2	Derm Plastics ENT	★★	20,000+ employees	Goldman Sachs + Everstone	High	Scale + derm named = serious roll-up threat. 40 specialties.
Infinx Healthcare	E2	Derm Plastics ENT	★★	—	KKR + Norwest	Med	Targeting $25-75M specialty billing companies for acquisition. Auctus is in their acquisition range.
Nimble Solutions / National Medical	E2	Plastics ENT	★★	—	Aquiline Capital	Med	Surgical RCM roll-up. ENT/plastics overlap. ASC focus.
Ensemble Health Partners	E2	Derm Plastics ENT	★	3,510 employees $794M revenue · Founded 2014 · Cincinnati	Golden Gate Capital · Public: ENSB	High	Large generalist. Monitor as potential acquirer. Source: LinkedIn + public disclosures.
AGS Health	S5	Derm Plastics ENT	★★	4,035 employees $100M revenue · Founded 2011 · 16 countries	Private	Med	15,000 total staff claimed. Multi-specialty generalist with derm ICP. Source: LinkedIn.
Cosentus	E2	Derm Plastics ENT	★★	169 employees Founded 1999 · Irvine CA · Non-PE	Non-PE (roll-up behavior)	Med	25+ yrs. Recently acquired Alta Management Solutions. Roll-up behavior without PE backing. Source: LinkedIn.
GetixHealth Litigation	E2	Derm Plastics ENT	★	—	H.I.G. Capital	Low	New PE backing, acquisitions expected.
Advantum Health	E2	Derm Plastics ENT	★	—	Fulcrum Equity	Low	Active bolt-on acquirer. Multi-specialty coding/billing.

PPM Platforms with Embedded Billing (Market Compression)
ADCS / Ameriderm	PPM	Derm	★★	80+ independent derm practices	Harvest Partners	Med	DSO buying billing companies as practice acquisition hook. Compresses independent billing market from top down.
ENT Partners	PPM	ENT	★★	—	Candescent PE	Med	Acquired Currence (May 2025). Uses captive billing as loss-leader to onboard ENT practices into DSO network.

⚠️ Payer-Side Enemy Infrastructure (Know, Don't Compete)
Claritev (ex-MultiPlan) Litigation	Payer	OON	—	Controls 80%+ OON repricing	Public (Antitrust MDL pending)	High	Works AGAINST providers. Antitrust MDL pending. Enemy infrastructure — know their moves.
Zelis Litigation	Payer	OON	—	—	Private (Antitrust suit)	High	OON pricing for payers. Works AGAINST providers. Antitrust suit from major payers.

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Stats Coverage Legend

High — Public company, self-disclosed, SEC

Medium — LinkedIn, Crunchbase, Tracxn, third-party verified

Low — Estimated, inferred, or unverified

LinkedIn stats verified 2026-05-03 via agent-browser pull. Revenue data: Owler + Crunchbase + Inc5000 (2026-05-03). Apollo.io revenue enrichment pending Monday AM access. Litigation batch search run 2026-05-03 across all 90+ companies — active cases only get the chip.