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Alpha II Announces Recapitalization Transaction

June 16th, 2023


Tallahassee, FL and Boston, MA - June 16, 2023 - Alpha II, a provider of RCM SaaS solutions, announced that it completed a majority recapitalization with TA Associates (“TA”). As part of the recapitalization, WestView Capital Partners (“WestView”) received liquidity for its 2016 investment in Alpha II, and re-invested alongside TA and Alpha II management.

Founded in 1983, Alpha II has grown into a leading provider of unique revenue cycle management (RCM) solutions made to integrate within other end-to-end EHR and billing software. At the core of Alpha II’s offerings is a proprietary rules engine that helps healthcare providers proactively identify billing and coding errors to ensure appropriate reimbursement, minimize denials and increase staff productivity. The company’s proprietary claim edits fuel an industry leading clean-claims rate for Alpha II’s customers, but more importantly, ensure accuracy that prevents lost revenue that results when all services are not coded or coded correctly. Through a fully software-based platform, Alpha II has expanded its revenue cycle workflow solutions to include Medicare coverage determinations, E&M coding assistance, denials prevention and analytics as well as merit-based incentive payment system (MIPS) reporting.

The new investment from TA and WestView, alongside Alpha II management, will support Alpha II’s continued development of mission-critical technology to serve healthcare providers, further solidifying the company’s position as a market leader.

“WestView’s partnership approach has shown through since I joined Alpha II. They understand what makes Alpha II unique and have been a strong partner in our growth and expansion,” said Alpha II CEO Todd Doze. “We look forward to WestView’s continued involvement with the company, and are excited about the addition of TA and their resources, which will enable us to continue our rapid growth.”

"As an original founder of Alpha II, I wanted to find a firm in 2016 that understood our company, our culture and the revenue cycle landscape and could shepherd Alpha II through its next growth phase. We are thrilled that we chose WestView, and the results we achieved together are a testament to their collaborative partnership approach. Their guidance has been instrumental in successfully navigating Alpha II through numerous pivotal moments including organic and add on acquisition growth as well as executive team additions, all culminating in a powerful alliance with TA," said Jan Powell, co-founder of Alpha II. "On behalf of all of my co-founders, our best wishes extend to Alpha II, TA, and WestView as they embark upon an exciting new phase of growth for the Company."

“Alpha II is a unique company and has been a fantastic performer and continues WestView’s longstanding approach as a growth-oriented investor in market leading revenue cycle software and service companies,” said Matt Carroll, Managing Partner at WestView, who will remain a member of Alpha II’s Board of Directors. “Alongside WestView, Todd and the Alpha II leadership team have built an exceptional growth-oriented business and have become a clear market leader. We can’t wait to see what Alpha II, TA and WestView can do together.”

Alpha II and WestView Capital Partners were advised by William Blair and Latham & Watkins.

About Alpha II

For decades, Alpha II’s software-as-a-service products have supported medical coding, compliance, revenue analysis and claims editing for healthcare providers. Built up over 40+ years and continuously updated in real-time, Alpha II’s proprietary rules engine is used across a wide range of provider specialties and payer types, producing the industry's most comprehensive coding and billing content database. The Company’s products integrate with electronic health record, practice management, revenue cycle management, and provider information systems. Alpha II’s suite of solutions across claims editing, coding, insurance verification, denials prevention, and MIPS reporting support the revenue cycle workflows of providers across the country. For additional information, please visit

About WestView

WestView Capital Partners, a Boston-based growth equity firm, is focused on middle market growth companies and manages $2.7 billion in capital across five funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth capital, and consolidation transactions in several sectors including: healthcare technology and outsourcing, business services, IT services, software, and growth industrial. WestView targets investing $20 to $100 million in companies with revenue of at least $10 million and operating profits between $3 and $25 million. For more information, please visit