In early August, Surgical Notes
announced it had acquired Zulu Health, a revenue cycle management (RCM) provider
with a specialized focus on the ambulatory surgery center (ASC) market.
In this Q&A, Randy Bishop, President and Chief Executive Officer for
Surgical Notes, explains why Surgical Notes acquired Zulu Health and what
the acquisition means for clients.
Q: What interested Surgical Notes in acquiring Zulu Health?
Randy Bishop: Zulu Health is a pure-play ASC RCM business that perfectly aligns with
our company. Zulu Health has a strong management team, a strong executive
leader in ASC industry and RCM veteran Ken Bulow, and a strong financial
profile. The company also represents a great cultural fit with Surgical Notes.
Q: Why was now the time right for Surgical Notes to acquire Zulu Health?
RB: We recapped Surgical Notes in mid-2019. Through the recap, we joined forces
with a strong financial partner, CapStreet. Our goal is to further establish
Surgical Notes as a best-in-class healthcare RCM company focused on ASCs.
We are achieving that goal by building out our leadership and management
teams, growing our revenues organically and through strategic acquisitions,
and making sure Surgical Notes always provides a great work environment
for our teammates. The addition of Zulu helps us move closer to accomplishing our goal.
Zulu was Surgical Notes’ second acquisition of 2021. We will continue
to look for attractive businesses that fit well with our growth strategy.
Q: How does the acquisition of Zulu Health support and advance the Surgical
RB: Management of the ASC revenue cycle is becoming more complicated with the
ongoing addition of new procedures and more complex payment methodologies.
Our expert teams and advanced proprietary technology differentiate Surgical
Notes. In combination, we can better serve ASCs by ensuring proper reimbursement
and delivering well-informed analytics and reporting. Adding Zulu Health
not only builds scale for our technology component, but we also add a
company with the same values and culture as Surgical Notes.
Q: What does Ken Bulow, Zulu Health's President and CEO and now Surgical
Notes' EVP of Operations, bring to the company?
RB: Ken is a significant addition to Surgical Notes, and he will be a key component
of our executive leadership team. He brings more than 20 years of experience
in revenue cycle management, with particularly strong ASC experience.
That experience includes his work with a well-respected ASC management
company, one of the largest providers of outpatient surgery. Through his
many years in the ASC industry, he has established numerous connections
that will also be of value to Surgical Notes as we continue growing. He
is a great leader of people, and we are fortunate to have him on our team.
His impressive management team includes Rachael Powell and Carla Reese,
who will also be joining Surgical Notes. They will be valuable additions
to our company and made Zulu Health even more attractive for us.
Q: How will clients benefit from the acquisition?
RB: By expanding our talent and adding to our depth of knowledge, we will better
deliver the quality services that enhance the financial performance of
We couldn't be happier about adding Zulu Health and its team. It's
a great win for Surgical Notes and our clients.