Wakefield & Associates, Inc

What Wakefield & Associates, Inc does

Wakefield & Associates, Inc. is a privately held U.S. healthcare revenue cycle management (RCM) and collections company founded in 1933 and headquartered in Knoxville, Tennessee, with additional offices in Aurora and Fort Morgan, Colorado, and Jefferson City, Missouri. The company provides end-to-end RCM services to more than 5,400 healthcare provider clients across hospitals, health systems, ambulatory surgery centers, emergency medicine practices, behavioral health providers, and laboratories, covering patient access, eligibility verification, charge capture, coding, claim submission, remittance processing, denial management, primary and secondary bad debt collections, legal solutions, and debt purchasing. Its core differentiator is specialization in out-of-network (OON) claims resolution, where it handles over $1.3 billion in OON bills annually through dedicated service lines (Upfront Recovery, Post-Payment Recovery, Lost Revenue Recovery) targeted at major commercial payers including Aetna, Cigna, and UnitedHealthcare.

The company's technology backbone is CRXIS (Collect Rx Information System), a proprietary business intelligence engine aggregating 16+ years of claims data from 3,300+ to 4,500+ customers. CRXIS analyzes payer policies to determine 'reasonable and customary' rates, uses rules-based processing and AI to route claims to staff for follow-up, and ingests 837/835 EDI feeds combined with robotic payer-website scraping to deliver real-time claim adjudication status. This enables up to 70% of accounts to be worked within minutes rather than through manual 7, 10, or 14-day follow-up cycles.

Wakefield's business model is B2B managed services with multi-year enterprise contracts and quote-based pricing customized per healthcare provider. The company is also expanding through acquisitions (Choice Recovery in 2022, Healthcare Receivables Group, and Wakefield/Collect Rx in 2026) and a 2024 strategic partnership with Revco Solutions to broaden its RCM service portfolio. No external equity funding rounds are disclosed, and the company operates as a founder/management-owned entity with HFMA Peer Review designation (2024) and NMLS licensure in Maryland (NMLS #1048033).

Name

Wakefield & Associates, Inc

Legal name

Wakefield & Associates, Inc.

Website

https://wakeassoc.com

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Wakefield & Associates is a private U.S. healthcare revenue cycle management and collections company serving 5,400+ providers across hospitals, ASCs, emergency medicine, behavioral health, and laboratories, with proprietary CRXIS technology and specialized out-of-network claims resolution handling $1.3B+ in annual OON bills.

Ownership category

akta.pro rank

Product category

Healthcare Revenue Cycle Management

NAICS

Activities Related to Credit Intermediation (5223)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Patient Billing, Statements & Payment Processing (HLACACAG)

Keywords

• Healthcare revenue cycle management
• Out-of-network claims resolution
• Medical debt collection
• Accounts receivable automation
• Healthcare billing services

Headquarters

HQ city

Knoxville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Healthcare Revenue Cycle Management Services: Wakefield provides comprehensive revenue cycle management solutions to healthcare providers, including system conversions, call center partnerships, insurance billing, process & system workflow design, eligibility assistance programs, primary & secondary bad debt collections, legal solutions, and debt purchasing provider services. The company also specializes in out-of-network and complex claims resolution.
2. Out-of-Network Claims Resolution: Specialized services to maximize out-of-network reimbursements through appeals, negotiations, and settlement recovery. Handles over $1.3 billion in out-of-network bills annually with proprietary technology and expertise in payer tactics.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Wakefield & Associates provides end-to-end healthcare revenue cycle management (RCM) and debt collection services to healthcare providers, including system conversions, call center partnerships, insurance billing, eligibility assistance, primary and secondary bad debt collections, legal solutions, and out-of-network and complex claims resolution. Its offering is powered by the proprietary CRXIS business intelligence engine, which uses AI and rules-based automation to maximize out-of-network reimbursements, automate AR follow-up, and provide analytics across data aggregated from thousands of healthcare provider clients.

Product overview

Wakefield & Associates, Inc is a healthcare revenue cycle solutions company offering a platform of integrated services centered on its proprietary CRXIS business intelligence engine. The core offering consists of comprehensive Revenue Cycle Management (RCM) solutions including system conversions, call center partnerships, insurance billing, eligibility assistance, bad debt collections, legal solutions, and out-of-network/complex claims services. On top of the core RCM platform, Wakefield offers specialized recovery modules: Upfront Recovery (pre-payment negotiation), Post-Payment Recovery (identifying underpaid claims), and Lost Revenue Recovery (for unpaid out-of-network claims). All services are powered by the CRXIS analytics engine which aggregates data from over 4,500+ customers to optimize payer reimbursements.

Differentiator

Problem solved

Functional benefit

Brands

• CRXIS: Proprietary business intelligence engine that serves as one of the largest out-of-network databases in the industry, used to automate AR Follow Up, maximize out-of-network reimbursements, and provide analytics and reporting.

Products and services

• Healthcare Revenue Cycle Management (RCM) Solutions End-to-end outsourced revenue cycle management services for healthcare providers including hospitals, ambulatory surgery centers, emergency medicine practices, behavioral health providers, and laboratories. Covers patient access, eligibility verification, charge capture, medical coding, claim submission, remittance processing, denial management, bad debt collections, and legal solutions.
• CRXIS (Collect Rx Information System) Proprietary business intelligence engine serving as one of the largest out-of-network databases in the industry. Analyzes actual insurance policies to determine 'reasonable and customary' rates, uses rules-based processing and AI to route claims to appropriate staff for follow-up, and aggregates data from over 3,300+ customers to compare reimbursement determinations with payer data, FairHealth, and Medicare reference rates.
• Upfront Recovery A recovery service designed to negotiate with payors and third-party pricing vendors on out-of-network claims before payment is made, helping providers recover millions of dollars in claims reimbursements.
• Post-Payment Recovery A service that identifies underpaid claims and negotiates settlements for additional dollars after payment has been received. Currently available for Aetna, Cigna, and United Healthcare commercial plans.
• Lost Revenue Recovery A specialized service for recovering unpaid out-of-network claims by leveraging extensive knowledge of payer strategies and proprietary technology to optimize out-of-network payments.

Quantifiable outcome

• 10-15% of revenue lost due to poor AR follow up
• +4 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• Wakefield (Collect Rx)coreStrategic or Co-development Partner · 26 June 2026Wakefield (Collect Rx), founded in 2006, joined the Wakefield organization. The company provides a tech-enabled Out-of-Network payment integrity solution platform assisting customers with appeals and negotiations. Together, they leverage combined capabilities to provide a full spectrum of revenue cycle solutions including out-of-network claims resolution.
• Revco Solutions, Inc.flagshipStrategic or Co-development Partner · 1 January 2024Wakefield announced partnership with Revco Solutions, Inc. to offer a more comprehensive suite of healthcare RCM services. By combining the strengths of both Wakefield and Revco, they aim to provide enhanced revenue cycle management solutions with the same commitment to excellence customers expect from each company.
• Choice RecoverycoreStrategic or Co-development Partner · 20 October 2022Wakefield acquired Choice Recovery, a debt collection firm based in Ohio, to expand operations in the Great Lakes region and enhance healthcare revenue cycle management services. The acquisition added more than 90 employees and was aimed at bolstering Wakefield's capabilities in the healthcare financial services segment.
• Healthcare Receivables Group (HRG)coreStrategic or Co-development PartnerHealthcare Receivables Group (HRG), formerly known as Receivables Management Bureau, joined the Wakefield organization. Founded in 1993, HRG partners with healthcare providers to provide effective management of healthcare receivables with quality, professional, and timely liquidation of accounts. This partnership expands Wakefield's accounts receivable solutions offerings.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Revco Solutions: Healthcare revenue cycle management services partner of Wakefield since 2024, providing complementary early-out/self-pay and bad-debt collections. Direct partner with overlapping provider customer base and similar service lines.
• Waystar: Healthcare revenue cycle management software platform serving providers with claims management, patient billing, and analytics. Direct technology peer competing for healthcare provider RCM spend.
• Ontario Systems: Debt collection and receivables management software provider serving healthcare, financial, and government clients. Closely comparable to Wakefield in collections technology and bad-debt recovery workflows.
• Health Advocates: Specialized out-of-network claims negotiation and resolution provider serving hospitals, ASCs, and physicians. Direct niche competitor to Wakefield's OON claims resolution and Collect Rx capabilities.

Broad incumbents

• R1 RCM: Large publicly-traded healthcare RCM provider serving hospitals and physician groups. Provides comprehensive end-to-end RCM including complex claims and out-of-network resolution, competing with Wakefield for large enterprise provider contracts.
• Optum (UnitedHealth Group): Healthcare services arm of UnitedHealth Group offering RCM, analytics, and payment integrity solutions. As the largest payer-affiliated RCM platform, competes across the full revenue cycle including OON claims management.
• Conifer Health Solutions: Tenet Healthcare-owned RCM and healthcare services provider serving hospital systems. Competes with Wakefield in complex claims, denial management, and patient financial services.
• Experian Health: Healthcare-focused division of Experian providing patient access, identity management, and revenue cycle solutions. Competes in eligibility verification, patient billing, and collections analytics overlapping with Wakefield's core RCM stack.

Emerging players

• Availity: Healthcare information network and RCM platform facilitating payer-provider data exchange. Overlaps with Wakefield's eligibility, claims status, and payer data integration capabilities through CRXIS.
• Cedar (Cedar Pay): Patient financial engagement and billing platform for healthcare providers. Competes with Wakefield's patient billing, statements, and payment processing service line with a modernized consumer-facing UX.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/wakefield-&-associates-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wakefield & Associates, Inc