Healthcare management solutions provider Myriad Systems is interested in a minority stake sale and may run another formal process in 2027, said Jeremy Shiner, CEO and sole owner.

Myriad came close to a minority stake sale three years ago but ultimately decided it was “not the right time” given expected future enhancements to its technology, especially around artificial intelligence (AI).

The White Plains, New York-based company continues to field inbound approaches and is “very interested in talking to the right partner,” Shiner said. A proactive process is more likely in 2027, though, after receiving several expected patent approvals related to its technology, Shiner said.

Myriad has already invested “tens of millions” into AI and would use stake sale proceeds to support further investment, the CEO said.

Myriad’s AI-enabled solutions include practice management, electronic health records, and billing software (Myriad Health), payment processing (Myriad MediPay), and revenue cycle management services (Myriad MedBill).

At the time it explored a stake sale three years ago, Myriad was valued by several private equity firms at USD 50m, Shiner said. With its subsequent growth and AI-enhanced proprietary technology, that would equate to USD 150m-USD 175m today, he added.

Industry multiples for payment processing companies can reach 12x–14x ARR and, in some cases, exceed 18x, the CEO said.

Myriad generates close to USD 10m in annual recurring revenue (ARR), with ARR of USD 35m-USD 50m projected within three years, according to Shiner.

Two of its three core service lines are profitable and full company profitability is forecast by the end of this year or in early 2027, he said. Its Myriad Health vertical is currently non-monetized, with the software offered as part of a bundled program for customers using its billing or payment processing solutions, the CEO explained.

Myriad caters to physician practices with up to roughly 150 providers, though its sweet spot is groups with between one and 12 providers, Shiner said. It serves thousands of customers across specialties including primary care, family medicine, dental, physical therapy, chiropractic, behavioral health, and medspas.

The company operates throughout the US, with a “heavy stronghold” in New York and Los Angeles, according to Shiner.

Practice management, electronic health records, and billing software companies such as eClinicalWorks, DrChrono, and athenahealth can be competitors and/or partners via custom integrations, Shiner noted.

He said most recent consolidation has been on the payment processing side, pointing to Global Payments’ roughly USD 24bn acquisition of Worldpay in January from GTCR.

Shiner founded Myriad in October 2020. The 35-year-old executive grew up working in his father’s business, Retriever Medical/Dental Payments, one of the largest processors of healthcare payments in the US. Retriever received a minority investment from TA Associates in 2017 and rebranded to Rectangle Health in 2018, with GI Partners co-investing in 2021.

Myriad has more than 150 employees across the US and Kosovo. The company has grown organically to date.

It works with law firm Jackson Kelly, accounting firm CBIZ, and commercial bank Webster Bank.