SpendMend

SpendMend

SpendMend was founded in Grand Rapids, Michigan, and became a specialized provider of cost-containment and recovery-audit services for hospitals and health systems across the United States. CEO Dan Geelhoed positioned the firm at the intersection of accounts-payable forensics and healthcare supply-chain data, focusing on mid-market and large integrated delivery networks that lack the internal resources to chase complex vendor overpayments, duplicate payments, and missed contract-tier discounts on physician-preference items. The firm's core strategy combines forensic audit technology with a contingent-fee recovery model — health systems pay only when SpendMend identifies and recovers cash, typically zeroing in on high-dollar medical-device procurement and pharmacy spend. Asset-class exposure divides across enterprise software (its SaaS recovery platform), healthcare services (the audit and recovery workforce), and private credit (the working-capital nature of contingent recoveries). Geographic coverage is national, with a concentration among Midwestern and Southeastern US hospital systems. Confirmed client relationships referenced in public record include large nonprofit health systems such as Trinity Health and regional players like Mercy Health, where renewal announcements have underscored multi-year recovery programs without sharing dollar figures. The firm maintains a modest professional footprint, characteristic of contingent-audit shops whose headcount scales with the complexity of client engagements rather than AUM. Philanthropic or adjacent wealth vehicles are not publicly disclosed, and SpendMend does not participate in club-deal networks like Tiger 21 or R360. In its most recently observable operational posture, the firm has remained privately held and independent, focused on direct client engagements rather than fund structures or co-investment vehicles. What separates SpendMend structurally from a generic consulting firm is its alignment model: it assumes the financial risk of the audit by tying compensation entirely to realized recoveries, effectively acting as an off-balance-sheet recovery arm for hospital CFOs. This contingent-capital posture blurs the line between healthcare services and specialty credit — the firm deploys labor and software against a portfolio of claims where return is contingent on execution rather than market movement.