Credit score funds managed by SVB Capital lead new funding spherical to finance progress of PayMedix Healthcare Cost Answer
MILWAUKEE, Jan. 25, 2023 /PRNewswire/ — Well being Cost Techniques, Inc. (HPS)/PayMedix at this time introduced it has raised one other $25 million of funding to speed up the expansion of its groundbreaking PayMedix healthcare financing resolution. Credit score funds managed by SVB Capital, the enterprise capital and credit score investing arm of SVB, led the financing, and have been additionally joined by all present HPS/PayMedix buyers together with SV Well being Traders, Hexagon, Inc. and Caltius Fairness.
PayMedix will increase well being fairness for all shoppers by guaranteeing full and immediate funds of all in-network allowed fees for collaborating healthcare suppliers. All shoppers can schedule wanted providers, and their suppliers all know that full cost is assured. All shoppers at a sponsoring employer obtain one simplified abstract of all of their healthcare exercise and know that PayMedix has served as a monetary security internet in the event that they wanted one. All of those sufferers are assured entry to PayMedix regardless their credit score histories.
The corporate is increasing to fulfill quickly rising demand from healthcare suppliers and employers to vary the best way individuals entry, pay for and profit from healthcare. PayMedix has already processed greater than $5 billion in funds and continues to boost its monetary expertise platform to supply an entire resolution that serves all components of the healthcare cost equation.
“PayMedix has created an modern cost mannequin that advantages shoppers and healthcare suppliers alike,” stated J.P. Michael, Senior Managing Director, SVB Capital. “With this transaction, we’re happy to assist them proceed their progress trajectory as they provide higher options to facilitate healthcare funds.”
The brand new funding spherical is a mixture of debt and fairness investments. It’s going to allow HPS/PayMedix to additional develop its cost platform, improve staffing, and help geographic enlargement. The brand new financing is noteworthy because it comes at a time when world personal funding for monetary tech suppliers has dropped precipitously.
“Within the final 18 months, we’ve got grown 40%. Having one of many nation’s largest and most prestigious banks be part of this new funding spherical underscores the arrogance and momentum PayMedix has established within the trade,” stated Tom Policelli, CEO of HPS/PayMedix. “PayMedix is addressing the pressing have to make healthcare extra equitable and environment friendly. We’re the one firm offering a complete client engagement and funds resolution for all suppliers, sufferers, and employers. We sit up for persevering with to develop and to supply extra shoppers with higher entry to and expertise with the healthcare system.”
About SVB Capital
SVB Capital is the enterprise capital and credit score investing arm of SVB. Uniquely positioned to entry extremely sought-after alternatives in start-up corporations and enterprise capital funds, SVB Capital invests in fund managers and personal expertise and life science corporations all through the innovation financial system world wide. Managing $9.5 billion of belongings, totally on behalf of third get together restricted companions, SVB Capital is one in every of SVB’s core companies with Silicon Valley Financial institution, SVB Personal and SVB Securities. Be taught extra at svb.com/svb-capital.
SVB Monetary Group (SVB) is the holding firm for all enterprise items and teams. © 2023 SVB Monetary Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron system are emblems of SVB Monetary Group, used beneath license. Silicon Valley Financial institution is a member of the FDIC and the Federal Reserve System. Silicon Valley Financial institution is the California financial institution subsidiary of SVB Monetary Group (SVB). [SIVB-C]
PayMedix, which started because the financing arm of Wisconsin-based HPS over a decade in the past, is the one firm fixing the issue of excessive out-of-pocket prices for everybody: suppliers, sufferers, employers and TPAs. By guaranteeing funds to suppliers and credit score for all sufferers, PayMedix is altering the best way individuals entry, use, and pay for healthcare. PayMedix has processed greater than $5 billion in medical funds for hospital techniques and doctor practices and will be carried out together with any PPO or HMO community.
Well being Cost Techniques (HPS) is a privately held healthcare expertise and providers group with options that cut back the associated fee and complexity of the healthcare funds course of to learn suppliers, employers, sufferers and TPAs. Headquartered in Milwaukee, Wisconsin, HPS has an impartial community of 96 hospital amenities and 22,600 particular person suppliers.