Pamplona Capital Management has made a strategic financial investment in Patientco, a payment technology company built specifically for healthcare.
With patient payments often constituting as much as one third of hospital revenues, more than 500 hospitals and physicians practices nationwide have already turned to Patientco to address this sector.
Pamplona’s investment in Patientco includes a commercial agreement to embed Patientco’s offerings into Pamplona’s MedAssets Revenue Cycle Management (RCM) and Precyse business, which were both acquired by Pamplona in 2015 and are being merged in 1Q16. The combination of services and technologies across patient access, health information management (HIM), central business office, patient payments and accounts receivable positions MedAssets RCM and Precyse as the most complete end-to-end integrated solution in the market.
“Patientco’s patient payment solution addresses a great need for healthcare providers across the country. Pamplona chose Patientco after a careful examination of several payment solutions and we believe the company is clearly differentiated from its competitors,” says Jeremy Gelber, MD, Partner at Pamplona Capital Management. “Pamplona’s investment not only allows Patientco to reach a broader audience, it makes MedAssets/Precyse the first company to offer integrated services across both insurance and patient payments, further cementing its position as the most complete end-to-end integrated revenue cycle services and technology company in the market.”
The agreement paves the way for Patientco to embed its payment solution into MedAssets’ RCM services and Precyse’s HIM services, immediately extending Patientco’s reach to more than 3,000 health systems and 1,000 ambulatory care centers across the country. As a result, Patientco, which has experienced rapid growth and again doubled its annual total processing value (“TPV”) in 2015, expects to accelerate its goal of processing $10 billion in annual TPV by the end of 2018.
“Working with Pamplona reinforces our trajectory as the go-to partner for any healthcare provider or healthcare IT vendor that processes patient payments,” says Bird Blitch, co-founder and CEO of Patientco. “Historically, payment processing and healthcare haven’t worked well together, but we are changing that. With Pamplona’s support, we will continue in our mission to eliminate the payment burden so that providers can focus on delivering care and patients can experience a streamlined, clear payment process.”
