ATLANTA--(BUSINESS WIRE)--Primus Capital (Primus) today announced that it has made a major growth investment in Payspan®, Inc. Based in Atlanta, GA, Payspan is a healthcare technology company that provides payment automation services that improve administrative efficiency, meet regulatory requirements, and enable payers and providers to manage new reimbursement strategies in a rapidly changing landscape. The investment by Primus will accelerate Payspan’s existing foothold as the leading provider of healthcare reimbursement solutions to expand its product portfolio and customers reach.
With healthcare’s largest electronic network of over 650 major health plans, 1,300,000 provider payees, and 107 million consumers, Payspan facilitates and simplifies complex financial transactions, providing value to all constituents. Through an industry-leading electronic healthcare payments and reimbursement platform, Payspan delivers an array of solutions that empower industry stakeholders to increase automation, efficiency, and convenience. In addition to the flagship core Payspan network, the company recently launched a major upgrade to its provider revenue cycle management solution called Patient Financial Engagement® (PFE). PFE enhances provider’s ability to collect patient payments at the point-of-care reducing bad debt by up to 80%.
“We are impressed with the robust software-as-a-service (SaaS) solutions that Payspan has brought to market and its growing payer, provider and consumer customer base. With a strong management team leading the organization, we are particularly excited about the company’s growth prospects to leverage the rapidly changing reimbursement landscape in healthcare as a competitive advantage to drive business outcomes. We are confident that our partnership with Payspan will enhance its position as a market leader and fuel further innovation that will benefit customers,” said Phil Molner, Managing Partner of Primus. Chris Welch, Principal of Primus, added “Payspan is a clear fit for our healthcare technology portfolio and will benefit from the synergies and growth capital we bring to the business. We look forward to working with the current management team to grow the business by accelerating investment in developing new solutions and growing the customer portfolio.”
The new funding will allow Payspan to extend its industry-leading product set to address developing challenges in healthcare reimbursement and invest in expanded marketing and sales initiatives to drive customer engagement. As payers and providers face unprecedented increases in patient financial responsibility while managing new reimbursement models, Payspan’s further expansion addresses these changing needs.
“As the healthcare reimbursement model continues to get more complex, Payspan is in a unique position to work collaboratively with payers and providers to solve the most difficult financial challenges facing the market today and in the future. Our partnership with Primus Capital and the investment they are making in the business will benefit payers, providers and consumers. Engaging the consumer is essential to any reimbursement strategy and Payspan is uniquely positioned to connect the entire financial healthcare supply chain, including vendors,” said Rex Adams, Chief Executive Officer of Payspan.
SunTrust Robinson Humphrey served as exclusive financial advisor to Payspan in the transaction.
About Primus Capital
Primus Capital is a private equity firm that invests in high-growth companies within the healthcare, software, and technology-enabled services industries. Currently investing Primus Capital Fund VII, Primus has invested in over 100 growth companies. Transaction types include buyouts, recapitalizations and growth equity investments. For more information, visit www.primuscapital.com.
About Payspan, Inc.
With more than 25 years of payments expertise, Payspan, Inc. is a trusted source of innovative healthcare reimbursement solutions that are Empowering the Healthcare Economy® for payers, providers, consumers and banks. Payspan’s customers comprise an elite array of industry-leading payers, providers and solution partners, spanning the healthcare reimbursement spectrum.
Connecting more than 650 health plans, over 1,300,000 provider payees and 107,000,000 members, we securely facilitate healthcare payments and new reimbursement strategies that improve patient experience and reduce costs. For more information, visit http://www.payspan.com.