LOS ANGELES--(BUSINESS WIRE)--Caltius Equity Partners is pleased to announce it made a significant investment in Health Payment Systems (HPS; www.hps.md), a pioneering healthcare technology and services company based in Milwaukee, Wisconsin. HPS will use the capital to accelerate the growth of existing products and expand its product offerings.
HPS simplifies and enhances the healthcare billing and payments process for consumers while driving value to health care providers, health insurance companies and employers. Its patented SuperEOB® and advanced electronic data interchange technology consolidates and transmits claims and payment information between all stakeholders, resulting in a single monthly statement and payment for consumers; outsourced billing, collections and faster payment for providers; and, improved customer service for insurance companies and employers.
Since it was founded in 2005, HPS has processed over $1.6 billion in claims. The company is a partner to all major health plans and practitioners in Wisconsin, and its provider network encompasses over 96 percent of healthcare providers in the state.
“HPS’s success in Wisconsin is representative of the tremendous need for the solutions it offers,” said Garrick Ahn, co-founder and managing director of Caltius Equity. “We are very impressed with the company’s depth of management and technical capabilities. The company is in a great position for continued success.”
“As we expand beyond Wisconsin, Caltius Equity’s experience working with companies like HPS to open new market opportunities is a perfect complement to our management team’s capabilities,” commented Terry Rowinski, president and CEO of HPS. “The extraordinary need for solutions like our SuperEOB means there are many paths we can pursue. We are looking forward to having Caltius Equity’s team work with us to design and pursue the best strategies.”
Morgan, Lewis & Bockius represented Caltius Equity in the transaction.
About Caltius Equity Partners
Caltius Equity, founded in 1999, buys and builds lower middle market companies in the business services, industrial services, IT and managed services and consumer services industries. The Los Angeles-based firm invests from $10 million to $30 million per transaction for controlling or substantial minority ownership positions in businesses generating EBITDA from $4 million to $12 million. Caltius Equity’s creative and flexible solutions facilitate management buyouts, recapitalizations and growth financings. The firm’s experienced team develops deep relationships with its portfolio companies’ management, helping them grow the businesses and optimize liquidity events. www.caltiusequity.com