CarePayment Technologies, Inc. (CPYT)

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CPYT~~CarePayment owners invest another $7.5M
Patient financial engagement company moved HQ here nearly a year ago

AUTHORS Geert De Lombaerde

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The owners of patient financing company CarePayment have invested $7.5 million to sustain momentum that has led the local venture to grow its account base by half just this year.

Cedar Springs Capital and Crestline Investors took over CarePayment about a year ago, assuming the majority stake previously owned by Aequitas Capital Management, a Portland-based financial conglomerate that ran into serious trouble with regulators. Along with that investment, CarePayment CEO Craig Hodges and his team moved the company’s headquarters to Nashville to be closer to many of the customers for its products, which help patients manage health care expenses and providers collect more of their outstanding bills.

Nine months after announcing the HQ move, Hodges and his team are on a roll. They have grown their number of patient accounts to 3.3 million from 2.2 million about a year ago and made inroads with more for-profit hospitals and other providers, building on a client base that had been more focused on nonprofit and small or mid-sized institutions.

To keep things rolling, Cedar Springs and Crestline are putting more of their money to work in CarePayment, which is seeing more competitors emerge as greater attention is paid to the financial stresses on both patients and providers.

“We’re at the intersection of specialty finance and revenue cycle management,” Hodges said. “There are some complexities there that aren’t easy to greenfield. There is a long list of compliance issues and engagement tactics to ingratiate patients and providers.”
https://www.nashvillepost.com/business/health-care/article/20985353/carepayment-owners-invest-another-75m