Milwaukee-based
Health Payment Systems, Inc. (HPS) and
PayMedix, a health care payment processing system, announced this week it has closed a $25 million funding round that will be used to help accelerate the company’s growth.
Milwaukee-based
Hexagon Investments contributed to the funding round, which was led by Palo Alto, California-based SVB Capital.
"In the last 18 months, we have grown 40%,” said
Tom Policelli, chief executive officer of HPS/PayMedix. “Having one of the country's largest and most prestigious banks join this new funding round underscores the confidence and momentum PayMedix has established in the industry. PayMedix is addressing the urgent need to make health care more equitable and efficient. We are the only company providing a comprehensive consumer engagement and payments solution for all providers, patients, and employers. We look forward to continuing to grow and to provide more consumers with better access to and experience with the health care system."
PayMedix increases health equity for all consumers by guaranteeing full and prompt payments of all in-network allowed charges for participating health care providers. All consumers can schedule needed services, and their providers all know that full payment is guaranteed. All consumers at a sponsoring employer receive one simplified summary of all of their health care activity and know that PayMedix has served as a financial safety net if they needed one. All patients are guaranteed access to PayMedix regardless of their credit histories.
HPS|Paymedix is expanding to meet rapidly growing demand from health care providers and employers to change the way people access, pay for and benefit from health care. PayMedix has already processed more than $5 billion in payments and continues to improve its financial technology platform.
