Health Payment Systems, Inc.
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Health Payment Systems, Inc. - overview
Established
2005
Location
Milwaukee, WI, US
Primary Industry
Software
About
Health Payment Systems, Inc. provides innovative healthcare payment solutions to streamline patient billing and enhance payment experiences for healthcare providers and patients, primarily through its PayMedix platform. Founded in 2005 and headquartered in Milwaukee, US, Health Payment Systems, Inc. specializes in healthcare payment solutions.
The company has completed a total of 3 deals as of January 2023. The latest funding round occurred on January 25, 2023, where it raised USD 25. 00 mn in a Growth round led by SVB Capital, alongside Caltius Capital Management, Hexagon Investments, and SV Health Investors. The company is led by CEO Tom Policelli.
Health Payment Systems (HPS) specializes in healthcare payment solutions, primarily through its flagship product, the PayMedix payment platform. This platform guarantees payments to providers and credit to patients, addressing out-of-pocket payment challenges in healthcare. PayMedix consolidates multiple healthcare bills into a monthly statement, the SuperEOB, aimed at minimizing confusion for patients, employers, healthcare providers, and brokers. HPS operates mainly in the United States, particularly in Wisconsin, serving over 100 hospital facilities and roughly 29,200 individual providers.
HPS generates revenue through its PayMedix platform, which operates on a transactional basis with clients that include employers, healthcare providers, and insurance brokers. Revenue is derived from fees associated with guaranteed payment transactions, simplified billing services, and subscription models. Employers partner with HPS to offer healthcare benefits utilizing PayMedix, while healthcare providers benefit from guaranteed upfront payments, reducing the burden of bad debt. The pricing details for services are integrated into overall agreements, providing value for stakeholders.
In January 2023, Health Payment Systems, Inc. secured USD 25. 00 mn in equity and debt financing from a consortium of investors led by SVB Capital. This funding will be utilized to further develop the PayMedix healthcare product solution and to expand services across the market.
The company aims to enhance its platform and potentially target new geographic regions to increase its market reach.
Current Investors
Caltius Capital Management, Hexagon Investments, SV Health Investors
Primary Industry
Software
Sub Industries
Healthcare IT, Web Applications, Accounting/Finance Software
Website
www.hps.md
Verticals
FinTech, HealthTech
Company Stage
Mature - Growth Capital
Total Amount Raised
Subscriber access only
Health Payment Systems, Inc. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on, Trade Sale | Completed | TempoPay Inc. | - | ||||||||
| Growth | Completed | Health Payment Systems, Inc. | - | ||||||||
| Recapitalisation | Completed | Health Payment Systems, Inc. | - | ||||||||
| Recapitalisation | Completed | Health Payment Systems, Inc. | - |
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