Update Jan. 4, 2012: Council recently reported that its TNinvestco affiliate made a $480K investment in PAS.-Ed.
Nashville-based Council Capital and Council and Enhanced Tennessee Fund (a TNInvestco) announced today they have made an undisclosed mix of growth and recapitalization investment in Payment America Systems, a revenue-cycle services provider serving healthcare systems.
The transaction gives Payment America resources with which to "build-out infrastructure" to accommodate growth, the parties said in a release.
The portfolio company serves providers with more than 1,000 facilities total, helping healthcare management teams manage receivables that are the responsibility of patients, by supporting processing and collections with a Cloud-based data-analytics solution, they said. Patients pay 5%-8% of their total healthcare costs, but the patient share is expected to rise to as much as 20%, Payment America CEO Barry Becker said in the release.
The company was founded by Charles F. Miller, who was succeeded by current owner and Chairman Elizabeth Trinkler, who is his daughter. The founder's grandson, Erik, is a senior vice president in the company.
Council Capital general partner Grant Jackson joined the company's board of directors. VNC