JACKSONVILLE, FL – Payformance Corp., which sells healthcare claim settlement solutions, says it has completed a recapitalization by ABS Capital Partners, which has invested nearly $30 million in the company.
“The nearly $30 million investment we have in Payformance represents our deep commitment to Payformance as the leading platform for electronic settlement in the healthcare industry,” said Phillip A. Clough, managing general partner of ABS Capital Partners and chair of Payformance.
As a result of the financing, Payformance will have a debt free balance sheet and substantial cash to fund investment in and the growth of its business.
“We currently serve 72 payer plans settling over 14 million claims per month,” said Dwayne L. McAfee, CEO of Payformance.
The company’s SaaS flagship solution, PaySpan Health, is for payers and providers that want to transition to Electronic Funds Transfer and Electronic Remittance Advice services.
More than 60,000 providers are currently taking advantage of PaySpan Health to receive claim settlement information from Payformance’s 72 payer plans. PaySpan Health is a free service for providers.
Online: www.payformance.com
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