NASHVILLE, Tenn. & DALLAS--(BUSINESS WIRE)--CarePayment, a leading patient financial engagement company with more than a decade of experience partnering with providers to offer patients zero percent interest payment programs, announced today that Cedar Springs Capital, LLC, together with Crestline Investors, Inc., has acquired a majority interest in the company and is investing significant capital to support the company’s growth initiatives. This transaction is being completed by way of the restructuring of CCM Capital Opportunities Fund, led by Cedar Springs Capital and Crestline Investors.
The purchase and investment severs all ties with the company’s prior ownership and comes during an important period of growth and expansion for CarePayment. After several years of steady growth, CarePayment has had a recent surge in momentum, signing several high-profile providers and expanding its reach into more than 30 states.
“CarePayment offers a unique, unmatched value to both patients and providers,” said Colin McGrady, Managing Partner at Cedar Springs Capital. “The burdens of rising out-of-pocket costs for patients, regardless of what type of health insurance coverage they have, coupled with the challenges of rising bad debt for providers are not going away anytime soon. CarePayment, through its strong leadership team, is perfectly positioned to provide immediate relief, and we could not be more proud to support its continued growth going forward.”
“We are so pleased to have found the right partners for CarePayment in Cedar Springs Capital and Crestline Investors, and appreciate their confidence in our company and vision for our future,” said Craig Hodges, Chief Executive Officer of CarePayment. “With additional resources to accelerate our growth, we will be able to reach more patients and providers in a time of great uncertainty. The moment is ours, and I am confident we are well positioned to capitalize on our current momentum going forward. Our work is more important than ever.”
In addition to its new ownership, CarePayment is moving its headquarters from Portland, Oregon, to Nashville, Tennessee, the healthcare hub of the United States, where it first opened an office in October 2015. The majority of the executive team is currently located in Nashville and additional employees will be added as the company experiences near term growth. The Nashville headquarters and expansion is a nice compliment to the operations center in Portland, where the company will continue to maintain a strong presence.
“Being closer to many of our current and prospective clients in Nashville, as well as to the tremendous healthcare talent pool here, will allow us to offer even better service to our provider partners and their patients, as well as pursue additional opportunities for growth and expansion,” said Ed Caldwell, CarePayment’s Chief Revenue Officer. “At a time of great uncertainty in healthcare, we are fortunate enough to offer a service where everybody benefits: patients are relieved to discover they have a flexible, convenient, affordable solution to pay off their medical bills and providers are able to recover payment for their services while increasing patient satisfaction and loyalty. It is the solution that our healthcare system needs, and we are proud to provide it.”
About CarePayment
CarePayment is a patient financial
engagement company that accelerates providers’ transition to the new
consumer-driven healthcare market. Powered by advanced technology and
analytics, our innovative patient financing solutions improve patient
satisfaction and loyalty while delivering superior financial results. By
partnering with healthcare providers to make affordable financial
options available, CarePayment helps patients get the care they need,
when they need it, while protecting the financial health of provider
organizations so they can continue to offer valuable care to the
community. CarePayment’s patient-friendly financing is compliant with
applicable state and federal consumer credit laws, requires no
application, and is supported by a friendly US-based customer service
staff. Accounts for the program are issued by WebBank, Member FDIC. Find
more information at www.carepayment.com.
About Cedar Springs Capital
Cedar Springs Capital, LLC,
based in Dallas, Texas, is a specialty investment firm whose core
mandate is to pursue investment opportunities tied to special
situations in middle-market private equity and venture capital funds.
The firm has expertise in providing alternative investment funds with
customized fund restructuring solutions aimed at tackling GP-LP
alignment issues while offering liquidity options to existing limited
partners. Cedar Springs Capital aims to maximize remaining fund value by
delivering investment and operational expertise tailored to portfolio
assets, injecting new capital where prudent and re-aligning key
stakeholders. For additional information, please visit www.cedarspringscapital.com.
About Crestline Investors, Inc.
Crestline Investors, Inc.,
founded in 1997 and based in Fort Worth, Texas, is a credit focused
institutional alternative investment management firm with
approximately $9.2 billion of assets under management. Crestline
specializes in credit and opportunistic investments, including bespoke
financing and restructuring solutions for mature or troubled private
equity funds. In addition, the firm manages a multi-PM equity
market-neutral hedge fund, and provides Beta and Hedging Solutions for
Institutional clients. Headquartered in Fort Worth, Texas, the company
maintains affiliate offices in New York
City, Chicago, London, Toronto and Tokyo. For more information, please
visit www.crestlineinvestors.com.