SVB Capital, the venture capital and credit investing arm of Silicon Valley Bank, led the $25 million financing for Health Payment Systems, a healthcare financing or payment company.
Health Payment Systems will use the financing to accelerate the growth of its PayMedix healthcare financing tool. PayMedix guarantees full and prompt payments of all in-network allowed charges for healthcare providers, according to a Jan. 25 HPS news release.
"In the last 18 months, we have grown 40 percent. 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," HPS CEO Tom Policelli said. "PayMedix is addressing the urgent need to make healthcare 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 healthcare system."