Claims communication and payments company RedCard Holdings has received an investment from Parthenon Capital Partners.
Following the investment, the company founders and current shareholders kept their majority ownership in RedCard.
Missouri-based RedCard provides the healthcare industry by supporting communications between payors, providers and members, for claims, payments, benefits and individual financial responsibility information. The DOCS solution makes all data points clear, coordinates communication schedules, and aligns patient statements to improve faster claims and payment processes.
Users can also access e-payments, with the platform suppling the ability to send payments to providers, as well as consolidating payments and mailings.
The company hopes this investment will support its growth strategy, as it looks to expand its solution through development and strategic acquisitions.
RedCard co-founder and chairman Joe DiMartini said, ?RedCard is dedicated to bringing technology and innovation to the healthcare industry, helping drive efficiencies, electronic communication, and coordination among providers, payors and members.p>
Cain Brothers served as the financial advisor to RedCard in the transaction.
Last year, Parthenon made an undisclosed investment in to investment risk management company Institutional Cash Distributors. Through the partnership, the company hopes to leverage Parthenon resources to help integration in to new markets.
There has been two other healthcare-focused FinTechs to close deals this month. Rehab support company WebPT acquired billing and collections company BMS Practice Solutions for an undisclosed amount. The other company to raise funds this month was predictive analytics and machine learning for IVF treatment company Univfy, which bagged a $6m Series A.
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