The Phia Group closes $25.5m senior credit from WestView

The Phia Group, a healthcare payments solution provider, has closed a $25.5m senior credit facility from WestView Capital Partners.

Abacus Finance Group, a New York-based direct lending company which supplies cash-flow senior financing for private equity firms, acted as the administrative agent and lead arranger for the recapitalisation. Alongside this, Abacus made an equity co-investment into Phia.

The Phia Group offers outsourced cost containment and payment integrity services for healthcare payers, and other related participants. Massachusetts-based Phia uses technology and legal expertise to increase health benefits, while lowering costs for plan administers and beneficiaries.

Its software supports healthcare providers across their operations including regulatory compliance and reimbursement aspects of the claims and benefit administration process. Its uses include plan document drafting, subrogation and overpayment recovery, claim negotiation, plan defence, and consulting services.

Abacus president and CEO Tim Clifford said, “Part of the Abacus mission is to back leaders in their niches, and The Phia Group is a trailblazer in its space.

“Lead investor Matt Carroll and WestView are best in class when it comes to healthcare technology and outsourcing. They are easy to work with and they place a high value on our flexibility and speed – key aspects of what we call our Total Partnership Approach™.”

Earlier in the year, WestView Capital led the undisclosed investment into data technology company KLDiscovery. The company builds technology and software solutions to help institutions solve legal data challenges, including litigation, regulatory compliance, and data recovery, among others.

Copyright © 2018 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.