Payer Compass is known as a leading provider of healthcare reimbursement technology and and cost containment solutions. Recently, our company received an investment from Spectrum Equity and Health Enterprise Partners through recapitalization.
This investment allows us to continue our rapid growth, while making substantial progress in extending our services to brokers, health plans, third-party administrators, and self-insured employers.
What drove us to recapitalize?
We took this route for several reasons. First, we felt the movement of the competitive landscape and wanted to secure our place as a continued leader. We’re also set to enhance infrastructure, expand product offerings, and grow our footprint in current and new markets. Additionally, we’ve been in business nearly six years, it’s about time we grow up, at least a little, and build our leadership team, and this will allow us to do so.
When we first considered recapitalization, we had to stop and consider both the mid- and long-term. Recapitalization is beneficial for expansion, something we’ve wanted to do. As funding comes into the picture, it accelerates the company’s progress as a whole. Essentially, Payer Compass is using this opportunity to grow and further bridge the gap between payers and providers, in order to ultimately help more people in need of affordable, quality healthcare. These opportunities wouldn’t be possible without this new partnership.
We want to build a strong company
Our new partners are successful in helping companies like ours integrate the pieces needed to maintain a substantial business, increase value, and construct a solid infrastructure, with the right resources and market strategy.
We want to fulfill our potential
Though Payer Compass is still in somewhat of a nascent stage, we’ve made a huge, positive impact in the healthcare industry. We are proud to have grown the company to serve over 125 customers, representing nearly 1,000 employer groups, and over 2 million covered people. We have also grown as an organization from two to 70 team members in under six years. But we don’t want to stop there or simply maintain, we want the ability to scale the business and break barriers that were preventing us from entering specific markets and gaining more opportunities. Our partnership with Spectrum and HEP allows us to continue to invest both in our team and in our assets – new technologies, new companies.
Why did we choose these partners? What do they do?
We took our time and vetted candidates carefully, looking to partner with firms who feel as passionate about healthcare affordability as we do, share our vision for growth, and share the same ideals about corporate culture. In the end, it came down to a feeling – choosing Spectrum Equity and Health Enterprise Partners (HEP) just felt right. Spectrum is a growth equity that provides capital and strategic support. This firm builds great value for market-leading software, information services, and internet companies. HEP invests in private, mid-market companies in healthcare services and health care information technology. HEP strives to improve quality in patient experience, increase accessibility and reduce overall costs of healthcare. Both firms possess extensive experience in scaling leading healthcare technology companies.
In our case, Payer Compass possesses the services and noticeable scale in the cost containment landscape that interests Spectrum. With pricing solutions such as our core platform, VISIUM, which focuses on the complexities of Medicare, Medicaid and Commercial healthcare claims, we can address the rising costs of healthcare faced by self-insured employer groups and health plans, as well as the fundamental need for greater healthcare transparency. With the support we are receiving from Spectrum and Health Enterprise Partners, we will be able to further impact cost containment innovation.
Recapitalization will not cause our company culture to change
We’ve tried to cultivate a productive, hospitable culture that keeps our team members engaged. And while our recapitalization efforts mean a seismic shift in our business, we didn’t want to disrupt the culture. Our team is like a family, and we respect every individual’s skills, intelligence and uniqueness. Which is why we’re making every effort to maintain the same work environment we’ve always enjoyed.
While still maintaining operational and cultural control of our business, our solutions will continue to be implemented across key markets, as indicated by the growth of government-sponsored healthcare and reference based pricing.
Finally, we’re excited to welcome Jeff Haywood, Steve LeSieur, and Michael Radonich from Spectrum Equity, along with David Tamburri from HEP, to the Payer Compass family’s Board of Directors.
If you would like more information about this healthcare initiative, please contact Ginger Barrientez, Director of Marketing at 469.215.2654 or email at firstname.lastname@example.org.