CarePayment, a Nashville-based patient financing company specializing in enabling patients to pay for their healthcare through a 0.00% APR solution, recently announced it acquired patient financing solution Horizon Health Fund. The acquisition comes after a year of record revenue and membership growth for CarePayment.
“2019 was a historic growth year for CarePayment. We increased our membership by 45%, reaching more than 5.9M patients served. This major milestone was a result of a significant increase in new loans from both new and existing provider partners. We now serve more patients than any other patient financing solution in the marketplace and the acquisition of Horizon Health Fund further accelerates our growth strategy for 2020, bringing more consumer loans under the CarePayment brand. The deal also affords us partnership opportunities with Professional Recovery Consultants, which will lead to even more opportunities for growth,” said Craig Hodges, CarePayment CEO.
Horizon Health Fund, a subsidiary of Professional Recovery Consultants, is a Durham, NC based company that specializes in patient financing for hospitals and large health systems. Horizon Health Fund has over three decades of operational experience in working with hospital receivables.
“The CarePayment team has done an outstanding job of not only securing new provider partnerships but growing existing relationships, and as a result we are now serving more patients than ever who need help paying their healthcare bills,” said Ed Caldwell, Chief Revenue Officer at CarePayment. “We have a unique approach to patient financing that engages more patients than any other solution, giving all patients who need affordable payment options the opportunity to live a healthy lifestyle, both clinically and financially.”
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To support the increase in providers and patients served, CarePayment has expanded its product, marketing and customer support teams, as well as added two veteran healthcare sales and strategy leaders. Drake Jarman was recently hired as RVP Sales and comes to CarePayment from Stratasan where he was responsible for leading the sales team and has extensive experience selling into healthcare systems through a previous role as President of Wellness Environments. Drake is on the Board of Directors for Leadership Health Care and in 2019 was named Leadership Health Care’s Emerging Leader of the Year. Tony Mary joined CarePayment as RVP Sales from Horizon Health Fund and has more than 30 years of sales and marketing experience in Healthcare and Finance. Tony is actively involved in HFMA and AAHAM and is based in Knoxville, TN.