EnableComp receives investment from Primus Capital
EnableComp has received an investment from Primus Capital, a private equity firm based in Cleveland and Atlanta.
EnableComp is a healthcare technology enabled services company that teams up with healthcare providers to maximise reimbursement from workers' compensation payers.
This investment from Primus will enable EnableComp to expand its existing foothold as a provider of work compensation reimbursement solutions.
EnableComp serves over 600 hospitals across the US. Its solution simplifies workers' compensation process through its platform, Enforcer.
EnableComp offers an array of solutions, right from full day-one outsourcing to collecting on zero balance claims that have been underpaid.
Since 2001, EnableComp is claimed to have processed over $10bn in work compensation claims processed for its clients.
Primus Capital managing partner Phil Molner said: "We are impressed with the workers' compensation RCM solutions that EnableComp has brought to the market and its rapidly growing provider client base. Having a strong management team is critical, and we were familiar with most of the executive team from our previous investment in Passport Health Communications. We think EnableComp's Enforcer technology is second-to-none in the RCM arena."
Primus principal Chris Welch said: "EnableComp provides tremendous value to its clients by managing the complexity of work comp claims on their behalf. We look forward to working with the current management team to continue to invest in and grow the business."
The new funding will enable EnableComp to extend its solutions to address emerging challenges in healthcare reimbursement and invest in expanded marketing and sales initiatives.
EnableComp Chairman and CEO Jim Lackey said: "We could not have found a better partner than Primus.
"Primus was one of our key investors when I was at Passport and I know first-hand the value and experience they will bring to our team."
EnableComp president and CEO David Jones said: "Workers' Compensation is a small portion of a hospital's overall reimbursement but it can be one of its more profitable services.
"Our partnership with Primus and the investment they are making in the business will benefit our clients and help us execute our planned growth strategies."
Brentwood Capital Advisors served as exclusive financial advisor to EnableComp in this deal.