Senior debt level hits $200 million for the firm as demand for flexible payments among patients grows.
Payment management firm CarePayment has scored some major funding, expanding its senior debt levels with Aequitas Capital to $200 million after a fresh $100 million in backing from Wells Fargo, the Portland, Oregon-based firm announced Wednesday.
The funding comes as more healthcare providers are tapping CarePayment to help manage billing and collections.
The company received a $60 million credit facility from Bank of America Merrill Lynch in May 2014.
CarePayment sets up payment accounts for patients so they can pay off bills over time with no interest. Emory Healthcare in November added CarePayment options for its patients, and CarePayment said it has tripled the number of healthcare providers using its services in a year.
[Also: Emory taps CarePayment]
CarePayment said it plans to roll out new features to its product in 2015.
The rise of CarePayment comes as patients are responsible for more out-of-pocket expenses related to care, especially as more employers only offer high-deductible health plans to workers.
The service also allows patients to group their outstanding medical bills into one account that they can work towards paying off the balance.