Moneyline: Patientco, TwelveStone receive investments; DME Express makes buy

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Thursday, July 26, 2018

ATLANTA – Patientco, a patient billing and payment technology company, has raised $28 million in Series B growth capital.

The investment was led by Accel-KKY, with participation from existing investor BlueCross BlueShield Venture Partners/Sandbox Advantage Fund. It will be used to accelerate growth, expand sales and marketing, and further product innovation.

“We are solving an unprecedented affordability crisis in health care,” said Bird Blitch, co-founder and CEO of Patientco. “We are excited to partner with Accel-KKR to continue our growth and help more health systems solve this complex challenge.”

Patientco serves more than 2,000 healthcare locations across the U.S. and has more than $1 billion in payments processed.

TwelveStone gains additional investment

MURFREESBORO, Tenn. – TwelveStone Health Partners will receive an additional $4.3 million investment from Claritas Capital to fuel expansion efforts for its packaged pharmacy, infusion center, and technology platform business lines. The Nashville-based PE firm previously invested $3.35 million in TwelveStone in June 2017, according to a press release. “This is a significant vote of confidence in our team,” said Shane Reeves, CEO of TwelveStone. “Post-acute care is rapidly expanding, and with Claritas we have the ability to scale and achieve the speed to market necessary for rapid growth.”

DME Express acquires Advanced Therapeutics

BATON ROUGE, La. – DME Express, which provides DME to the hospice and nursing facilities, has acquired Maryland-based Advanced Therapeutics, bringing its patient population to more than 10,000 throughout Louisiana, Mississippi, Arkansas, Texas, Alabama, Maryland, Virginia, The District of Columbia and Hawaii. “This transaction will enable us to continue our strategy of new market expansion by acquiring high quality regional operations in fragmented markets ripe for consolidation, where DME Express can provide superior service, lower costs and higher quality equipment to customers,” said Mark Borneleit, DME Express CEO. It’s the company’s fourth add-on acquisition since partnering with Waypoint Capital Partners.