BIRMINGHAM – Seneca Health Partners, a healthcare focused venture capital fund managed by Seneca Partners, has joined Wachovia Investment Holdings, an affiliate of Wachovia Bank, by investing in Senex Financial Corp, an Indianapolis specialty healthcare finance company which provides solutions for hospital self-pay receivables. The total investment was not disclosed.
A representative of Wachovia will join Parallel Investment Partners (formerly known as SKM Growth Investors) on the Senex Board of Directors.
In a press release, Senex said it intends to use the proceeds of this investment to increase its marketing efforts to hospitals and other healthcare providers, and to launch its new Patient Financing Solutions program to finance patients? self-pay, co-pay and deductible payments to their healthcare providers.
?We are pleased to support Senex?s continued expansion,? said Michael Skaff, Managing Director of Seneca. ?We look forward to helping Senex accelerate its market penetration through our relationships with a variety of hospitals. There is a growing need for Senex?s services and expertise as healthcare systems work to improve their cash management activities.?
R. Matthew Neff, Chairman and co-Chief Executive Officer of Senex, said his company has purchased self-pay receivables from a large number of hospitals around the country for some time now. He expects to provide healthcare providers, and patients, with a wider array of options to manage self-pay receivables in the future.
Senex Financial Corp., through its subsidiary Senex Services Corp., is the nation?s leading non-recourse purchaser of distressed healthcare receivables. Founded in 1998, the company has purchased more than 1 million hospital accounts receivable from a wide variety of healthcare providers around the country.
