AxiaMed, an innovative healthcare payment technology company, today announced that it has raised $12. 4 million in funding to accelerate growth in the burgeoning market for secure, flexible patient payments Health Enterprise Partners (HEP) led the round with the participation of a number of existing AxiaMed investors, including the Nashville Capital Network.
“While many other healthcare payment companies have focused on point solutions, AxiaMed’s innovative payment platform enables and enhances secure patient payment solutions within a range of healthcare software solutions”
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Since its inception in 2015, AxiaMed has experienced triple-digit annual growth, driven by a dramatic increase in patient financial responsibility for healthcare costs. Industry analysts predict that patient payments will exceed 30% of total healthcare costs in 2019 and will rise to almost 50% within 5 years.
“We are very pleased to partner with Health Enterprise Partners and its extensive network of healthcare industry partners. This investment further validates the importance of AxiaMed solutions and the need for healthcare organizations and software solutions to provide secure patient payment technology. We look forward to a significant and increased implementation of additional resources,” said Randal Clark, CEO and co-founder of AxiaMed.
AxiaMed’s Payment Fusion platform has become the preferred SaaS-based payment platform for the healthcare sector and is used by hundreds of hospitals and thousands of outpatient providers. Payment Fusion enables healthcare software vendors to integrate secure payment technology into their applications, reduce the risks of breach of payment data and reduce compliance burdens while improving the financial performance of providers by expanding payment options available to patients.
“While many other healthcare payment companies have focused on point solutions, AxiaMed’s innovative payment platform enables and enhances secure patient payment solutions across different healthcare software solutions,” said Ezra Mehlman, Principal at Health Enterprise Partners. “AxiaMed’s impressive growth and strong customer demand position the company as a market leader, particularly in the healthcare payment and security categories of revenue-cycle technology. “That’s right.
“Health Enterprise Partners’ deep experience in the healthcare market will help us accelerate the expansion of our Payment Fusion platform with healthcare organizations and software partners, and greatly improve the payment experience for both providers and payers,” said Kevin Kidd, co-founder and Chief Business Development Officer, AxiaMed.
The proceeds from this funding round will enable AxiaMed to enhance its product development and marketing strategy, strengthen its core team and strengthen its market position. Over the past year, AxiaMed has become one of the first healthcare-focused PCI-validated Point-to-Point Encryption (vP2PE) solution providers. This security offering enables AxiaMed’s software partners and healthcare organizations to improve their security infrastructure and reduce PCI compliance requirements and associated costs.
AxiaMed is a healthcare financial technology company specializing in security and payment integration. AxiaMed’s integrated payment technology platform, Payment Fusion, improves the financial performance of healthcare providers by integrating different revenue cycles, practice management, EHRs and other software systems, enhancing interoperability and payment options across the entire healthcare payment ecosystem between patients, providers and payers.
AxiaMed is headquartered in Santa Barbara, CA and has executive offices in Nashville, TN.
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About Health Enterprise Partner
Health Enterprise Partners invests primarily in privately held companies, mid-market companies in healthcare services and health information technology. The HEP strategy is based on its unique and extensive network of hospital systems and health plans, 36 of which are investors in HEP funds. HEP aims to invest in companies that improve the quality of patient experience, increase access and reduce health care costs.
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