Milwaukee-based Health Payment Systems, Inc. (HPS) and PayMedix, a health care payment processing system, announced this week it has closed a $25 million funding round that will be used to help accelerate the company’s growth.
Milwaukee-based Hexagon Investments contributed to the funding round, which was led by Palo Alto, California-based SVB Capital.
“In the last 18 months, we have grown 40%,” said Tom Policelli, chief executive officer of HPS/PayMedix. “Having one of the country’s largest and most prestigious banks join this new funding round underscores the confidence and momentum PayMedix has established in the industry. PayMedix is addressing the urgent need to make health care more equitable and efficient. We are the only company providing a comprehensive consumer engagement and payments solution for all providers, patients, and employers. We look forward to continuing to grow and to provide more consumers with better access to and experience with the health care system.”