Invoice Cloud buys HealthPay24

Invoice Cloud, a portfolio company of Summit Partners, has acquired HealthPay24. Financial terms weren’t announced. Mechanicsburg, Pennsylvania-based HealthPay24 provides software for processing point-of-service and online payments for hospital and physician practice clients. Ziegler provided financial advice to HealthPay24.



Ziegler, a specialty investment bank, is pleased to announce it served as financial advisor to HealthPay24 in its recent sale to Invoice Cloud, a portfolio company of Summit Partners. HealthPay24, developed in 2002, is a leading software solution dedicated to processing point-of-service and online payments for Hospital and Physician Practice clients.

Since first deployment, HealthPay24 has worked with over 300 Hospital facilities, enabling providers to achieve a tightly integrated payment solution to collect any payment — anywhere throughout the healthcare enterprise. Quicker and lower cost collections for Hospital clients will occur by enhancing HealthPay24’s market leading electronic payment technology with Invoice Cloud’s highest adopting Customer Communication engine and fully integrated Pay by Text.

Mark Turco, Vice President in Ziegler’s Corporate Finance Healthcare practice, commented, “The HealthPay24 management team has built an exceptional platform differentiated by unique point-of-admission solutions that drive significant self-pay receivable improvement for Hospital clients. We are thrilled to have represented HealthPay24 in this transaction.”

David Millary, HealthPay24’s CEO and Co-Founder, stated, “Ziegler was the right advisor for this transaction due to their deep domain expertise and fundamental understanding of HealthPay24’s value proposition. The Ziegler team maintained a consistent execution focus throughout the sale process, providing key strategic advice that ultimately led to a very favorable outcome.”

Ziegler’s Corporate Finance practice is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals and senior living, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization/restructuring, equity private placement and strategic partnering services.

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About Ziegler:
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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