Frontier Capital said March 26 that it invested in Clearwave Corp. Financial terms weren’t announced. Clearwave provides digital check-in, insurance eligibility, and patient payments solutions to health systems and physician practices.
Frontier Capital Announces Significant Growth Equity Investment in Clearwave
CHARLOTTE, NC and ATLANTA, GA – (March 26, 2019) – Frontier Capital(“Frontier”), a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, today announced a significant growth equity investment in Clearwave Corporation (“Clearwave” or the “Company”), a leading provider of digital check-in, insurance eligibility, and patient payments solutions to health systems and physician practices.
Clearwave’s solutions are utilized by an array of healthcare organizations, including hospitals, health systems, over 30 specialties, urgent care, family, and multi-specialty providers to improve operational efficiency. Clearwave accelerates and increases point-of-service collections, offers real-time insurance eligibility verification, reduces patient check-in times, and significantly lessens data errors thereby reducing claims rejections. By replacing the paper-based processes that patients traditionally encounter at a medical appointment with Clearwave’s patient intake and software solutions, physicians are able to provide a better patient experience and focus more attention on serving their patients. Clearwave has experienced impressive growth and serves over 500 healthcare facilities nationwide while demonstrating best-in-class customer satisfaction ratings.
Frontier’s investment is intended to support Clearwave as it embarks on its next phase of innovation and growth in seeking to improve the customer experience, further technology innovation, expand its sales and marketing operations, and extend its talent base. Clearwave’s long-term vision is to become the leading provider of patient access solutions including digital check-in payments and real-time insurance eligibility verification.
“As an early innovator in digital patient intake solutions, we believe our success is a direct outcome of our focus being in alignment with our healthcare providers – providing the best possible patient experience,” said Gerard White, Clearwave’s CEO. “We are at an exciting inflection point, and are thrilled to work with the well-respected team at Frontier, who deeply understand our sector and the opportunities in front of us to expand our offering, evolve the patient experience, and strengthen our foothold as a leader in the space.”
“We are excited to partner with Gerard and the team at Clearwave to further their position as an innovator in patient engagement and intelligent patient intake solutions,” Frontier Partner Andrew Lindner said. “The process of checking in at a healthcare provider remains a frustratingly cumbersome and antiquated process which will inevitably change in this era of consumer-focused healthcare. Clearwave is leading the industry in improving the overall patient experience while accelerating payment collection cycles and reducing claims denials. We look forward to working together with Clearwave to make the process of accessing the healthcare system a more streamlined and enjoyable experience.”
Lindner and Frontier Vice President Tim Bechtold will join the Clearwave board of directors. Frontier’s investment in Clearwave comes from the firm’s $700 million Frontier Fund V, which closed in 2017.
Healthcare Growth Partners served as exclusive financial advisor to Clearwave in connection with the investment.