Payment America Systems said Tuesday that it has named Phil Christianson President and CEO. Payment America, a provider of outsourced revenue cycle services, is a portfolio company of Council Capital.
Nashville, Tenn., June 11, 2013 – Payment America Systems, Inc., a Nashville, TN based provider of healthcare revenue cycle services focused on patient payments, collections, and revenue data, has named Phil Christianson President and CEO. Payment America is a portfolio company of Council Capital, a Nashville-based private equity firm focused on healthcare investments.
Christianson brings over 25 years of experience growing Fortune 500 and mid-sized health care businesses. His positions have included CEO of Focused Health Solutions, a disease management company; CEO of RealMed, the #1 developer of SaaS revenue cycle management solutions for physicians; and CEO of Corporate Benefit Services of America, then one of the largest claims and health information administrators in the country. He also ran divisions of The Walt Disney Company and United Health Group. Christianson holds a BA from Cal Poly-San Luis Obispo, a JD from Loyola Law School, and an MBA from the University of Southern California.
“As health insurance plans continue to pay a decreasing percentage of total patient costs, the need for total revenue-cycle management grows stronger. The current levels of 5 – 8% paid by patients are expected to rise to 14 – 20%,” said Christianson.
Payment America is already serving more than 1,000 facilities nationwide, including several multi-billion dollar hospital systems.
According to Christianson, the company is experiencing substantial growth by providing better analytics and insight into patient-level profitability and improved patient collections in an industry that has historically been a commodity business. Payment America developed a data warehouse around how certain patients interact and pay for services based on factors such as patient type, financial scoring, employer groups, and health plans. By utilizing the data warehouse, the company has seen a 49% increase in payments in 2013 from 2012, and Payment America is now using business intelligence insights to increase revenue before it ever reaches the collections stage.
“We are excited that Phil Christianson has joined Payment America to oversee our expansion strategy as we further develop our capabilities to help healthcare providers improve the management of their revenue cycle,” said Rob McCabe, Chairman of Payment America Systems. McCabe also serves as Chairman of Pinnacle Financial Partners (NASDAQ: PNFP).
“Payment America is a great example of the type of growth healthcare investment Council Capital is seeking. The company is differentiating itself from its competition by offering clients information about how to manage their revenue collections more effectively,” added Grant Jackson, Council Capital general partner.
About Payment America
Payment America Systems, Inc. is a Nashville, Tenn.-based provider of outsourced revenue cycle services since 1963, providing patient-responsibility receivables processing on behalf of health systems and physician groups. Payment America remains at the forefront of technology and innovation in healthcare. In 2010, the company launched a data analytic solution which gives clients a longitudinal view into their patient-level profitability by providing transaction analytics. See www.paymentamerica.com for more information.
About Council Capital
Council Capital is a Nashville-based private equity firm with approximately $150 million of capital under management. Council primarily invests in early-growth and growth companies in healthcare services and healthcare IT. The firm’s unique value proposition is over 20 experienced CEOs who give portfolio companies access to networks and expertise helpful in building great companies. Another advantage is the firm’s strong relationships with hundreds of companies located in the nation’s healthcare industry capital. Council Capital’s investment strategy targets companies with $2 to $50 million in revenues that are on the “right side of change” in healthcare – those that both improve quality and reduce costs. The investment team also seeks companies with strong management, differentiated and proven business models, and potential for substantial future growth. See www.councilcapital.com for more information.