PORTLAND, Ore., Feb. 12, 2015 /PRNewswire/ -- Aequitas Capital announced that it has reached an agreement with Wells Fargo to provide $100 million in additional financing to support the fast-growing demand for CarePayment® and its patient financial engagement programs. This new commitment supplements a $60 million financing agreement with Bank of America Merrill Lynch executed this past May, thereby increasing Aequitas Capital's funding of CarePayment to $200 million of senior debt.
"Almost half of all Americans say that basic medical costs are a hardship and far too many don't seek the help they need. CarePayment provides patient financing solutions so that people don't have to forgo medical treatment because they can't afford it," said Bob Jesenik, Aequitas CEO. "Aequitas is committed to providing all the financial and other resources its portfolio companies need to succeed. Securing this financing through Aequitas will allow CarePayment to expand its efforts to make healthcare more affordable and accessible."
CarePayment is one of several Aequitas portfolio companies which benefits from the Aequitas finance and operating platform. CarePayment partners with healthcare organizations across the United States to remove financial barriers to care by featuring payment options at 0.00% APR for the life of the account and with no impact on credit reports.
"The financing from Wells Fargo is a strong vote of confidence for CarePayment and our expanding patient financial engagement programs," says Craig Hodges, CarePayment CEO. "With the rise of healthcare consumerism, our financing options also satisfy the higher expectations of patients who want providers to help them cope with financial as well as clinical matters of care."
About Aequitas Capital
Founded in 1993, Aequitas Capital is a diversified financial services company that creates alternative investments including private equity, private credit and specialty finance. The firm leverages its robust network of industry leaders to invest in under-served sectors that drive the overall economy with an emphasis on education, healthcare and financial services. Aequitas helps its portfolio companies and strategic partners reach their goals by providing management expertise, technology infrastructure and a network of support services. For more information, please visit www.aequitascapital.com.
Headquartered in Lake Oswego, Oregon, CarePayment is a patient financial engagement company that accelerates provider transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment 0.00% APR payment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at www.carepayment.com.
About Wells Fargo
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2014 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
SOURCE Aequitas Capital