Indianapolis, IN (PRWEB) September 21, 2005
Senex Financial Corp., a healthcare finance company headquartered in Indianapolis, Indiana, today announced significant additions to its existing institutional investor base. Wachovia Investment Holdings, LLC, an affiliate of Wachovia Bank, N.A., the fourth largest bank in the United States, and Seneca Health Partners L.P. I, a growth stage venture fund managed by Seneca Partners, Inc., have made capital investments in the company. Senex intends to use the proceeds of this investment to further increase its marketing efforts to hospitals and other healthcare providers, and to launch its new Patient Financing Solution program to finance patients' self-pay, co-pay and deductible payments to their healthcare providers.
A representative of Wachovia will join Parallel Investment Partners (formerly known as SKM Growth Investors) on the Senex Board of Directors.
R. Matthew Neff, Chairman and co-Chief Executive Officer of Senex, commented: "The investment by Wachovia and Seneca confirms our belief that there will be significant growth in the financing of patient receivables by healthcare providers. Senex's focus has been and will continue to be to maintain positive healthcare provider/patient relationships, which is why only Senex will service its accounts. Facilitating the prompt payment of receivables will help both the patient and the healthcare provider."
Neff added: "With the financial resources of Wachovia to support our business plan, and the strategic leverage and relationships offered by Seneca, we believe that Senex will continue to be the leading provider of self-pay solutions to the healthcare community. Senex has purchased self-pay receivables from a large number of hospitals around the country for some time now. We expect to provide healthcare providers, and patients, with a wider array of options to manage self-pay receivables in the future."
Michael C. Skaff, Managing Director of Seneca, stated: "We are very pleased to be able to support Senex's expansion plans and are excited about Senex's market leadership and exclusive focus on healthcare, which we believe to be significant competitive advantages. We look forward to helping Senex accelerate its market penetration through our extensive relationships with a number of hospitals and healthcare systems that have a growing need for Senex's services."
Kyle E. Lanham, President and co-CEO of Senex stated: "Healthcare is the second largest segment of the U.S. economy, and self-pay receivables are a dramatically increasing percentage of a healthcare provider's revenue. The goal of Senex is to offer efficient, simple, comprehensive solutions to this rapidly growing healthcare finance challenge."
Senex was advised in this transaction by RSG Capital, LLC, in New York City.
About Senex Financial Corp.
Senex Financial Corp., through its subsidiary Senex Services Corp., is the nation's leading non-recourse purchaser of distressed healthcare receivables. Founded in 1998, the company has purchased more than 1 million hospital accounts receivable from a wide variety of healthcare providers around the country. For more information on Senex, visit http://www.SenexServicesCorp.com.
About Seneca Partners
Seneca Partners is a merchant banking and venture capital firm with offices in Birmingham, MI and Lake Forest, IL, which specializes in assisting entrepreneurs and business owners. Through its healthcare venture capital fund, Seneca Health Partners, Seneca provides growth capital to healthcare product, service, device and technology companies based in Middle America that have demonstrated commercial success. For more information on Seneca Partners, visit http://www.senecapartners.com.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders' equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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