Indianapolis, IN (PRWEB) May 9, 2006
Senex Services Corp. announced today that it has entered into agreements to purchase charged-off healthcare receivables from two separate healthcare providers that it expects to close by the end of the month. The face amount of receivables purchased totals in excess of $135 Million, and includes more than 225,000 individual patient accounts. Senex has so far entered into new agreements with six healthcare providers in 2006, continuing a trend of growing interest on the part of healthcare providers selling receivables.
One of the providers is a multi-hospital system in the suburban Chicago area, the other a large independent medical center in the Midwest. Both are not-for-profit faith-based systems that carefully evaluated the Company’s track record, collection practices, and hospital references in making their decision to partner with Senex. Additionally, one of the agreements includes a long-term “forward flow” provision for monthly purchases going forward.
R. Matthew Neff, the Chairman and co-CEO of Senex, commented: “As the healthcare financing market adjusts to consumer directed healthcare, hospitals have no choice but to become increasingly aggressive in managing their receivables. Selling the unpaid consumer portion of healthcare receivables adds immediate cash to hospital bottom lines. By partnering with Senex, more and more healthcare providers are generating immediate cash for unpaid receivables, while Senex continues to apply providers’ charity care policies and structure reasonable payment arrangements that consumers can manage. We are pleased to be partnering with these facilities in this regard.”
Senex, headquartered in Indianapolis, has hired forty (40) new employees in 2006 to handle the increased volume of healthcare receivables, and expects to hire another forty (40) employees between now and the end of the year.
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