LOUISVILLE, KY (February 17, 2009) – Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, today announced that it has committed $5 million to Evansville, Indiana-based Achieve CCA, Inc., a provider of debt management services to healthcare patients. Chrysalis was the sole investor in this round.
Achieve partners with hospitals, physician practice groups, and other healthcare providers to provide debt management services to qualified patients. By assessing the patient’s whole financial health and developing a customized plan to help financially stressed patients get out of debt, Achieve complements and reinforces the public service mission of healthcare institutions. Unlike collections agencies or medical loan providers, Achieve works on behalf of a hospital’s patients and can actually help improve the patients’ monthly cash flows. Using this approach, as well as its proprietary technology, Achieve plays a unique and important role in the revenue cycle of its healthcare partners.
“We are delighted to partner with Chrysalis for this important round of early financing,” said Andrew Smith, CEO of Achieve. “In addition to capital, they bring valuable strategic insight and technology experience as we aggressively assert our leadership in the healthcare debt management market. This capital infusion will help us expand our call center operations as well as enhance the service that we are able to offer our hospital partners and consumers.”
According to David Jones, Jr., Chairman and Managing Director of Chrysalis, “Chrysalis continues to focus on companies that benefit from the shift to consumer-directed health solutions, whether by empowering consumers to better manage their own health and their changing financial responsibilities, or helping healthcare providers succeed in this changing landscape. Achieve is helping hospitals cope with the growing problem of bad debt resulting from consumers being responsible for paying for a larger share of their medical care. At the same time, Achieve helps consumers pay off unsecured debt while improving their monthly cash flow. It is a great fit for our portfolio of healthcare information, IT, and services companies.”
Mr. Jones will serve on the company’s board of directors.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is the premier venture capital firm in Mid-America, managing one of the region’s largest funds for early-stage and growth investments. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and emerging trends and technologies. Based in Louisville, Kentucky, Chrysalis has approximately $400 million under management and has made investments in 60 companies. For more information, please visit www.chrysalisventures.com.