MEMPHIS, TN, January 23, 2008 – RemitDATA, Inc., which provides web-based revenue enhancement tools to physicians , today announced that it has received a $5 million equity investment from Noro-Moseley Partners and SSM Partners.
Founded in 1999, RemitDATA has been funded to date by its principals, Bently Goodwin and Michael Sanderson, and internally generated cash flow. The investment provides growth capital that will enable the Company to expand its operations, sales and service delivery.
“Our solutions have proven to be a great resource to physicians and other providers dealing with the always changing reimbursement landscape in healthcare. This investment will allow us to expand our marketing efforts and product offering, and ultimately take advantage of the great market opportunity we’ve got,” said Bently Goodwin, chief executive officer of RemitDATA.
“Having invested in the healthcare sector for many years, we understood right away the value that RemitDATA brought to providers. We like the traction they’ve demonstrated in their markets and we like the fact that they are enhancing their client’s revenue cycle. Bently and Michael have created a fantastic company,” said Allen Moseley of Noro-Moseley.
“We have invested in the revenue cycle management sector before and really like what RemitDATA is doing and the way they’ve been able to penetrate the physician market. We are also excited to partner with such high quality entrepreneurs as Bently and Michael,” said Casey West, partner at SSM Partners.
In conjunction with the financing, which was led by Noro-Moseley, Allen Moseley of Noro-Moseley and Casey West of SSM have joined the RemitDATA board of directors.
About RemitDATA, Inc.
RemitDATA delivers a powerful suite of web-based, ‘plug-n-work’, productivity tools that help healthcare providers become more profitable. Reimbursement Pro, the Company’s flagship product, is a web-based tool that helps managers and collectors better control their reimbursement process including the identification of flaws in the billing process, identifying and working denials, submitting secondary billing, finding and copying paper EOBs and other related issues that are common problems that plague the medical industry.
For more information about RemitDATA and its services, visit: www.remitdata.com or call (901) (866) 885-2974.