RemitDATA, Inc. Secures $5 Million Equity Investment to Continue Rapid Expansion

MEMPHIS, TN – RemitDATA, Inc., today announced that it has received a $5 million minority equity investment from Noro-Moseley Partners and SSM Partners.  RemitDATA is a leading provider of web-based productivity solutions for the outpatient healthcare marketplace.  RemitDATA’s tools enable physicians to identify and minimize payer reimbursement problems and cut the costs of collections.  Due to the nature of its tools, RemitDATA is a leading aggregator of specialty-specific claims data exceeding $15 Billion per year in Medicare volume alone. 

Founded in 2000, RemitDATA has experienced strong growth in the physician IT market and now serves over 7,000 healthcare providers throughout the U.S. To date, RemitDATA has been funded by its principals, Bently Goodwin and Michael Sanderson, and by their business model – which generates strong internal cash flow.  The outside investment provides additional growth capital that will enable the Company to more rapidly enter new markets, provide additional value to existing clients and to further leverage the value embedded in the massive claims database. 

“Until now, RemitDATA has been one of the best-kept-secrets in healthcare.  Our solutions provide proven cash flow acceleration and cost reductions – a common claim among many Revenue Cycle Management tool providers, but a very uncommon result.  Physicians are tired of the hype and want real solutions and real savings without the pain and cost of ‘more software’.  Our web-based tools are used and loved by thousands of providers, and this investment ensures that we build on our 8-year track record as we further accelerate our growth.” 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 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