Pamlico Capital (“Pamlico”) announced today that it has made a growth investment in Millennia (the “Company”), a leader in patient payment and end-to-end patient financial engagement technologies for hospitals, health systems and medical groups, in partnership with existing investor Eir Partners ("Eir"). Millennia is the second investment from Pamlico Capital V, a $1.4 billion fund closed in 2020. Further transaction details were not disclosed.
To help providers manage the increasing burden of patient responsibility and the continued complexity of the patient financial experience, Millennia has developed a comprehensive and unified solution that leverages technology and people. The Company serves 1,000 facilities in 38 states and consistently delivers industry-leading payment recovery and patient satisfaction.
“Over the last couple years, we’ve grown significantly and found that our comprehensive patient pay solution really resonates with physician practices, hospitals, and health systems,” said Tom Ormondroyd, CEO of Millennia. “We’ve enjoyed a great relationship with Eir, and we look forward to their continued involvement as we begin this chapter with Pamlico, who is both mission and culturally aligned with us.”
“Patient pay has been an active thematic effort for several years and we think that the Millennia team has built a differentiated platform to help providers manage this increasingly complex and important process,” said Eric Wilkins, Pamlico Partner. Scott Glass, Pamlico Principal, added, “We’ve been very impressed with Tom and the team’s passion for what they do and look forward to being a part of this next stage of growth.”
“We are thrilled to be partnering with Pamlico for this next phase of Millennia’s growth," said Brett Carlson, Eir’s Founder. John Woody, Eir Partner, added, “Millennia is a great business with a great team, and we look forward to helping the Company continue to execute on its vision to simplify and modernize the patient pay experience.”
Jim Riley, the former CEO of Capario, will also be joining the Board of Directors. Jim has deep expertise in patient pay and healthcare technology and will be a valuable partner to management in helping to continue to scale the business.
Millennia was advised by Robert W. Baird & Co. Incorporated (financial advisor) and Hughes Arrell Kinchen LLP (legal advisor). Pamlico Capital was advised by Alston & Bird LLP (legal advisor).
Pamlico Capital is a private equity firm founded in 1988 that primarily invests in growing middle-market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $150 million alongside founders and proven management teams in its target industries: business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested approximately $4 billion.
Founded in 2012 and headquartered in Raleigh, NC, Millennia provides technology-driven patient pay solutions. Millennia’s mission is to simplify and streamline the patient financial experience by communicating with patients early, informatively, and often through their proven patient engagement platform and team of highly-trained support specialists. For more information, please visit www.MillenniaPay.com/.
Eir Partners is a New York City-based investment company and strategic partnership focused exclusively on the dynamic healthcare and technology marketplace. Eir’s flexible model allows for customized collaboration to accelerate disruption, innovation and growth through direct investment and the augmentation of strategic development and acquisition sourcing. The investment model allows for direct platform investments as the sole investor or alongside strategic or other blue-chip private equity institutions. Targeted stages of investment include growth equity through control buyouts. For more information on Eir, please visit www.EirPartners.com.