Square 1 Bank Announces Credit Facility to HealProsSeptember 20, 2016
Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a credit facility to new client HealPros, a HEDIS/STARs gap closure service provider. Proceeds from the facility will provide working capital as the company pursues a strategic expansion plan.
Headquartered in Atlanta, GA, HealPros uses its mobile healthcare capabilities to solve Health Plan HEDIS and STARs compliance gaps. For example, HealPros provides mobile, diabetic eye examinations in physicians’ offices, members’ homes and other non-medical locations on behalf of healthcare payers to assist with one of the most difficult gap closures. By making early detection and examination services more accessible, HealPros is improving patient care and diabetes compliance for patients who are not regularly examined by primary care physicians or eye care professionals.
Jim Sullivan, chief executive officer of HealPros, said, “HealPros expects to rapidly expand through the remainder of 2016 to aid its health plan partners in closing national compliance gaps particularly for the diabetic retinal exam measure. The credit facility provided by Square 1 will aid our team in the expansion of our service offering throughout our current 15-state footprint. We are thrilled to have Square 1 as our financial services partner and look forward to working with their exceptional and experienced team.”
“At HealPros, there is a demand for expansion not only in geographies served, but also in programs and services provided,” added Mark Lange, vice president in Square 1’s Specialty Finance practice. “There are other compliance gaps that telemedicine can address, and HealPros is well equipped to drive that ship forward. We are pleased to support their growth and the outcomes they are poised to achieve.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
HealPros was created to address the unmet needs of health plans and health systems to bring non-compliant patient populations into compliance for critical diagnostic care tied to specific HEDIS and STARs measures. The Company’s focus is to bring early detection and examination services directly to patients in their home, at their physician’s office, and in non-medical venues such as nursing homes, retirement communities, and corporate offices. State-of-the-art examinations offer easy access for members who are most in need of service while providing health plans the needed improvement in member care.
Square 1 Bank, a division of Pacific Western Bank