Concuity, Inc. Raises $2.5 Million And Announces Record $10 Million First Quarter Contract Bookings; Manuel Henriquez Joins Board of Directors.VERNON HILLS, Ill. -- Concuity, Inc., the healthcare industry's leader in contract revenue cycle reimbursement solutions, today announced that it has closed $2.5 million in Series E equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. led by existing investors, Three Arch Partners and Mobius Venture Capital, and renegotiated the terms of $4.5 million in existing debt with Hercules Technology Growth Capital, Inc. Additionally, new customer contracts for software and revenue recovery services resulted in record bookings value of nearly $10 million for the quarter, ended March 31, 2006. Concuity also announced that Manuel Henriquez, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hercules Technology Growth Capital, Inc. has joined its board of directors. Mr. Henriquez is a co-founder of Hercules Technology Growth Capital and has extensive equity investment experience. He has served on the board of directors of many technology companies, including Alopa Networks (acquired by C-Cor: CCBL CCBL Crescent Commercial Bank Limited (Pakistan) CCBL Cambodia Campaign to Ban Landmines CCBL Configuration Control Baseline CCBL CPEDB Configuration Baseline Listing CCBL Chinese Christian Basketball League ), Asiner, S.A. (Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi ), eAssist Solutions (acquired by Talisma), New Channel (acquired by LivePerson: LPSN LPSN Local Support Partner News ), Qiva (acquired by TradeBeam), Savvion, STSN STSN Seaman, Sonar Technician Striker (Naval Rating) STSN Set and Test Sequence Number , and Think Engines (acquired by Cognitronics: CGN CGN Compagnie Générale de Navigation (sur le Lac Léman; French, cruise companie on Lake Geneva, Switzerland) CGN Cancer Genetics Network CGN Guided Missile Cruiser (Nuclear Propulsion) CGN Cyber Gaming Network ). Concuity's web-based application See Web application. , ClearContracts(TM), helps healthcare providers recover revenue from underpayments and denials. The software enables hospitals to efficiently manage payer relationships and measure the financial impact of contractual non-compliance. Concuity also provides Revenue Recovery Services in combination with ClearContracts to give hospitals immediate cash flow, derived from the retroactive recovery of underpaid un·der·paid v. Past tense and past participle of underpay. underpaid Adjective not paid as much as the job deserves underpaid adj → claims. "We are delighted to have individuals like Mr. Henriquez on our team," said Robert E. Watson, president and CEO of Concuity, Inc. "We're seeing a growing demand from healthcare organizations for our web-based application, ClearContracts, along with our revenue recovery services. The combination of the latest financing along with the recent addition of several key clients will enable us to continue to invest in our best-of-class technology and customer service resources," he stated. "Concuity is the gold standard for how hospitals should manage their revenue cycle," said Manuel Henriquez. "I'm looking forward to serving on the board at this exciting time. I'm optimistic about the contribution I can make to the board as Concuity continues to penetrate the market." Existing Concuity board member and partner at Three Arch Partners, Michael Kaplan, agreed, stating, "Concuity is in a great position for growth. The company's unique product, ClearContracts, is becoming a must-have for any hospital interested in improving their revenue cycle." About Concuity Concuity, Inc., offers industry-leading solutions to increase hospital revenue by identifying and correcting payer non-compliance issues in the contract revenue cycle. Founded in 2000 by a group of healthcare industry visionaries, Concuity improves its customers' bottom lines by delivering technology and service solutions to create and negotiate better contracts, ensure accurate implementation and compliance, and collect what's owed. Clients include University of Utah The University of Utah (also The U or the U of U or the UU), located in Salt Lake City, is the flagship public research university in the state of Utah, and one of 10 institutions that make up the Utah System of Higher Education. Hospitals and Clinics, Salt Lake City, UT, Riverside Medical Center, Kankakee, IL and Providence Health System, Seattle, WA. Concuity is headquartered in Vernon Hills, Ill. For more information, call 312-479-3643 or visit www.concuity.com. About Hercules Technology Growth Capital, Inc: Founded in December 2003, Hercules Technology Growth Capital, Inc. is a NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on traded specialty finance company providing debt and equity growth capital to technology-related companies at all stages of development. The company primarily finances privately-held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules focuses its investments in companies active in technology and technology-related industries such as computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure, Internet consumer and business services, telecommunications, and life sciences. The company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder and Chicago areas. Providing capital to publicly traded or privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital. For more information, please visit http://www.htgc.com. Companies interested in learning more about financing opportunities should contact info@htgc.com or call 650-289-3060. |
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