News
W Squared provides retained finance and accounting services to nTelagent.
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November 17, 2009
Revenue Cycle Management Company Taps Investors
New capital covers growth-related costs
By Erin Lawley
Nashville-based revenue cycle management company nTelagent recently raised additional capital from its investors to cover growth-related expenses.
Contacted by NashvillePost.com after filing a charter amendment with the State of Tennessee to issue new shares of preferred stock, nTelagent CEO Earl Winter said the company recently raised "less than $1 million."
"It's really for us to grow because we're signing up clients," Winter said. "Any time you grow a business, it uses capital. And the credit markets are just so tough right now that you've almost got to do it with the equity markets."
Winter said only nTelagent's existing investors — who include serial entrepreneur and former Province Healthcare executive Marty Rash and Burch Investment Group — were involved in the stock purchase.
In October of 2008, the company completed a $1.7 million funding round by selling convertible preferred stock, which the company used for marketing its retail application for health care.
From that time to October of this year, when the company released a new reporting package for its health collection software, nTelagent had roughly tripled its client load to 60.
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W Squared provides retained finance and accounting services to nTelagent.