CarePayment Technologies, Inc. Acquires Vitality Financial, Further Enhancing Flexible Payment Options for Patients Nationwide

San Francisco, Calif. – September 2, 2010 – CarePayment Technologies, Inc., a healthcare financial services and patient advocacy company headquartered in Portland, Ore., announced today the acquisition of San Francisco-based Vitality Financial, which provides provider payment solutions to medical providers and patients.

CarePayment partners with healthcare providers to assist them in identifying the disparate segments of patients classified as the “self pay” population. The acquisition of Vitality Financial and its developed capabilities further expands and deepens the patient-centric product and service offerings currently offered by CarePayment.

CarePayment’s non discriminatory financing options are designed to support the healthcare provider of services with their efforts to service all segments of their community of patients by affording them an equitable method of paying for services rendered, expanding the community outreach for the provider and, creating an informative and dependable revenue stream for the provider.

“The joining of Vitality’s services and management team allows us to expand our offering targeted solutions to better cater to the needs of the patients and, subsequently the providers themselves,” said Jim Quist, CEO of CarePayment.

According to Quist, as insurance deductibles rise, insurance coverage becomes increasingly restricted and the impact of unemployment further burdens the middle class, patients across the country will increasingly be faced with the need to pay out of pocket for their healthcare needs.

“CarePayment creates partnerships with providers and health systems, which allows for greater efficiency as we offer innovative solutions to individuals burdened with liabilities from healthcare services,” said Quist.

CarePayment will continue Vitality Financial’s operations at its headquarters in San Francisco. Effective with the acquisition, CarePayment will welcome new executives to the management team who were previously with Vitality Financial – Joe Seidel, SVP of Operations and Chris Chen, SVP of Financial Products.

“We’re extremely excited to be joining the industry leader in provider patient finance,” said Chris Chen, CEO of Vitality.  “Together, we are the only company in the industry that offers both a recourse and non-recourse financing product and we look forward to introducing new products into the market as well.”

Joe Siedel, COO of Vitality added, “As healthcare becomes increasingly focused on the patient experience and customer loyalty, this new partnership will put us in a great position to help providers to adapt to the new paradigm.”

Terms of the transaction were not revealed.