Implantable Provider Group Secures a Three-Fold Increase in Their Line of Credit from Silicon Valley Bank
ATLANTA–(BUSINESS WIRE)–Implantable Provider Group (IPG), a leader in providing market based medical implant solutions that deliver tangible value to payors, manufacturers, providers and patients, has secured a three-fold increase in their line of credit arrangement with Silicon Valley Bank. Profitable since inception in 2004, IPG has grown at a 76% compounded annual rate for the past seven years, with a primary focus on large, fast-growth device intensive markets, such as cardiology, neurology, orthopedic and spine implants.
Over the last several years, Implantable Provider Group has been privileged to engage in a number of ongoing partnerships with national and regional health plans breaking new ground for them in lowering implantable device costs while delivering more transparency and predictability to their implantable device spend. IPG is solving the problem of price variability, high markups, and utilization and trend increases that have historically plagued health plans’ implantable device management.
“As the implantable device market continues to grow, IPG is committed to providing valuable solutions that address the continued rising costs in healthcare. We are excited to be partnering with Silicon Valley Bank, which will afford the company additional access to working capital to expand our infrastructure in support of our rapidly growing payor base. This will enable us to aggressively deploy key technology to deliver added efficiencies to our customers and drive future growth. SVB has been a strong and creative partner for us in working with both our financing needs and bank technology support,” said Todd Rielly, Chief Financial Officer for IPG.
“Helping life science and technology companies position themselves for growth is what we do best,” said Chris Stanley, relationship manager for Silicon Valley Bank. ”IPG is focused on a critical sector of the market and we’re proud to be able to support its efforts with the financing it needs to achieve its goals.”
About Implantable Provider Group
Implantable Provider Group streamlines the management and delivery of implantable medical devices by working directly with commercial insurance payors, clinical providers and facilities, and medical device manufacturers. IPG eliminates the complexity and financial risks associated with the billing and reimbursement processes for providers, subsequently improving quality, affordability, and patient access to innovative life-saving and life-enhancing device-intensive medical therapies. In 2008, and again in 2011, IPG earned the exclusive ranking of one of the nation’s fastest-growing private companies in America by Inc. Magazine. Additionally, IPG received the Pacesetter award from Atlanta Business Chronicle in 2011. For more information about IPG, call us at 1-866-753-0046, or visit us on the web at www.ipgsurgical.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
For Implantable Provider Group
Cookerly Public Relations
Tracy Paden, 404-227-4580