Senex Financial Corp. Gets New Round of Growth Capital from Wachovia, Seneca

Senex Financial Corp., a healthcare finance company headquartered in Indianapolis, Indiana, today announced significant additions to its existing institutional investor base. Wachovia Investment Holdings, LLC, an affiliate of Wachovia Bank, N.A., the fourth largest bank in the United States, and Seneca Health Partners L.P. I, a growth stage venture fund managed by Seneca Partners, Inc., have made capital investments in the company. Senex intends to use the proceeds of this investment to further increase its marketing efforts to hospitals and other healthcare providers, and to launch its new Patient Financing Solution program to finance patients? self-pay, co-pay and deductible payments to their healthcare providers.

A representative of Wachovia will join Parallel Investment Partners (formerly known as SKM Growth Investors) on the Senex Board of Directors.

R. Matthew Neff, Chairman and co-Chief Executive Officer of Senex, commented: “The investment by Wachovia and Seneca confirms our belief that there will be significant growth in the financing of patient receivables by healthcare providers. Senex’s focus has been and will continue to be to maintain positive healthcare provider/patient relationships, which is why only Senex will service its accounts. Facilitating the prompt payment of receivables will help both the patient and the healthcare provider.”

Neff added: “With the financial resources of Wachovia to support our business plan, and the strategic leverage and relationships offered by Seneca, we believe that Senex will continue to be the leading provider of self-pay solutions to the healthcare community. Senex has purchased self-pay receivables from a large number of hospitals around the country for some time now. We expect to provide healthcare providers, and patients, with a wider array of options to manage self-pay receivables in the future.”

Michael C. Skaff, Managing Director of Seneca, stated: “We are very pleased to be able to support Senex’s expansion plans and are excited about Senex’s market leadership and exclusive focus on healthcare, which we believe to be significant competitive advantages. We look forward to helping Senex accelerate its market penetration through our extensive relationships with a number of hospitals and healthcare systems that have a growing need for Senex?s services.”

Kyle E. Lanham, President and co-CEO of Senex stated: “Healthcare is the second largest segment of the U.S. economy, and self-pay receivables are a dramatically increasing percentage of a healthcare provider’s revenue. The goal of Senex is to offer efficient, simple, comprehensive solutions to this rapidly growing healthcare finance challenge.”

Senex was advised in this transaction by RSG Capital, LLC, in New York City.

About Senex Financial Corp.
Senex Financial Corp., through its subsidiary Senex Services Corp., is the nation’s leading non-recourse purchaser of distressed healthcare receivables. Founded in 1998, the company has purchased more than 1 million hospital accounts receivable from a wide variety of healthcare providers around the country. For more information on Senex, visit www.SenexServicesCorp.com.