Compliance Partners, a New Orleans-based health care and compliance service technology firm, is in line to receive $500,000 in seed money.
The money will be from the Lafayette General Foundation’s Healthcare Innovation Fund, which funds new products and services that can help improve the health care industry.
Compliance Partners is the only professional services firm in the country authorized to deliver customized compliance services using ComplyTrack, a risk and compliance software program. The firm helps organizations keep up with complex and rapidly changing regulations. The money will be used toward Compliance Partners’ expansion plans and launch of new service lines to improve compliance management across the region.
The company was founded in 2014. Heidi Raines is the chief executive officer and founder of Medical Executive Partners and Compliance Partners. Her work experience spans a number of health care sectors, including hospitals, private and public health care centers and pharmaceuticals.
In September, Compliance Partners announced it would be providing consulting services to Wolters Kluwer clients across the region who are adjusting to regulatory changes resulting from the federal Affordable Care Act, also known as “Obamacare.”
The partnership is intended to pair Wolters Kluwer’s software with Compliance Partners’ services so the added advice and support can help organizations lower their risk of undergoing expensive and time-consuming audits and penalties.
To qualify for the Healthcare Innovation Fund seed money, there is a review process that evaluates a company’s or product’s potential in the marketplace. The boards of the foundation and Lafayette General Health approve the investment.
The foundation’s Healthcare Innovation Fund was capitalized through a $1.5 million investment from Lafayette General Health and $1 million from the Louisiana Seed Capital Program under the Louisiana Economic Development Corp. LEDC is a financing unit of the state’s department of economic development.
LEDC allows investment funds such as the Healthcare Innovation Fund to leverage federal Treasury Department State Small Business Credit Initiative funds with private funds to invest in seed or early stage businesses in Louisiana.
Lafayette General Health is a community-owned, nonprofit health system.