Lackey venture wraps raise

Workers' comp payment recovery play gets cash from Memphis firm, NCN

Complete Holdings, the parent company of a Franklin-based workers’ compensation payment recovery company, has raised growth capital from a consortium of investors led by SSM Partners out of Memphis.

Contributing alongside SSM are two funds affiliated with the Nashville Capital Network: the NCN Angel Fund I and the Tennessee Angel Fund. (The latter is the NCN’s TNInvestco vehicle.) How much the investors are putting to work isn’t being disclosed, but the company last month filed a report with the Securities and Exchange Commission saying it had raised $100,000 and planned to pull in another $5.2 million. Some of that money has been used to buy a portion of the shares held by Complete Holdings founder Daivd Iskowe. A call to the company for further details of the deal was not returned prior to publication.

Complete subsidiary EnableComp is run by industry veteran Jim Lackey, chairman and former CEO of Passport Communications. The company, which raised about $1.2 million in the spring of 2011, uses a combination of technology and people to collect missed workers’ comp claim payments. The company now works with about 350 hospitals in 31 states.

“The pressure on hospitals has only accelerated with the increasing growth of high deductible plans, more self-pay patients and reimbursement pressures,” Lackey said in a statement. “In the last year, we have added CompAdvocate as a product which allows us to negotiate on behalf of our clients to help them get the best possible reimbursement. We will continue to look for new ways to help our clients.”

Sid Chambless, executive director of Nashville Capital Network, said EnableComp is “a great fit for our investor group” and that Lackey’s experience sets up the company for much more growth.

“Armed with this round of funding, EnableComp is well on its way to becoming another Nashville-based health care success story,” Chambless said.