Forum Presenter a Model of Success; Jacksonville's Payformance Used Venture Capital to Enter into the Automated Health Care Payment Industry

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Byline: CHRISTINA ABEL

PONTE VEDRA BEACH -- While most of the companies at Tuesday's 2006 Florida Venture Capital Conference were looking for investors, one Jacksonville company was asked to present as a model for the ideal relationship between a company and its capital investors.

Payformance, of Jacksonville has been around for 21 years, but just delved into the health care payment industry about two years ago, with the help of some capital investors. The company was asked to present at the first day of the conference as a model of how capital investments can help companies.

"If it weren't for venture capital, we would not be able to make the investment we've made in the health care industry," said Dan Brown, the vice president of marketing at Payformance. "Venture capital backing has allowed us to make investments to position us for the success we've made in this industry."

Phillip Clough, an investor in Payformance and one of the panelists who chose the 23 Florida companies to present at the conference, said he believes the company has developed a product that is new and different. He said that venture capitalists are out looking for new, important ideas to invest in.

This is the first time that the Florida Venture Capital Conference has held its conference in Northeast Florida. More than 1,200 venture capitalists, company representatives and sponsors attended the first day of the conference Tuesday at the Sawgrass Marriott. Three Jacksonville-based companies, including Payformance, were chosen to present at the 15th annual conference. …