Bethesda, Md.-based Rapid Financial Services has acquired the assets of Hauppauge-based health care financing firm Professional Merchant Advance Capital.
Rapid Financial is rebranding the acquired company as Promac Health Care Financing, which it will operate as a separate business serving health care practices, pharmacies, clinical facilities, and in-home health care providers.
ProMAC CEO Stephen McDermott will continue in his role as CEO of Promac Health Care, which will continue to be based in Hauppauge. Rapid Financial employs 65, while ProMAC employs 13.
Rapid Financial Services CEO Jeremy Brown said he has seen an increase in the demand for health care financing. The acquisition, he said, will “allow us to deliver a state-of-the-art solution for health care providers.”