Hilco Receivables, LLC, a leading purchaser and servicer of non-performing and under-performing accounts receivable portfolios, announced the formation of Hilco Healthcare Receivables, LLC. Hilco Healthcare will help healthcare providers accelerate cash flows and eliminate risk by purchasing hard-to-collect "self-pay" and third party payer debt on a "no recourse" basis.

Hilco Healthcare Receivables also will purchase performing portfolios of receivables; acquire blended pools of self-pay and third-party receivables from providers involved in mergers and acquisitions, or undergoing computer system conversions that do not want to convert their legacy receivables.

Industry veteran Brent H. Rice has been named a partner and President of Hilco Healthcare Receivables. Mr. Rice earlier served as Chairman and CEO of Outsource Receivables Management and Allied Creditor Service Inc., two Boston-based companies he sold to MedAssist Incorporated in 2002. He later served as Division President for MedAssist. Mr. Rice pioneered the use of database management, predictive dialing, skip tracing and collection technologies to resolve healthcare receivables earlier in their life cycle.

"Our business model is based upon our ability to convert our clients' hard-to-collect receivables into cash," says Brent Rice. "Hilco's deep capital resources enable us to offer our clients transaction structures that meet their objectives for enhancing their bottom lines immediately, while protecting their long-term commitment to goodwill in their communities."

In announcing the launch of Hilco Healthcare Receivables, Bruce R. Passen, President and CEO of Hilco Receivables, LLC said, "We are excited at the prospects for our healthcare receivables business and for having Brent Rice at the helm. Opportunities in the healthcare industry will help us sustain the rapid growth we've experienced since our company was founded in June 2000." In the past two years, Hilco Receivables has acquired more than $2 billion face value in receivables.

In addition to purchasing and servicing accounts receivable, Hilco Receivables provides receivables appraisals to lenders and financial institutions, and also provides financing to other strategic acquirers of receivables portfolios. The company is a member of The Hilco Organization (www.hilcotrading.com), an international leader in business asset valuation, acquisition, disposition and financing.