Nautic Partners recapitalized Healthcare Payment Specialists, marking the latest in a series of plays by private equity firms to work with healthcare investments.

Healthcare Payment Specialists provides payment and reimbursement solutions to hospitals and healthcare systems; the company is based in Texas and was formed in 2002.

Scott Hilinski, managing director with Nautic Partners, worked on the deal for the PE firm.

Hilinski will join HPS’ board; as will Christopher Corey, also of Nautic, and David Harrington, one of its operating advisors. Specific terms of the deal were not publicized.

This is not Nautic’s first deal in the space; previous investments include Diagnostics Security Holders, a laboratory; Key Health Group, an outsourcing provider and Oasis Outsourcing.

Payment services deals have emerged as private equity firms seek financial services deals that are small enough to buy and roll up even in a prohibitive financing environment; Marlin Equity Partners bought Unisys Corp. pay processing assets and rename the entity Burroughs Payment Systems to make future deals. Also, earlier this month, Virtusa Corp., the listed, Massachusetts-based global IT services firm completed its deal to buy ConVista Consulting, a pay processor.

Other examples of PE’s interest in the sector include Parthenon Capital Partners’ buying a stake in loanDepot, an online mortgage originator; Navigation Capital getting into PrePaid Solutions and Aquiline Capital Partners also leading an investment in Belgian payments system Clear2Pay NV.

Other examples of buyers getting involved in healthcare opportunities includes EDG Partners’ launch of a second fund, seeking $150 million, earlier this year for healthcare deals. Also, Harris Corp., in November 2009, bought privately-held Patriot Technologies, which provides healthcare information services for federal clients.

Calls seeking comment were not returned by press time.