WASHINGTON, Apr 17, 2012 (BUSINESS WIRE) ?
Privia Health, LLC, a physician-based wellness and care management
company that is building the nation?s largest high performance network
of top doctors, announced today it has secured $12.3 million in Series B
financing from a group of leading healthcare industry investors and
executives. The round of financing was led by Health Enterprise Partners
(HEP), a New York-based healthcare private equity group whose limited
partners include some of the nation?s top health systems and health
plans.
?The healthcare industry is rapidly evolving toward a focus on keeping
patients healthy and engaged in wellness, rather than just reimbursing
for sick-care,? said David
Tamburri, General Partner at Health
Enterprise Partners. ?Jeff Butler, Privia?s founder and CEO, and
Dave Rothenberg, it?s President, are proven, world class executives who
understand the complexity of our healthcare delivery system and how to
transform it.
?Privia
is in a unique position to help providers and payors successfully
implement physician-led models of wellness and care management,?
Tamburri continued. ?With their turnkey web-based technologies, virtual
wellness teams, and unique approach to engaging consumers in their own
care, Privia can wrap around physician practices and literally transform
them overnight into high-performance delivery networks.?
Founded in 2007, Privia?s innovative physician-based wellness model grew
out of Butler?s
earlier work in developing highly successful disease management
networks for treating HIV/AIDS patients in South Africa. It also draws
from patient-centered
medical home (PCMH) principles that have proven to drive significant
improvements in health outcomes, and material reductions in cost and
utilization.
Unlike traditional approaches, Privia anchors its wellness and care
management programs within top physician practices ? tapping into the
trusted role of a personal doctor to oversee wellness interventions, and
to increase people?s engagement in their own health and well-being.
Privia acts as a virtual extension of a physician?s practice, supporting
patients in-between office visits by helping them implement and
adhere to the wellness and care recommendations of their doctor. Privia
combines:
?
A network of leading physicians who are committed to modern,
proactive, patient-centered care;
?
Team-based care: nurse care managers, registered dietitians, certified
fitness trainers, and health coaches who work in partnership with the
doctor to support patients between office visits; and,
?
A state-of-the-art, web-based technology
platform that enables patients to collaborate with their doctor
and team, to identify wellness goals, develop individual action plans,
flag care gaps, track progress, monitor key health indicators, and
deeply engage patients in their own care (for example, using wireless
blood pressure monitoring to provide regular feedback to a patient?s
doctor on how well a new medication is working).
?We?ve found that top physicians really want to help patients do a
better job of staying healthy and managing their conditions, but they
lack the time, technology, and resources needed to engage consumers
outside of traditional care settings,? Butler said. ?In our experience,
if you provide doctors with turnkey tools that integrate into their
workflow, and engage consumers with highly-personalized support that
focuses on achieving individual goals, you can have a dramatic and
lasting impact on people?s health. We?re honored that some of the
industry?s top leaders see the value we?re creating, and are placing
their faith in us to play a large role in transforming patient care.?
HEP, a NY based private equity firm, focuses its investments in
healthcare information technology and service businesses. The firm is
backed by some of the nation?s leading health systems and plans,
including Baylor Health Care System, Dignity Health, Riverside Health
Care System, Sentara Healthcare, Sutter Health, UPMC, and WellPoint,
among others. HEP is led by its team of experienced founders, including Dan
Cain, founder and managing director of Cain Brothers, a leading
healthcare investment bank; Rick
Stowe, former general partner of Welsh, Carson, Anderson and Stowe,
one of the largest healthcare private equity firms in the country; and Bob
Schulz, former President and COO of Harris Harris Group, a
publicly traded venture capital fund.
Privia?s individual investors are also leading healthcare industry
leaders. They include Robert
Haft, a highly successful entrepreneur and currently the majority
shareholder of Ambient Healthcare; Frank
Williams, executive chairman of The Advisory Board Company and CEO
of Evolent Health; John
Deane, CEO of Southwind, A Division of The Advisory Board Company
and one of the nation?s leading physician practice management services
for health systems; and Doug Ryckman, former Worldwide Managing
Partner-Healthcare for Accenture.
Privia will use the equity financing to continue the rapid growth of its
high performance network of doctors ? engaging leading physicians who
are committed to offering their patients a modern, personal, and
convenient care experience that?s focused on wellness. More than 200
top-rated physicians are currently participating in the Privia
High Performance Network ? these doctors care for more than 400,000
patients nationwide. Privia will continue expanding its
direct-to-consumer retail membership offerings, as well as grow its
provider/payor-sponsored business through partnerships with progressive
health plans, employers, and health systems who are looking to
differentiate themselves in the market, while integrating with
high-performance physician practices.
About Privia Health
Privia Health is a unique wellness company that partners with top
doctors to keep patients healthy and better manage conditions between
office visits. With Privia, top doctors gain access to
innovative web-based technology and a dedicated Privia wellness team
(dietitian, fitness trainer, care manager, and health coach) ? which
serves as a virtual extension of the doctor?s office, helping patients
follow-up, implement and adhere to their physician?s wellness and care
recommendations. Learn more by visiting
www.priviahealth.com .
About Health Enterprise Partners (HEP)
Health Enterprise Partners, L.P. (
www.hepfund.com )
invests primarily in privately held, middle market companies in the
healthcare information technology and healthcare service sectors. Our
strategy is to leverage HEP?s unique and extensive hospital system and
health plan network, 16 members of which are investors in the fund. We
seek to invest in companies that improve the quality of the patient
experience, reduce the cost of healthcare, and improve operating margins
for their customers, typically hospital systems and/or health plans.
SOURCE: Privia Health, LLC
Privia Health, LLC Heath Shackleford, 571-366-8850 Cell: 615-545-2398 hshackleford@priviahealth.com
Copyright Business Wire 2012
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