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BaseHealth Raises $8.5 Million in Series C Funding

Company uses predictive analytics to uncover rising risk patients within a population

Sunnyvale, California: Oct. 18, 2017 – BaseHealth, the creator of the first predictive, evidence-based, and data-driven population health management solution, today announced that it has received an overall investment of $8.5 million, including $2.5 million from lead investor HBM Healthcare Investments (SIX HBMN), a listed healthcare investment company with net assets over $1 billion.

The investment will be used to further develop BaseHealth’s analytics engine, which is based on peer-reviewed medical literature, curated by physicians and scientists, and enhanced with laboratory, biometric, social, family history and behavioral data. BaseHealth supplements this with retrospective claims and ICD data. The data is then passed through the analytics engine, which uses machine learning and artificial intelligence (AI) to assess patient risk for 43 possible disease threats.

BaseHealth’s approach to population health and value-based care enables healthcare professionals to improve care and reduce the per capita cost of healthcare by identifying the rising unknown risk within their patient population, so they can intervene to both prevent diseases before they start and control them before it’s too late. The “Invisible Patient” is how BaseHealth refers to these individuals. With the right medical intervention at the right time, their healthcare trajectory can be improved.

“Healthcare systems have a lot of data and yet they still have a hard time finding these patients, making it hard to respond proactively to patient care needs,” said Jason Pyle, CEO, BaseHealth. “Our system enables healthcare professionals to assess the unknown risk that exists within their patient population and provide access and critical care needed to both improve our overall population’s health and improve the individual patient’s experience with the healthcare system.”

HBM Healthcare Investments has a track-record of over 100 biopharma and healthcare investments that have resulted in significant value creation by more than 50 trade sales and IPOs since inception.

“We look for companies that are at an advanced stage of development, that are closely tracked and actively guided on their strategic direction. We see a lot of potential in the BaseHealth model in addressing improvements in patient care and controlling costs in the healthcare system,” said Dr. Andreas Wicki, CEO, HBM Healthcare Investments.

About BaseHealth

BaseHealth is the comprehensive predictive analytics company for population health management. The company’s proprietary platform leverages machine learning to sift through millions of medical journals and patient records curated by scientists and physicians to offer healthcare providers the ability to identify patients with underlying risks for 43 chronic diseases and prevent costly treatments before they’re needed. At BaseHealth, we take the guesswork out of risk and population health management and put science in the driver’s seat.

BaseHealth was founded in 2011 by an interdisciplinary team of leading clinical geneticists, healthcare executives, software engineers, and physicians. Learn more at basehealth.com.

October 18, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Avizia Acquires Carena

Leading provider of system-wide telehealth platform now offers robust services; 
serves more than 1,300 US hospitals
 
Reston, Va. — OCTOBER 10, 2017 — Avizia, powering system-wide telehealth, today announced it has acquired Carena, a Seattle-based leading virtual care provider. The acquisition of Carena reinforces Avizia’s position as the largest and most comprehensive telehealth solutions partner for health systems nationwide. 
 
Avizia partners with providers to deploy and power system-wide telehealth strategies. With the acquisition of Carena, Avizia now offers a comprehensive and customizable telehealth platform which includes software, mobile applications, virtual care devices and a provider network. Founded in 2000, Carena designs and operates virtual clinics for health systems and provides access to care for more than 35 million consumers. As part of Avizia, Carena’s services offer health systems a customizable approach to virtual care delivery. 
 
“This acquisition combines two of the nation’s leading virtual care platforms,” says Mike Baird, CEO of Avizia. “With Carena’s select provider network, Avizia empowers hospitals with the most comprehensive, customizable and trusted telehealth solution available.”     
 
Avizia is backed by leading healthcare organizations like HealthQuest, Northwell Health and NewYork-Presbyterian, and has raised $20 million in funding since its founding in 2013. The company now powers telehealth programs at more than 25 percent of the nation’s hospitals. 
 
“The Carena team is proud to become a part of the Avizia telehealth platform, which is trusted by four out of the top five IDNs and connects the nation’s leading neurology, psychiatric and pediatric programs,” says Ralph Derrickson, president and CEO of Carena. He adds that, “our combined company partners with some of the most prestigious healthcare organizations in the country, including Catholic Health Initiatives, NewYork-Presbyterian, Northwell Health, Dignity Health and the Medical University of South Carolina.” 
 
Derrickson will transition into a leadership role with Avizia as senior vice president of corporate development. Avizia’s corporate headquarters will remain in Reston, Virginia. Carena’s Seattle-based office will be a strong part of Avizia’s nationwide recruitment and growth strategy. 
 
Avizia is a privately-held company and terms of the acquisition will not be disclosed. 
 
Learn more about Avizia’s approach to powering system-wide telehealth at www.avizia.com.
 
ABOUT AVIZIA 
Avizia partners with providers to deploy and power system-wide telehealth. To do this, Avizia combines a collaborative approach with a market-leading telehealth solutions suite that scales across the continuum of care. Trusted by four of the top five IDNs in the nation and 25 percent of US hospitals, Avizia empowers providers to deliver unparalleled access and clinical excellence to patients. Visit www.avizia.com.  
 
ABOUT CARENA
Carena designs and operates virtual clinics for health systems. Carena combines technology and new care delivery methods to provide healthcare for the way consumers live and work today. The company has offered on-demand care since 2000, informing its telemedicine solution with industry-leading expertise in clinical quality and consumer preferences. Today, Carena’s virtual care model and configurable technology platform make it possible for health systems to offer care to consumers anytime, anywhere as a natural extension of each system’s brand, mission, and service. Carena partners with more than 120 hospitals, offering virtual care access to over 35 million consumers.

October 11, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Auxilio Business Operations to Assume CynergisTek Name

Managed Document Solutions and Cybersecurity Segments to Operate Under the Common CynergisTek Brand

Mission Viejo, CA, August 29, 2017 — Auxilio Inc. (NYSE MKT: AUXO), a leading provider in healthcare document services and cybersecurity solutions, today announced that it has officially assumed the CynergisTek name and the NYSE MKT ticker symbol will become “CTEK”, effective September 8, 2017.

CynergisTek was acquired by Auxilio in January of 2017 and has a proven track record of delivering unmatched healthcare expertise and value to its growing client base which includes hundreds of the largest and most prestigious health systems and hospitals in the country.

Joe Flynn, CEO of Auxilio commented, “Operating under a common name was a logical next step as we see continued crossover between managed document solutions and cybersecurity demands with our healthcare customers.  This move will allow us to fully leverage our customer relationships and build upon the exceptional brand that CynergisTek has created over the years.”

Mac McMillan, President and Chief Strategy Officer added, “The integration of print and digital security is critical to building and maintaining a secure infrastructure today.  With the marriage of these components under one brand, we are unified in our mission to offer healthcare organizations the most comprehensive information management solutions to effectively mitigate risk, optimize productivity and drive savings.”

About Auxilio, Inc.

Auxilio (www.auxilioinc.com) is a leading provider bundling best of breed IT security and workflow solutions into its managed document services program designed exclusively for the healthcare industry. Since 2004, the company has saved more than $80 million for its clients by providing a vendor neutral program that enhances security of printed, stored data and digital documents while driving out costs and inefficiencies within the patient information logistical chain. The company’s document management best practices and intelligent workflow automation suite transforms printed documents to digital workflows, reducing waste and improving end-user satisfaction.

About CynergisTek

CynergisTek, an Auxilio company, (www.cynergistek.com) is a top-ranked cybersecurity, privacy and compliance consulting firm. The company offers solutions to help organizations measure privacy, security and compliance programs against regulatory requirements and assists in developing risk management best practices. Since 2004 the company has served as a partner to hundreds in the healthcare industry and is dedicated to supporting and educating the industry by contributing to relevant industry associations. The company has been named in numerous research reports as one of the top firms that provider organizations turn to for privacy and security, and won the 2017 Best in KLAS award for Cyber Security Advisory Services.

 

August 29, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

ChartSpan Closes $16,000,000 Round of Venture Capital

(Greenville, South Carolina) –   ChartSpan Medical Technologies, Inc. has closed a $16,000,000 round of venture capital funding. The capital will be used to grow ChartSpan’s footprint past the Appalachian region, which in turn creates hundreds of new healthcare jobs in the Upstate region of South Carolina.

ChartSpan provides patient care coordination services to health systems and ambulatory practices throughout the U.S. As reimbursements for doctors change from volume- to value-based, healthcare providers use ChartSpan’s turn-key managed service platform to provide out-of-office healthcare services to their patients. ChartSpan helps improve outcomes for chronically ill patients and delivers significant new revenue for physicians.    

The venture round was led by Cypress Growth Capital and included existing investors.  

“ChartSpan offers compelling value to physicians and patients alike,” remarked Ed Mello, Managing Director of Cypress Growth Capital. “The combination of attentive, responsive service and easy-to-use technology that does not disrupt the practice’s established workflow explains why ChartSpan is one of the fastest growing companies in its market. They have truly set themselves apart.”

ChartSpan has created more than 200 jobs in the past 15 months. With today’s funding announcement, the company expects to create 300 additional jobs in the next 18 months.  Most of ChartSpan’s 500 jobs will include nurses and certified healthcare clinicians, such as Medical Assistants, Licensed Practical Nurses or Certified Nursing Assistants.  ChartSpan will be holding a hiring event for said clinicians on June 23, 2017 from 7:00 A.M. to 3:00 P.M. at its headquarters at 2 North Main Street.

With headquarters occupying nearly 100,000 square feet of office space at 2 North Main in downtown Greenville, today’s announcement makes ChartSpan one of the largest employers in the downtown area.  

ChartSpan came to the Upstate as one of ten (10) companies accepted to the Iron Yard Ventures Healthcare Accelerator Program in 2013, sponsored by the Mayo Clinic. Upon exiting the accelerator program, the company located in Greenville and began scaling with the assistance of NEXT, the Greenville Chamber’s entrepreneur support program, and the Greenville Area Development Corporation.

“ChartSpan represents what can happen when public-private investments are made in South Carolina’s technology start-up ecosystem,” said Peter Barth, NEXT Board Chair and The Iron Yard Founder & CEO. “The major capital investment announced today indicates the momentum the company has in the healthcare marketplace and the impact they are making in South Carolina as they move toward 500 jobs in downtown Greenville.”

“This capital round helps us grow our national footprint,” said CEO and company co-founder, Jon-Michial Carter. “We currently have a stronghold throughout the Appalachian region. We plan to use these funds to deploy a national sales force and create hundreds of new clinical and technology jobs at our headquarters in Greenville.”

ChartSpan was founded by brothers, Patrick and Jon-Michial Carter.  Patrick is ChartSpan’s Chief Medical Officer and a 20-year practicing clinician.  Jon-Michial is ChartSpan’s Chief Executive Officer and formerly served in executive roles for technology companies such as Iconixx and nGenera.  

“It’s extremely satisfying to partner with Cypress in raising this $16,000,000 round,” said Patrick Carter. “Their belief in our mission ensures our ability to provide critical chronic care management services to hundreds of thousands of patients across the United States.”

“The ongoing success of ChartSpan speaks volumes about the state of industry in South Carolina,” said Governor Henry McMaster. “Businesses of all kinds are thriving here, and we’re excited about the future of ChartSpan in our state.”

ABOUT CHARTSPAN

ChartSpan helps doctors manage compliance and care coordination programs.

ChartSpan delivers turn-key patient engagement solutions to medical providers by maximizing reimbursements, improving care coordination and ensuring Merit-Based Incentive Payment System (MIPS) and Advanced Payment Model (APM) compliance.

ChartSpan is the choice of medical providers who are tired of buying expensive and ineffective software and demand a more personalized and accountable relationship with their patients. By delighting patients with interoperable and patient-designed technologies, ChartSpan delivers the highest patient engagement rates in healthcare.

ChartSpan is proud to have been named one of the Top 10 Most Innovative Companies in America.

June 15, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Modernizing Medicine Announces $231 Million Equity Investment from Warburg Pincus

Financing to Support Growth and Advance Innovation for Surgical and Medical Specialties

BOCA RATON, Fla. and NEW YORK – May 10, 2017 – Specialty-specific health information technology leader Modernizing Medicine, Inc. today announced that funds affiliated with Warburg Pincus, a global private equity firm focused on growth investing, have made a substantial investment of $231 million into the company to provide liquidity to existing shareholders, fund further expansion and support future strategic endeavors.

Founded in 2010 by Daniel Cane and Dr. Michael Sherling, Modernizing Medicine is at the forefront of providing intelligent, medical technology. The company’s award-winning flagship product EMA™, is a mobile, cloud-based, specialty-specific electronic health record (EHR) system that is used by thousands of specialty practices nationwide.

Modernizing Medicine’s success can be attributed to its development of technology to support the unique needs of physicians in surgical and medical specialties. With the premise that it was easier to teach physicians how to code software rather than for engineers to learn medicine, Modernizing Medicine hired practicing physicians to build EHR software. The results of this model and time-saving features such as adaptive learning and automated outputs supported by structured data collection have been embraced by physicians. The company now offers a full suite of products and services to empower physicians including Practice Management, Revenue Cycle Management, Telehealth for dermatology, Analytics and more.

With the latest round of funding, the company anticipates pursuing certain strategic initiatives, that may include automation of prior authorization workflows, deployment of an eCommerce platform, investment in data exchange and reconciliation to help practices move clinically relevant data effectively throughout the evolving ecosystem of a patient’s healthcare experience and improvement of access to healthcare via telemedicine.

Modernizing Medicine is also pleased to welcome Fred Hassan, Managing Director, Warburg Pincus and the former CEO and Chairman of Schering Plough and Executive Chairman of Bausch & Lomb, and Amr Kronfol, Principal, Warburg Pincus, to its Board of Directors.

“We expect this infusion of capital from Warburg Pincus to be instrumental in advancing our mission to transform how healthcare information is created, consumed and utilized to increase efficiency and improv outcomes,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “Warburg Pincus brings deep experience in the healthcare technology sector and this investment can help further our growth, bolster innovation and support our clients.”

“Modernizing Medicine’s innovative, market-leading technology is used by thousands of specialty practices and ambulatory surgery centers and is focused on improving both business and treatment outcomes,” said Amr Kronfol, Principal, Warburg Pincus.

Andrew Park, Principal, Warburg Pincus, commented, “We see meaningful opportunities for the company’s continued growth and acceleration of existing products and initiatives, and we look forward to partnering with Dan, Michael and the entire management team.”

Evidence of the company’s success is the announcement that the dermatology, gastroenterology, ophthalmology, otolaryngology, plastic surgery and urology EHR systems were each ranked #1 by Black Book™ on the Physician Practice & Ambulatory Solutions lists. This is the seventh consecutive year that the gGastro™ gastroenterology EHR system ranked first, and the fourth consecutive year that the EMA™ dermatology EHR system earned the top spot. Read the press release here.

May 11, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Bayshore Networks(R) Closes Oversubscribed Venture Funding

Final Investment from Benhamou Global Ventures Completes Series A for Leader in Industrial Cyber Protection

BETHESDA, MD–(Marketwired – March 20, 2017) – Bayshore Networks, the leading provider of cyber protection for industrial infrastructure, today announced the closing of its Series A venture capital investment. With a final investment from Benhamou Global Ventures (BGV), the round was oversubscribed at more than $11M, bringing total investment in the company to $15M. Bayshore will use the investment to aggressively grow go-to-market channels, and further develop its industry leading industrial cyber protection platform.

“The market for Bayshore’s industrial cyber protection solutions is expanding quickly,” said Mike Dager, CEO of Bayshore Networks. “Industrial cyber protection is now a key strategic initiative for large enterprises, utilities, and governments alike. We’re experiencing rapid growth because unlike passive visualization and reporting packages, Bayshore’s comprehensive industrial cyber protection platform stops industrial cyber threats before they start.”

“We are impressed with Bayshore’s experienced management team and differentiated technology,” said Anik Bose, General Partner at BGV, who has joined Bayshore’s Board of Directors following the investment. “There is a compelling global need for industrial cyber protection solutions, and we believe Bayshore is well positioned in this burgeoning market.”

“Bayshore’s innovation in the emerging Industrial IoT cyber protection market is well recognized. We led Bayshore’s Series A in support of their pioneering technology in a critical market that is largely untapped to date,” said Alberto Yépez, managing director of Trident Capital Cybersecurity. “We are happy to have BGV join us in supporting the company’s growth.”

About Bayshore Networks, Inc.

Bayshore Networks® is the leading provider of industrial cyber protection. The Company’s award-winning technology unlocks the power of the Industrial Internet of Things (IIoT), providing enterprises with unprecedented visibility into their Operational Technology infrastructure while safely and securely protecting ICS systems, industrial applications, networks, machines, and workers from cyber threats. Bayshore’s strategic partners include among others Arista, AT&T, BAE, Cisco, Dell, SAP, VMware, and Yokogawa. Bayshore is a privately held company headquartered in Washington, DC and backed by Trident Capital Cybersecurity, Yokogawa, Samsung Next, and BGV Capital. For more information, visit www.BayshoreNetworks.com

About Benhamou Global Ventures

BGV, is an early-stage venture capital firm with deep Silicon Valley roots, with an exclusive focus on enterprise information technology opportunities in global markets. BGV currently has 17 active companies in its portfolio. The BGV team has successfully built and implemented a cross-border venture investing model with companies from Israel, Europe and Asia. The fund was founded by Eric Benhamou, former chairman and CEO of 3Com, Palm and co-founder of Bridge Communications. Comprised of an experienced partnership team of global operating executives and investors, BGV is often the first and most active institutional investor in a company and has a powerful network of technical advisors, executives and functional experts who actively engage with its portfolio companies. The company has offices in Palo Alto, California and Tel Aviv, Israel.

About Trident Capital Cybersecurity

Trident Capital Cybersecurity (TCC) is a $300 million fund that invests primarily in early stage and select growth equity companies. The firm is well positioned as the venture capital firm with the best connections in cybersecurity. Its 47-person Cybersecurity Industry Advisory Council, including industry CEOs, customers and former top-level government leaders is commended for its insights, connections and go-to-market support for TCC’s portfolio companies. TCC’s current portfolio companies include 4iQ, Appthority, Bayshore Networks, ID Experts and IronNet Cybersecurity. Managing Directors Alberto Yépez, Sean Cunningham and Don Dixon jointly lead the investment team and together have made 30 cybersecurity investments during a nearly 20 year period of investing at Trident and Intel Capital. For more information, visit www.tridentcybersecurity.com.

March 20, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Arcadia Healthcare Solutions Announces $30MM New Investment

Merck Global Health Innovation partners with GE Ventures and existing investors to scale leading healthcare data and advanced analytics company

BURLINGTON, Mass.– Arcadia Healthcare Solutions (“Arcadia” or the “Company”) announced today that the Merck Global Health Innovation Fund (“Merck GHI”), GE Ventures, and existing investors Peloton EquityZaffre Investments, and Morgan Stanley Alternative Investment Partners have invested $30 million of growth capital in the Company.

With over 60 enterprise customers, Arcadia is a leading healthcare data aggregation and analytics technology company with a focus on serving ambulatory networks affiliated with large payer and provider organizations, including health plans, accountable care organizations, integrated delivery networks, and large independent physician groups, among others.

Arcadia’s technology and services enable its customers to successfully drive value-based performance management programs as American healthcare shifts to a new paradigm. Arcadia is led by chief executive officer Sean Carroll, a longtime executive with over 25 years of experience in the health IT industry.

“Having Merck GHI and GE Ventures join existing investors in this round of growth capital is the optimal outcome for us,” said Carroll. “The rigorous process expands our team of blue chip investors who actively support their companies’ growth plans.”

“Arcadia fits perfectly with our initiatives supporting the transition to value based care. Arcadia’s deep expertise in transforming isolated data into critical insights that enable providers to close gaps in care and enable better outcomes is central to our investment hypothesis around Population Health,” stated Joel Krikston, Managing Director at Merck’s Global Health Innovation Fund.

“GE Ventures is excited to back Arcadia in becoming an industry leader to help payers and providers apply advanced analytics to their business models. We’re especially proud to invest in this highly experienced Boston-based team, which is now home to GE’s headquarters,” said Noah Lewis, Managing Director of healthcare at GE Ventures.

The investment allows the company to accelerate its robust product development plans in the core Arcadia Analytics platform and expand population health management market activities across the country. While the company will continue to focus on organic growth, Arcadia has made two successful acquisitions since its founding—Concordant, an EHR support services company in 2011 and Sage Technologies, a managed care services company in 2015.

“Our transformation from a proven consulting firm to a recognized, technology-led population health analytics company is complete as noted by industry experts such as KLAS ResearchGartner, and Chilmark Research,” said Carroll. “We see a bright future for our customers, investors, and team members.”

The capital raise process was managed by Robert W. Baird and supported by counsel Goodwin Proctor.

###

About Merck Global Health Innovation Fund

Merck Global Health Innovation (GHI) Fund (www.merck.com/ghi) invests in emerging companies that deliver breakthrough healthcare solutions which advance Merck’s mission to discover, develop, and provide innovative products and services that save and improve lives. Established in 2010, the GHI Fund deploys its evergreen $500 million fund to rapidly identify and develop transformative global health care opportunities. GHI is focused on identifying opportunities that are adjacent to Merck’s core business of pharmaceuticals and vaccines.

About GE Ventures

GE Ventures (www.geventures.com) is committed to identifying, scaling, and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy, and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE’s technical expertise, capital, and opportunities for commercialization through GE’s global network of business, customers, and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing, and development resources in over 100 countries.

About Peloton Equity

Peloton Equity, LLC (http://www.pelotonequity.com) is a newly-formed private equity firm that focuses exclusively on growth capital investments in the lower middle market of the healthcare industry. Peloton’s portfolio includes HealthPlanOne, a leading technology-enabled digital marketing firm specializing in Medicare and individual and family health insurance sales and distribution. Peloton leverages its extensive healthcare network, value-building diligence and investment process, and portfolio management playbook to add value to its portfolio companies. Peloton seeks companies with between $20 and $200 million of revenue and the management team, market opportunity and business model to grow revenues meaningfully over the life of its investment.

About Zaffre Investments

Zaffre Investments, LLC (http://www.zaffreinvestments.com/) is a wholly-owned subsidiary of Blue Cross Blue Shield of Massachusetts that is committed to adding value through investments in new products, services and technologies that aim to improve the way healthcare is delivered and received. Zaffre focuses on companies across the healthcare landscape, with a primary focus on ACOs, consumer solutions, health information technology, and behavioral health. The firm is stage agnostic, considering a company’s financial and market positions, capabilities, and core values, as well as their missions and visions for the future. Zaffre employs a true partnership model for its portfolio companies, providing strategic direction, business support, industry connections and more.

About Morgan Stanley Alternative Investment Partners

Morgan Stanley Alternative Investment Partners (http://www.morganstanleyaip.com), part of Morgan Stanley Investment Management, specializes in assisting institutional and high net worth investors achieve their goals through the design and management of alternative investment programs. Established in 2000, Morgan Stanley AIP currently has approximately $36.4 billion in assets under management and advisement.

About Arcadia Healthcare Solutions

Arcadia Healthcare Solutions (http://www.arcadiasolutions.com) is an EHR data aggregation and analytics technology company supporting ambulatory networks taking on risk and transitioning to value- based care. Arcadia specializes in integration of data from over 30 EHR vendors, enriching it with claims and operational data, and using that data to drive improvements in patient care quality, practice efficiency, and financial performance. Trusted by independent provider groups, health plans, and integrated delivery networks nationwide, with expertise in both fee-for-service optimization and value- based performance environments, Arcadia supports providers with the benchmark data, insights, and outsourced services to excel in the evolving landscape of American healthcare. Founded in 2002, Arcadia is headquartered outside Boston in Burlington, MA, with offices in Seattle, Pittsburgh, and outside Chicago in Rockford, IL.

January 6, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Conduent Completes Separation from Xerox, Launches as Business Process Services Leader with $6.7 Billion in Annual Revenue

Members of Conduent leadership team to ring the NYSE Opening Bell®today

BASKING RIDGE, N.J., Jan. 3, 2017Conduent Incorporated (NYSE: CNDT) has completed its separation from Xerox (NYSE: XRX) and is now an independent public company trading on the New York Stock Exchange(NYSE). Conduent debuts as the world’s largest pure-play business process services leader with approximately $6.7 billion in annual revenue, a portfolio of differentiated offerings and a vision focused on technology and innovation to advance the client and constituent experience.

To mark the listing of its shares of common stock, Conduent representatives, including Chief Executive Officer Ashok Vemuri will gather together today to ring the opening bell at the NYSE.

With over 93,000 employees in more than 40 countries, Conduent is a Fortune 500-scale company with expertise in transaction-intensive processing, analytics and automation. Conduent helps organizations modernize, advance and improve the lives of the people they serve every day: retail consumers, commuters, patients, customers, employees, and citizens.

“We have already begun laying the groundwork to drive profitable growth through sharpened go-to-market capabilities and greater consistency in applying our automation, analytics, innovation and expertise,” said Ashok Vemuri, CEO of Conduent. “Our significant transformation program will position our new company for long-term success.”

Conduent continues with its previously announced major cost transformation program which will streamline the business, improve margins, and enable investment into growth opportunities.

“NelsonHall has covered Xerox for many years in the business process services space,” said John Willmott, CEO of NelsonHall, a leading BPS analyst firm. “New digital technologies are giving new vigor to the BPS market and Conduent is in the forefront of applying new business models on behalf of its constituents via its Intelligent Automation capability.  We look forward to Conduent building on an already established strong suite of differentiated offerings for their constituents and are excited for industry growth prospects in 2017 and beyond.”

The company operates in a $260 billion industry growing at mid-single digits.

Conduent’s competitive strengths include:

  • Leadership in business process services driven by deep expertise, strong client relationships and differentiated solutions in attractive growth industries, including healthcare and transportation;
  • Ability to help clients drive improved business performance, higher quality and increased end-user satisfaction through continuous investment in innovation and development of new technologies and capabilities that improve business processes;
  • Expertise in managing transaction-intensive, end-user driven processes on a large scale through a differentiated suite of high quality multi-industry service offerings such as transaction processing, customer care and payment services; and
  • A solid recurring revenue model, with an 86 percent renewal rate, enabling stability to support strong and growing cash flow generation.

Conduent delivers seamless, mission-critical interactions for the world’s top brands and governments and touches millions of lives every day. Conduent:

  • Serves 76 of the Fortune 100 businesses and more than 500 government entities
  • Supports the top 20 managed U.S. healthcare plans and 9 of top 10 pharma/life science companies.
  • Is the No.1 on-street parking service provider in the U.S.
  • Handles more than 2.5 million contact center interactions daily for some of the world’s top brands.
  • Services 8.9 million people who pass through managed toll systems, representing 46 percent of all U.S. toll collections. 

Completion of Separation

As previously announced, under the terms of the separation agreements, on the distribution date of Dec. 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the close of business on Dec. 15, 2016, the record date for the distribution.

For information about Conduent visit www.Conduent.com.

About Conduent  

Conduent is the world’s largest provider of diversified business process services with leading capabilities in transaction processing, automation, analytics and constituent experience. We work with both government and commercial customers in assisting them to deliver quality services to the people they serve.

We manage interactions with patients and the insured for a significant portion of the U.S. healthcare industry. We are the customer interface for large segments of the technology industry and the operational and processing partner of choice for public transportation systems around the world.

Whether it’s digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent manages and modernizes these interactions to create value for both our clients and their constituents. Learn more at www.conduent.com.

January 3, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

CareCloud Completes $31.5 Million Series C Funding Round to Further Modernize Healthcare

MIAMI, FL – (November 15, 2016) – CareCloud, the platform for high-growth medical groups, today announced an oversubscribed $31.5 million Series C funding round, including new investments by diversified financial services leader The PNC Financial Services Group, Inc. (NYSE: PNC) and commerce technology giant First Data Corporation (NYSE: FDC). Blue Cloud Ventures joined as a new investor and led the round. CareCloud will use the capital to rapidly scale its team and its clinical and financial platform as it transforms how physician practices modernize the patient experience and deliver value-based care.

“The healthcare sector is evolving quickly, especially with respect to patient engagement and consumerism,” said James G. Graham, Head of Treasury Management at PNC. “Our team brings to bear deep industry knowledge and sophisticated treasury management capabilities for our customers. Aligning with CareCloud will help both of us continue to lead the way with physicians’ practices and patients.”

“We are excited to partner with Ken Comée and the team at CareCloud as they continue to deliver on their vision of providing the healthcare industry’s best-in-class, cloud-based, comprehensive technology platform,” added Mir Arif, partner at Blue Cloud Ventures.

CareCloud supports medical practices through a flexible and powerful cloud-based platform that streamlines workflow and supports more efficient and effective patient engagement. The platform modernizes revenue cycle management, practice management (PM), electronic health record (EHR) and patient engagement activities within high-performance medical groups.

CareCloud’s technology is tailored to medical groups focused on expanding operations and advancing patient care, especially in cardiology, general surgery, orthopedics, dermatology, ophthalmology, neurology, internal medicine, urology and family medicine specialties. Pairing award-winning design with deep clinical and billing expertise, CareCloud offers integrated clinical and financial technology that adapts to varied payment models. By using an open API architecture powered by the most advanced app platform in healthcare, the company enables rapid deployment of innovative solutions for patients and development of EHR and clinical tools designed to address physician workflows.

“We’re modernizing the healthcare experience for both physicians and patients at the precise point where care happens — the medical practice,” said Ken Comée, CEO at CareCloud. “To simplify and improve the process of delivering and financing healthcare within a rapidly changing ecosystem, you need a technology platform that is flexible with tools as easy to use as we see in banking, shopping and our other everyday activities. We couldn’t imagine better partners than PNC and First Data working with us to reimagine healthcare commerce for physicians and patients alike.”

CareCloud is working to address new opportunities in patient consumerization and value-based care, accelerating market trends that are detailed in a new briefing paper released today: “The New Medical Economy.” Healthcare market dynamics are shifting; patients are becoming more directly responsible for an increasing percentage of costs (as much as 25 percent, according to the AMA) through the rise of high-deductible health plans and changes in the health insurance marketplace. At the same time, medical groups are seeing new opportunities for innovation in a landscape of regulatory uncertainty.

CareCloud’s prior investors all participated in the round, including Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners. The company previously entered into a debt financing agreement with Wellington Financial to provide access to additional growth capital.

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About CareCloud

CareCloud is the leading provider of cloud-based revenue cycle management, practice management (PM), electronic health record (EHR) and patient engagement solutions for high-performance medical groups. CareCloud helps clients increase profitability, streamline workflow and improve patient care nationwide. The company currently manages more than $4 billion in annualized accounts receivable on its integrated clinical and financial platform. To learn more about CareCloud, visit www.carecloud.com.

About PNC

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About Blue Cloud Ventures

Blue Cloud Ventures (BCV) is a New York–based growth equity fund focused on providing flexible capital to innovative cloud-based enterprise software companies. Within three years, BCV has raised two sequential funds, backed 20 market-leading software companies and differentiated itself with its unique investment strategy of providing right-sized financing to target gaps in the growth and late stage funding markets. For more information, visit www.bluecloudventures.com

November 15, 2016 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

InstaMed Announces $50 Million Investment From Carrick Capital Partners

Capital to Drive the Growth of the InstaMed Network

PHILADELPHIA, PA and NEWPORT BEACH, CA (September 26, 2016)– InstaMed, healthcare’s most trusted payments network, today announced a $50 million investment from Carrick Capital Partners, an investment firm jointly based in Newport Beach and San Francisco, CA that focuses on technology-enabled businesses including SaaS, BPO and Transaction Processing.

The investment will be used to drive the growth of the InstaMed Network, accelerate go-to-market strategy and drive further innovation in healthcare payments technology. InstaMed’s solutions enable providers and payers to manage all of their healthcare payments on a single platform, integrated into any healthcare IT system. As consumer healthcare payment responsibility continues to soar, InstaMed’s innovative solutions offer ways for providers and payers to address the demands of consumerism while maintaining the highest levels of security and compliance.

“We are very excited to be working with InstaMed President and CEO Bill Marvin and his team, who are revolutionizing healthcare payments by simplifying the experience for providers, payers and consumers,” said Jim Madden, Co-Founder and Managing Director of Carrick Capital Partners. “We identified InstaMed as part of our thematic sourcing efforts in healthcare technology and recognized the value of their unique single-technology platform, network effect business model and relentless focus on security and compliance,” he added.

Madden will join the InstaMed board of directors, and Chris Wenner, a Vice President at Carrick Capital Partners, will become an observer to the board of directors.

“We are thrilled to partner with Carrick Capital Partners and benefit from their deep experience in the healthcare marketplace,” said Bill Marvin, Co-Founder, President and CEO of InstaMed. “Carrick’s investment and experience will help drive the growth of the InstaMed Network and enhance the healthcare payment experience for providers, payers and consumers.”

Cowen and Company served as InstaMed’s sole financial advisor.

About InstaMed
InstaMed is healthcare’s most trusted payments network, connecting providers, payers and consumers on one platform. The InstaMed Network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed reduces the risks, costs and complexities of working with multiple payment vendors by delivering one platform for all forms of payment in healthcare, designed and developed on one code base and supported by one onshore team of experts in healthcare payments. InstaMed enables providers to collect more money from patients and payers while reducing the cost and time to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments and facilitate consumerism for their members. Visit InstaMed on the web at www.instamed.com.
About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.

 

September 26, 2016 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.