Axenya Holdings Inc | August 04, 2022
AXENYA, a leading Latin-American digital health start-up company, and HealthCo, a premier data-intensive consulting firm and insurance broker, announce that they have reached an agreement to merge the companies into the leading corporate health-tech ecosystem in the Latin-American region.
The combined companies will serve over 35,000 lives and have the capacity to deliver value across the entire healthcare journey. The companies expect to more than double that number in the coming year. All founding and operating teams at HealthCo and Axenya will remain in the company and as shareholders of the new company, which will operate under the Axenya brand.
"The New Axenya marries the most advanced population data science with cutting edge, clinically proven, digital therapeutics", said Mariano García-Valiño, Founder of Axenya. "The combination creates an unbeatable ecosystem, where we can gather data to analyze large populations, identify care gaps and create perfectly targeted individual digital plans for each person, improving clinical metrics and reducing cost across the entire spectrum".
Axenya, that started operations in 2020, offers software and hardware products that expand the doctor's toolbox, allows them to help their patients achieve higher standards of health and make the overall practice of medicine more personalized and precise. The company is the first member of the Digital Therapeutic Alliance in Latin America and the only company in the region with clinical research published in peer-reviewed journals. HealthCo is one of the most advanced data-intensive healthcare brokers in the region and approaching 90 corporate clients. Their proprietary data analytics result in consistent savings for their client base.
The combination becomes a one stop shop to enable corporate clients to maximize quality and expense in all aspects of their healthcare needs: from population analytics, 24/7 monitoring and course correction, delivering individually selected next generation digital therapeutic tools and ultimately renegotiating fees with payors driven by the savings generated by its healthcare program. As a result, Axenya will deliver unparalleled clinical results, user satisfaction and cost savings.
"We now have a company that can deliver results like nobody else in the market. Using a combination of software, technology, machine learning and behavioral and data science, Axenya can optimize the healthcare journey end-to-end, empowering companies and its employees with unbiased information, trusted guidance and high-value care, and delivering, at the same time, effective cost savings."
Roberto Vianna, co-Founder of HealthCo
In combination with this merger, Axenya received a capital injection, led by IGAH ventures, and with participation of NXTP, Big_Bets, Alexia, Axenya's founder Mariano Garcia-Valiño and several individual investors and employees.
Axenya is a health technology company that seeks to connect Latin America with the future of medicine. With its digitally enhanced corporate health ecosystem, it offers and manages the most suitable healthcare plans in a digital, efficient and transparent fashion, protecting the employee's health, end to end, through all the journey. Integrating cutting edge software, hardware, artificial intelligence, intensive data-analysis and behavioral sciences, Axenya improves the efficiency in delivering health services, as well as expands the companies' toolbox and makes medicine more personal and precise, offering what is effectively a new care standard. The company delivers excellent patient satisfaction, superior clinic results and lower costs, improving the quality per dollar spent by companies while allowing access to modern medicine to all employees and dependents.
Performant Capital | August 01, 2022
Performant Capital announced that it has formed Provider Technology, LLC through the acquisitions of DavLong Business Solutions LLC and its affiliate Administrative Advantage LLC and On Demand Solutions Inc. Provider Technology is a leading technology provider of outsourced software and IT services, revenue cycle management (“RCM”) and back-office business support primarily to physician practices and health systems. The businesses will continue to operate independently under their respective brands but share best practices across all functional areas.
Performant, investing out of Fund I, closed the DBS and ODS transactions simultaneously in June. The Private Credit business within Goldman Sachs Asset Management provided first lien debt and an equity co-investment to support the acquisitions.
“The team at Goldman Sachs has been invaluable as we executed this platform investment. We look forward to meaningfully accelerating the growth of the business given the scale enabled by Goldman’s partnership.”
Mike Ciaglia, Partner at Performant
Founded in 1983 and headquartered in Savannah, GA, DBS provides turnkey IT solutions for physician practices by fully hosting, maintaining, and supporting all software needs for the medical office, from cloud hosting to cybersecurity. DBS combines its proprietary suite of software offerings with leading third-party solutions to provide medical practices with a fully integrated electronic health record and practice management system from a single vendor. In addition to its best-in-class software offering, DBS also provides complete RCM services designed to manage and optimize the entire collections process for practices. Across both primary functional areas, the company leverages technology, analytics, and the expertise of its skilled teams to improve operational and financial performance for customers.
Founded in 2007 and headquartered in Boise, ID, ODS provides practice management software, RCM, staffing support and business advisory services to healthcare service providers and organizations. Its solutions improve business operational efficiency, reduce administrative costs, and assure managerial control so clients can stay focused on providing quality patient care.
The combination of DBS, AA, and ODS creates a national back-office and healthcare technology platform servicing more than 3,000 medical providers across the U.S and across medical specialties – developing best-in-class offerings and technology for specific specialties, such as Ophthalmology, EMS and Hospitalist providers. “These businesses are highly complementary acquisitions that together provide enhanced technology capabilities and support services with broader geographic presence to better meet the needs of clients and improve their financial outcomes,” said Chris McLaughlin, Partner at Performant Capital. “Both businesses have a reputation of providing superior customer support as value-added partners to physicians and health organizations. Customers value our company as more than just a service provider, but extensions of their core teams. With an expanded presence and enhanced capabilities to drive further value for clients, we’re excited about the future of the combined business under Provider Technology.”
Provider Technology continues to look for best-in-class revenue cycle management and managed service provider software businesses to healthcare customers that would expand its geographic footprint and service capabilities. If you have an opportunity that might be an add-on acquisition candidate for Provider Technology, please contact Mike Ciaglia.
About Performant Capital
Performant Capital is a Chicago-based, lower middle market private equity firm focused on investments in technology-driven companies. Performant acquires businesses across SaaS, technology-enabled services, and data intelligence products and services. With over 50 years of collective investing and operating experience in these sectors, Performant’s principals seek opportunities where its depth of investing, operating expertise, and partner network can materially impact performance. More information on Performant Capital can be found at www.performantcapital.com.
About Goldman Sachs Asset Management Private Credit
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs it delivers investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from its deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for its clients’ performance, it seeks to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1996, the Private Credit business within Goldman Sachs Asset Management is one of the world’s largest private credit investors with over $90 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. Its deep industry and product knowledge, extensive relationships and global footprint position it to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.
Avail Medsystems | August 05, 2022
Avail, the digital hub of the operating room enabling the medical technology and healthcare industries to work smarter to advance patient care, announced the addition of a 50th MedTech organization to its telepresence network. With the signing of this contract, the Avail platform is poised to enable hundreds of thousands of people to collaborate, educate, and share surgical and MedTech expertise between operating rooms and remote locations in real time.
"The Avail platform was built to connect the MedTech industry more frequently, efficiently and seamlessly to surgeons and interventionalists, enabling them to work together more closely to advance medicine. With this exciting milestone, the digital evolution of MedTech is well underway. Many of our MedTech partners are integrating Avail into their daily processes to expand the productivity and reach of their commercial teams, thus helping representatives to better engage with customers and support their success."
Daniel Hawkins, CEO of Avail
For some of the world's largest and most respected MedTech companies specializing in devices for neurosurgery, interventional cardiology, interventional radiology, vascular surgery, and orthopedic surgery, among others — Avail has positively changed business practices in myriad ways. These include enabling faster product training and expanded reach for field teams, dramatically increasing the time they have available to sell products and support live procedures. In addition, MedTech companies and surgeons have realized the mutual benefits of using Avail to collaborate during unplanned cases when field representatives are unable to reach remote locations to join in person. With skyrocketing travel costs and staff shortages, Avail's approach to collaboration has allowed physician education and product launch programs not only to continue, but to operate more efficiently and rapidly. Other uses include enabling the acceleration of product innovation by allowing engineering and R&D teams to better connect with providers.
"As far as technology goes, the Avail experience has completely raised the bar for our Professional Education Programs — Avail makes us look good," stated John Vogrin, Senior Manager, Surgical Care Services for Cochlear Americas. "But more importantly, using Avail has allowed Cochlear to reduce travel for members of our sales team and give them back countless hours of their personal lives while improving the training experience and shortening the time it takes to complete. It's a win-win-win-win for our company, employees, customers, and their patients."
Avail's footprint of consistent, purpose-built hardware in procedure rooms, along with integrated software created for that hardware, serves as the foundation of the company's surgical telepresence platform. The mobile Avail console includes edge-based computing and a large display monitor and is connected securely to the cloud to stream high-quality audio, video, and surgical imaging to remote participants in a HIPAA-HITECH protected environment.
"Future-forward MedTech companies and healthcare systems not only need better, faster means of collaboration, but they want a way to share their own software capabilities to and from the OR," stated James Domine, CTO of Avail. "Avail's consistent hardware footprint provides eyes and ears into the operating room and will also enable the sharing of applicable third-party software capabilities, including AI and machine learning, which can be displayed on the large Avail console monitor to further elevate the collaborative experience. This can help improve processes and speed the adoption of new products that better meet the changing healthcare environment."
News of the 50th MedTech contract follows Avail's recent announcements of another company expansion and a partnership with the Stroke Thrombectomy and Aneurysm Registry (STAR), which enables participating neurosurgeons to collaborate and share expertise, regardless of their locations.
About Avail Medsystems
Avail enables the MedTech industry and healthcare providers to work together more often and more efficiently, harnessing expertise and technology in and out of the OR to accelerate the innovation, adoption, and reach of tools and techniques to improve patient care. Avail does this by placing a consistent, mobile, hardware platform with integrated software into operating rooms, audibly and visually connecting remote participants and serving as the hub for advanced digital capabilities including AI and machine learning, in a secure cloud-based digital telepresence network. Today, 50 MedTech organizations have contracted with Avail to rethink commercial models, reduce inefficiencies, and enhance the reach and timeliness of collaboration. Avail was founded in 2017 by MedTech veterans with a vision to leverage Silicon Valley technology expertise to evolve the industry and enable MedTech and healthcare to deliver the best care possible. Avail.io