FUTURE OF HEALTHCARE
Concord Health Partners | July 12, 2022
Concord Health Partners a healthcare focused investment firm, announced that Brian Gragnolati has joined as Executive Partner. Gragnolati currently serves as President and CEO of Atlantic Health System. During his tenure at Atlantic Health System, he also served as Chairman of the Board of Trustees of the American Hospital Association.
The addition of Gragnolati as Executive Partner further expands Concord's team of healthcare sector specialists, adding the network, knowledge and insights of an experienced CEO and a nationally recognized leader in the provider industry. Gragnolati will work with James Olsen, Founder and Managing Partner, and other members of the Concord team to source new investment opportunities, support management teams and accelerate the growth of portfolio companies through commercial introductions across the Concord network of strategic relationships.
"We are thrilled to add someone with Brian's experience, knowledge and expertise to Concord's executive team. We established Concord with the goal of creating lasting partnerships with strategic investors to help drive the adoption of our portfolio company technologies and solutions across a broad universe of healthcare providers and payors. Brian brings unique perspective from his roles as a health system chief executive officer and at the AHA, and has distinguished himself as a valuable partner to Concord in those roles. We look forward to leveraging his insights and network as he helps identify new opportunities and accelerate growth at our portfolio companies as Executive Partner."
James Olsen, Founder and Managing Partner at Concord
"In working with Concord over the years, it was clear that the Firm has developed a powerful model for healthcare investing. Concord has become a leader in identifying innovative companies and partnering with them to drive growth," said Gragnolati. "I am excited at the opportunity to work even more closely with the Concord team and their portfolio companies to help them continue to deliver solutions that lower costs, improve quality and expand access to care."
Gragnolati has served as President and CEO of Atlantic Heath System since 2015, and is the former Chairman of the Board of Trustees of the AHA. Prior to his tenure at Atlantic Health, Brian served as Senior Vice President at Johns Hopkins Medicine. He previously held executive positions at Wellspan Health, University of Vermont Medical Center and Baystate Medical Center in Springfield, MA. As a nationally respected voice in health care, Mr. Gragnolati played a key role in public relations and media communications during the COVID pandemic. He regularly appears on CNBC, MSNBC, Bloomberg and other media outlets to share his insight on the nation's most pressing health concerns. He has been honored by Modern Healthcare as one of the 100 most influential people in healthcare. He serves on the Board of Directors of Lakeland Bancorp, Inc. and Lakeland Bank. Gragnolati holds a bachelor's degree in Health Systems Analysis from the University of Connecticut, an MBA from Western New England College and an Executive Leadership Certificate from the JFK School at Harvard University.
About Concord Health Partners
Concord Health Partners is a healthcare focused investment firm with a strategic model that optimizes the alignment of interests between investors and portfolio companies. Concord has developed a broad network of strategic investors that contribute expertise and resources, and serve as potential commercial partners to portfolio companies. Concord is primarily focused on investing in healthcare companies that have the potential to enhance the value of care through products, services, technologies and solutions that lower costs, improve quality and expand access to care.
KLAS, Phreesia | May 30, 2022
KLAS, a healthcare research and insights firm, and Phreesia, a leader in patient intake, outreach and activation, are pleased to announce the release of a report that aims to shed light on patients’ preferences and expectations for the technology they interact with as a part of their healthcare experience. The report is the result of a survey designed to better understand patient sentiments on a range of topics, including how they like to schedule appointments, their participation in telehealth visits and their communication with their doctor.
KLAS and Phreesia partnered together on this report because they share a common mission of improving healthcare and the patient experience, and they recognize that patients’ voices and preferences are not always reflected in healthcare technology. The two organizations leveraged the size and scale of Phreesia’s network—which performed more than 100 million patient check-ins in 2021—to get a firsthand perspective of patients’ priorities.
"What do patients want?" asked Adam Gale, CEO of KLAS Research. "This report, based on a survey with nearly 13,000 patients, provides deep insights into how providers and vendors can help meet patient preferences."
Phreesia surveyed patients across the U.S. over a two-week period in 2021, as they checked in to a doctor’s appointment using Phreesia’s automated intake platform. The quantitative survey asked 14 questions about patients’ experiences using healthcare technology. Respondents represented a wide range of demographic groups across age, education level, race and gender.
The report includes many detailed, data-driven insights and recommendations to providers, including
Digital access tools are very important to patients: Online appointment self-scheduling and check-in, price transparency and online bill pay are among the offerings patients desire most. Survey responses indicate that patients aged 18-34 are almost twice as likely to choose organizations that have digital access tools.
There are gaps between what patients want and what is offered by vendors and provider organizations—for example, the ability to schedule and reschedule an appointment or request a prescription refill online.
Patients are still interested in telehealth: Nearly half of respondents had at least one virtual visit in the past year. Of those who did not, 40% reported they are likely to receive care virtually in the future.
Only 33% of respondents interact with a provider portal at least once a month, and 26% don’t use a portal at all, with the youngest patients (18-24 years old) most likely to fall into the latter category. The report recommends providers take a multi-pronged approach and offer technology alternatives for things like virtual care and patient communication to better engage those who rarely or never use a portal, in addition to encouraging increased portal adoption.
“As the report describes, patients want to be more actively involved in their healthcare, especially since the start of the pandemic. We believe that patient-centered care is critical to the transformation of our healthcare system. It’s incredibly important to us to be able to use our insights to help providers better engage patients and improve their experience. We’re thrilled to partner with KLAS on this valuable work.”
Phreesia CEO Chaim Indig
This collaboration is a result of Phreesia and KLAS’ common interest in ensuring patients’ voices are heard and that technology reflects their needs and preferences. As part of the non-financial agreement, KLAS performed its own analysis of Phreesia’s data, created this report and maintains editorial rights. KLAS’ partnership with Phreesia is in no way an endorsement of Phreesia’s performance and has had no impact on Phreesia’s standing in KLAS ratings.
KLAS has been providing accurate, honest, and impartial insights for the healthcare IT (HIT) industry since 1996. The KLAS mission is to improve the world’s healthcare by amplifying the voice of providers and payers. The scope of our research is constantly expanding to best fit market needs as technology becomes increasingly sophisticated. KLAS finds the hard-to-get HIT data by building strong relationships with our payer and provider friends in the industry. Learn more at klasresearch.com.
Phreesia gives healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients in their healthcare and provides a modern, convenient experience, while enabling our clients to enhance clinical care and drive efficiency.
Tebra | July 08, 2022
Tebra, the digital backbone for independent healthcare practices, announced that it has closed more than $72 million in funding at a valuation greater than $1 billion. Golub Capital led the investment which includes both growth equity and debt financing. Late last year, Kareo and PatientPop, cloud-based leaders in clinical, financial, and practice growth technology, joined forces to form Tebra to support the connected independent practice of the future and modernize patient care. This capital infusion will accelerate Tebra’s merger plans including expanding market share, developing and launching the combined product line and advancing the new branding for the company. Tebra supports over 100,000 providers who are delivering care to more than 90 million patients in the U.S.
A New Era of Healthcare
Consumers expect digital access, simplicity and convenience in all aspects of their lives. You can quickly research and order a meal online, hail a ride, and buy a car from your smartphone. Meanwhile, healthcare has been left behind in a sea of complexity and fractured solutions. Tebra is simplifying and modernizing this experience through a platform of tools built for the new era of healthcare. The platform connects patients to the best providers in seconds and delivers a modern, digital-first patient experience.
Tebra is the Digital Backbone for the Connected Healthcare Practice
Tebra provides independent healthcare practices with a complete operating system for practice success. Built through the combination of Kareo and PatientPop, the offering includes modern websites, messaging and scheduling, telehealth, EHR, care delivery, practice management, billing, payments, and analytics. Since the companies merged in late 2021, the company has successfully built and launched a two-way product integration that allows both platforms to share scheduling information and physician availability. The integrated solution also reviews appointment information and sends out surveys for better reputation management. Over 800 providers now use the combined operating system, and the company plans to grow significantly both into their existing base and the healthcare industry at large.
“With this new investment from Golub Capital, we’ll be able to accelerate Tebra’s mission to unlock better healthcare by helping independent practices bring modernized care to patients everywhere. Simultaneously, we will broaden our market reach and launch new solutions, helping an even larger number of physicians with digital tools and support to attract new patients, get paid quicker, and operate their practice more efficiently.”
Dan Rodrigues, Co-Founder and CEO of Tebra
From practice growth technology to clinical and financial software, Tebra’s complete operating system is structured to modernize every step of the patient journey and support the connected practice of the future. Headquartered in Southern California, the company currently has over 1,000 employees.
Golub Capital’s Late Stage Lending team was administrative agent and led the investment. Golub Capital also supported the 2021 merger with $65 million in growth funding, bringing its total commitment in the last year to more than $137 million.
“We are delighted to be a long-standing financing partner to Tebra, supporting them through multiple growth phases, add-on acquisitions and new product development since 2017,” said Peter Fair, Managing Director at Golub Capital’s Late Stage Lending team. “Our mission is the success of our clients and being able to offer flexible solutions that meet the changing goals of their business.”
Golub Capital is one of Tebra’s top-tier institutional investors, which also includes CommonFund, HLM Venture Partners, OpenView Venture Partners, StepStone Group, Stripes Group, Montreux Equity Partners, Toba Capital, Transformation Capital and Vivo Capital.
In 2021, with a combined mission to unlock better healthcare, Kareo and PatientPop joined forces to form Tebra — the operating system for the connected practice of the future. With an all-in-one, purpose-built platform to drive practice success and modernize every step of the patient journey, Tebra provides digital tools and support to attract new patients, deliver modern care, get paid quickly, and operate efficiently. Tebra’s all-in-one platform includes a fully certified Electronic Health Record (EHR), scheduling, insurance billing, patient payments, telehealth and more.
About Golub Capital Late Stage Lending
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. The firm’s Late Stage Lending group provides flexible growth capital to venture-backed, late stage SaaS companies. Our custom financing solutions are designed to help proven SaaS businesses accelerate sales growth, drive new product development, pursue strategic acquisitions and provide shareholder liquidity.
As of April 1, 2022, Golub Capital had over 620 employees and over $50 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in Chicago, New York, San Francisco and London.
FUTURE OF HEALTHCARE
WELL Health Technologies Corp. | June 16, 2022
WELL Health Technologies Corp.ca company focused on positively impacting health outcomes by leveraging technology to empower practitioners and their patients globally, announced today that it has entered into an automatic share purchase plancwith a broker in order to facilitate repurchases of the Company's common shares under its previously announced normal course issuer bid.
WELL previously announced that it had received approval from the Toronto Stock Exchange to, during the 12-month period commencing June 1, 2022 and terminating May 31, 2023, purchase up to 5,555,386 Common Shares, representing approximately 2.5% of the 222,215,443 Common Shares issued and outstanding as of May 30, 2022, by way of a NCIB on the TSX or through alternative trading systems or by such other means as may be permitted under applicable law.
During the effective period of WELL's ASPP, WELL's broker may purchase Common Shares at times when WELL would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by WELL's broker based upon parameters set by WELL when it is not in possession of any undisclosed material information about itself and its securities, and in accordance with the terms of the ASPP. Outside of the effective period of the ASPP, Common Shares may continue to be purchased in accordance with WELL's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.
About WELL Health Technologies Corp.
WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multinational, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and is part of the TSX Composite Index. The Company also trades on the OTCQX Markets under the symbol "WHTCF".