How employers can improve cancer care and costs, based on a National Alliance roadmap

Healthcare Finance | January 07, 2019

While cancer deaths have been declining since the early 1990s, costs have continued to increase, with more than $147 billion spent for cancer care in the United States in 2017. Despite these rising costs, employers and health plans have been reticent to manage oncology care, and are also faced with keeping pace with technology and treatment advances. To help purchasers drive better value and outcomes and reduce waste in cancer care, the nonprofit National Alliance of Healthcare Purchaser Coalitions released an assessment of how health plans are currently managing cancer for their employees and families. The report identifies gaps in treatment and related benefits administration based on the National Alliance's annual eValue8 survey of health plans.

Spotlight

This short film features four NHS trusts discussing some of their innovative solutions to workforce challenges in implementing 7-day hospital services. Work featured includes:  Crisis Response Team at Pennine Acute NHS Trust. Cardiac Pharmacy Service at Barts Health NHS Trust.  Patient Flow Team at the Royal Wolverhampton NHS Trust. 7 days and out of hours’ service at University Hospital Southampton NHS Foundation Trust.


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MEDICAL DEVICES

Astorg Acquires Majority Interest in Avania

Avania | June 21, 2022

Avania, the preeminent, full-service global MedTech contract research organization announced that Astorg has acquired a majority stake in the company. Astorg, together with Kester Capital current investor who intends to retain a minority stake will actively support management’s plans to advance Avania’s development as a MedTech solution provider. Headquartered in the Netherlands, Avania was formed in March 2020 from the combination of five complementary businesses and started a successful journey to establish a fully integrated platform to serve sponsors worldwide in advancing medical technology products from early development to post-market ensuring customized, scalable solutions that optimize efficiencies and streamline the advancement of medical technology. Astorg brings an impressive global network of relationships in the MedTech space which will strengthen Avania’s pipeline and broaden its customer base while the capital access will help accelerate its growth, both organically and via acquisitions. “The platform we have built has positioned us ahead of our competition in the MedTech CRO space, and this deal will bring additional investment to strengthen our infrastructure, capital for acquisitions, and added support as we continue to grow Avania into the clear market leader. The largest CROs do not have the specialization that we bring, and the regional niche providers do not have the scale and reach of Avania. This unique positioning, along with the continued changes to the MedTech regulatory landscape, will allow us to push ourselves to the next era of growth.” Sapna Hornyak, president and CEO of Avania “We are extremely pleased to partner with Sapna and her team, as well as Kester, on this transaction,” said Managing Partner of Astorg Mid-Cap Edouard Pillot. “Being one of the global leaders in a profitable and fast-growing niche market, Avania squarely fits with Astorg’s investment criteria, and we are delighted to have Avania as our first Mid-Cap Healthcare deal, sitting within Astorg’s broader healthcare portfolio.” About Avania Avania is a leading, global full-service contract research organization focused on the management of clinical studies for medical technology, IVDs, biologics, and device-drug combination products internationally. Avania supports products from the first-in-human phase through the post-market phase with the same customized approach. When you need to advance your medical technology, it takes Avania. Avania’s vision is to be your trusted global partner in the evolution of your medical technology from innovation to commercialization to improving patient health and well-being. About Astorg Astorg is a leading private equity firm with over €17 billion of assets under management. We work with entrepreneurs and management teams to acquire market-leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance, and capital they need to achieve their growth goals. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body. We have valuable industry expertise in healthcare, software, business-to-business professional services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg. About Kester Capital Kester Capital is a primary buy-out specialist. Kester focuses on the healthcare, data & information and technology sectors, targeting businesses that require capital in order to unlock their potential.

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FUTURE OF HEALTHCARE

GTCR Announces Partnership with Kelly McCrann to Form Avryo Healthcare

GTCR | April 22, 2022

GTCR, a leading private equity firm, announced that it has entered into a Leaders Strategy™ partnership with Kelly McCrann to form Avryo Health Services, LLC. Based in San Diego, CA, Avryo Healthcare will seek to acquire companies and assets in the multi-site healthcare services industry as part of a strategy to build a market-leading company, with a focus on utilizing new technologies and operating strategies to enhance patient access and experiences. GTCR, the firm that pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth - will invest in Avryo Healthcare from its Strategic Growth Fund, a private equity fund with $2.0 billion of limited partner capital commitments. Mr. McCrann is serving as Executive Chairman of Avryo Healthcare and will make a substantial investment alongside GTCR. Mr. McCrann has over 30 years of experience in the healthcare services industry. Prior to partnering with GTCR, Mr. McCrann most recently served as Chief Executive Officer of EyeCare Partners, the largest vertically-integrated medical vision services provider in the US. He became CEO of EyeCare Partners in 2016 and significantly grew the company via acquisition and organic growth into the largest business in the industry before completing a successful sale of the company in 2019. Prior to leading EyeCare Partners, Mr. McCrann spent more than 25 years in senior leadership roles across healthcare provider services and payor businesses, including within dental, behavioral health, ambulatory infusion and kidney dialysis. "We are excited to partner with Kelly to build a leading company in the healthcare services industry," said Sean Cunningham, Managing Director and Co-Head of Healthcare at GTCR. "Kelly has an exceptional track record in the multi-site healthcare services space with experience across specialties, including dental and behavioral health, and a history of driving organic, de novo and M&A growth. Kelly's background, industry expertise and strategic vision make him an ideal partner as GTCR commits to build a platform in this attractive industry." "I am thrilled to partner with GTCR to build Avryo Healthcare into a market-leading company in the multi-site healthcare services space. GTCR has deep domain expertise in healthcare, a substantial track record of creatively building platforms in this space, and a long history of backing experienced CEOs and Executive Chairs. With our partnership, Avryo Healthcare is well-positioned to create a compelling platform in healthcare provider services." Mr. McCrann "GTCR's formation of Avryo Healthcare with Kelly is another excellent example of The Leaders Strategy™ and builds on our history of successful investments in multi-site healthcare services and the broader healthcare industry," added John Kos, Managing Director at GTCR. "We are excited to create this multi-site healthcare services platform behind Kelly and are actively looking for companies and assets in the sector, including founder-led and sponsor-backed companies." About GTCR Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com. Follow us on LinkedIn. About Avryo Healthcare Avryo Healthcare was formed in April 2022 as a partnership between Kelly McCrann and GTCR. Avryo Healthcare's mission is to build a leading company in the multi-site healthcare provider services industry with a focus on building a company that utilizes new technologies and operating strategies to enhance patient access and experiences. For more information about Avryo Healthcare, please contact (212) 835-7042.

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MEDICAL DEVICES

MedTech Company STENTiT Raises €1.8 million in Seed Round

STENTiT | April 25, 2022

STENTiT, a medical device company bringing a novel class of regenerative endovascular implants for the treatment of cardiovascular diseases, has closed a €1.8 million seed investment round. The funding facilitates further pre-clinical development and batch production of a regenerative stent (see video) for peripheral indications. The investment was made by Dutch investors NextGen Ventures, Brabant Development Agency and the Ten Cate Investment Company. STENTiT is an emerging player in the field of regenerative medical devices, offering a breakthrough solution for cardiovascular interventions by developing first-of-its-kind endovascular implants with regenerative capacity. Using a catheter-based approach, these devices provide the ability to restore arteries without the need for an invasive surgical intervention. The aim is to ultimately restore the affected blood vessel from the inside out to provide a lifelong solution. As a first target indication, the company wants to improve the treatment of critical limb ischemia. This progressive form of peripheral artery disease affects almost 5 million people in the EU and the US in which the blood flow to the foot is severely being compromised. Unfortunately, current treatment options are ineffective, resulting in amputation within 6 months in 40% of these patients. With the regenerative stent, blood flow to the foot will be maintained by securing vascular patency using temporary mechanical support and improving long-term efficacy by inducing vascular repair, thereby preventing thousands of amputations each year. "We are excited to receive the support of these esteemed Dutch early-stage investors. This financing round validates our vision to bring a novel class of implants that can rebuild the affected blood vessels. We are looking forward taking the next steps getting our regenerative stents ready for clinical trials. With our first product, we aim to treat millions of patients suffering from peripheral artery diseases, and save their limbs from amputation." Bart Sanders, CEO of STENTiT About STENTiT STENTiT is a medical device spin-off company from the Dutch Eindhoven University of Technology, focusing on the development of regenerative endovascular implants. These bioresorbable devices trigger a natural healing response by the circulating blood cells, in which the implant is being replaced by new vascular tissue to restore the artery from the inside-out. Since the establishment of the company, STENTiT has received broad international recognition and awards for its high-potential approach, covering world leading stages. As the company is currently going through the next translational phases, STENTiT is on its way to fulfill its ambition to become the new standard in endovascular treatment, providing a life-changing solution for millions of cardiovascular patients around the world.

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FUTURE OF HEALTHCARE

Change Healthcare and Optum Extend Merger Agreement

Optum | April 06, 2022

Optum, a diversified health services company, and Change Healthcare a health care technology leader, have agreed to extend their merger agreement to December 31, 2022. “The extended agreement reflects our firm belief in the potential of our combination to improve health care, and in our commitment to contesting the meritless legal challenge to this merger.” In a joint statement, the companies Change Healthcare and Optum share a vision for achieving a simpler, more intelligent and adaptive health system for patients, payers and providers. The combination of Optum and Change Healthcare will connect and simplify the core clinical, administrative and payment processes health care providers and payers depend on to serve patients. Increasing efficiency and reducing friction will benefit the entire health system, resulting in lower costs and a better experience for all stakeholders. Change Healthcare and Optum will detail the benefits of this combination at a two-week trial scheduled to begin on August 1. The U.S. Department of Justice’s attempt to block the combination is without merit and serves only to delay improving the experience and outcomes for all participants in the health system. As part of the extension, Optum will pay a $650 million fee to Change Healthcare in the event the merger is unable to be completed because of the court’s decision. Change Healthcare will pay a special cash dividend of $2.00 per share to its shareholders at or about the time of the closing. About Optum Optum is a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. With more than 190,000 people worldwide, Optum delivers intelligent, integrated solutions that help to modernize the health system and improve overall population health. Optum is part of UnitedHealth Group. About Change Healthcare Change Healthcare is a leading healthcare technology company focused on insights, innovation, and accelerating the transformation of the U.S. healthcare system through the power of the Change Healthcare Platform. We provide data and analytics-driven solutions to improve clinical, financial, administrative, and patient-engagement outcomes in the U.S. healthcare system.

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Spotlight

This short film features four NHS trusts discussing some of their innovative solutions to workforce challenges in implementing 7-day hospital services. Work featured includes:  Crisis Response Team at Pennine Acute NHS Trust. Cardiac Pharmacy Service at Barts Health NHS Trust.  Patient Flow Team at the Royal Wolverhampton NHS Trust. 7 days and out of hours’ service at University Hospital Southampton NHS Foundation Trust.

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