AdhereHealth | December 18, 2021
AdhereHealth, a healthcare technology leader in medication adherence insights and health outcomes, has entered into a strategic partnership with Hero, the market leader in digital in-home care. This new agreement enables AdhereHealth to deploy Hero's digital in-home care platform to help high-risk, high-cost, chronically ill patients adhere to complex medication regimens.
Hero's platform includes a connected smart pill dispenser, which automatically sorts and dispenses medications according to a patient's unique medication schedule. Hero's connected app then tracks what a patient took and when, and sends real-time alerts to the patient's care team if a dose is missed or a medication is ready for refill. Hero continually monitors the patient's medication inventory and facilitates real-time medication reconciliation and synchronization.
"Combining Hero's industry-leading medication management platform with AdhereHealth's advanced technologies and its nationwide AdhereRx digital pharmacy creates the first complete lifecycle medication management service," said Kal Vepuri, founder and CEO of Hero. "Our partnership will also simultaneously improve patient safety by focusing on medication management, further support caregivers and help people take more control of their health," added Mr. Vepuri.
AdhereHealth's digital pharmacy, AdhereRx, leverages data analytics to identify and prioritize vulnerable populations most at risk for nonadherence or drug safety problems. Trained pharmacists then connect via phone with patients to conduct comprehensive medication reviews and address social determinants of health (SDOH) that might get in the way of medication adherence.
"Hero's patient-centric technology will enable care managers, providers and health plans to remotely monitor medication intake, providing real-time visibility into how patients are adhering to medication regimens at home. Combined with our medication synchronization technologies and our nationwide AdhereRx digital pharmacy solution, we can drive better patient experience and improve value-based outcomes for vulnerable populations."
Jason Z. Rose, CEO of AdhereHealth
Poor medication adherence is a leading cause of re-hospitalizations and ER visits, especially among the elderly and those with chronic conditions. The financial impact is significant: medication nonadherence accounts for 16% of U.S. healthcare spending annually, accounting for more than half a trillion dollars.
Hero is a leading digital in-home care platform delivering the first end-to-end medication management service for patients and caregivers. Hero's solution includes its award-winning smart pill dispenser, medication management app, automatic refills with free delivery and 24/7 live support. Since launching in 2018, Hero has dispensed more than 70 million medications. Hero is used as a care management solution by individuals, caregivers and medical providers.
AdhereHealth delivers purpose-built, innovative technology solutions to improve quality of care, medication adherence, and cost outcomes – all with an emphasis on overcoming social determinants of health (SDOH) and improving patient experience. AdhereRx, an AdhereHealth digital pharmacy, provides high-risk, underserved patients with personalized pharmacy services that drive medication compliance and reduce unnecessary utilization costs. This unique combination of predictive analytics, intelligent clinical workflow software and proactive telepharmacy outreach performed by a nationwide team of licensed clinicians addresses an estimated half a trillion dollars of unnecessary annual medical costs attributed to medication adherence issues. Today, the Adhere™ Platform touches nearly 30 million patients across dozens of health plans, self-insured employers and other risk-bearing entities.
FUTURE OF HEALTHCARE
Peloton Equity | March 22, 2022
Peloton Equity, LLC a Connecticut-based private equity firm that seeks to invest growth capital in innovative healthcare companies, announced that it has closed a growth and recapitalization investment in Grenova, Inc. a fast-growing manufacturer of green technology for the life sciences industry. Peloton, along with Hamilton Lane Impact Fund II and Morgan Stanley AIP Private Markets, invested growth capital and partnered with management and other investors to acquire a majority stake in Richmond, Virginia-based Grenova. The transaction is anticipated to enable Grenova to accelerate its sales and marketing efforts, launch additional products, and build out its presence globally. Ali Safavi, founder, president and CEO of Grenova, along with other management and certain existing shareholders will retain a significant ownership stake in the Company. Financial terms of the transaction were not disclosed.
Founded in 2014 by Ali Safavi, Grenova designs, manufactures, and distributes instruments and associated consumables to the lab industry. The Company’s technology enables its customers – clinical labs, pharmaceutical/biotech companies, research institutions, agricultural companies, and others – to wash, dry and re-use single-use plastics. Grenova’s products aim to advance healthcare toward a more sustainable future by lowering costs in the laboratory industry, reducing biohazard waste in the environment, and mitigating supply chain risk for plastic consumables.
“I am thrilled to be partnering with Peloton to help Grenova capitalize on the massive and unmet need for sustainability solutions in laboratories around the world,” said CEO Ali Safavi. “Peloton’s expertise and network will bring additional resources and business development opportunities to Grenova, and this growth-oriented transaction will help us accelerate the industry’s adoption of our innovative products and technologies.”
“Peloton seeks to partner with high-growth companies like Grenova that deliver tangible and enduring value to the healthcare industry. The utilization of disposable plastics in the lab setting is rapidly growing and we are excited to support Grenova’s mission to address this unsustainable trend.” Michael O’Rourke, partner at Peloton, added, “We believe Grenova’s combination of differentiated product technology, sustainability value proposition and high-quality customer service is unique in the massive and growing life sciences tools industry. We are very excited to work with Ali and his team in supporting Grenova’s next phase of growth.”
Ted Lundberg, partner and co-founder of Peloton Equity
Crosstree served as the exclusive financial advisor to Grenova with respect to this transaction. Goodwin Procter LLP acted as legal advisor to Peloton and Williams Mullen acted as legal advisor to the Company.
Founded in 2014, Grenova™ is an innovative company that is revolutionizing lab consumables through high-quality waste reduction solutions. Grenova’s mission is to lower costs in the laboratory industry and reduce biohazard waste in the environment by delivering groundbreaking approaches in dealing with plastic consumables. Grenova’s existing products include the TipNovusTM family of pipette tip-washing solutions for labs such as the Automated TipNovus (ATN) Package, a fully integrated tip-washing solution; the TipLumisTM family of HEPA-filtered, temperature-controlled, UV-sanitized tip storage solutions; GrenoClean, a proprietary and scientifically validated cleaning solution; and Purus by Grenova™, a novel microwell plate cleaner launching in 2022. For more information, visit Grenova.
About Peloton Equity
Peloton Equity, LLC is a private equity firm focused exclusively on growth capital investments in the healthcare industry. Peloton was formed in 2014 as the successor firm to Ferrer Freeman & Company and invests in companies with between $10 million and $200 million of revenue that have the management team, market opportunity and business model to grow revenues significantly over the life of its investment. Peloton seeks to be a significant investor in companies with high-growth potential, driven by a clear value proposition to the healthcare industry. Peloton’s investment team has invested in over 35 unique healthcare companies and has deployed over $800 million in capital. Recent investments include AeroSafe Global, ClearSky Health, Friday Health Plans, and Journey Health & Lifestyle.
About Hamilton Lane
Hamilton Lane is a leading private markets investment management firm providing innovative solutions to sophisticated investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 520 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $851 billion in assets under management and supervision, composed of over $98 billion in discretionary assets and nearly $753 billion in advisory assets, as of December 31, 2021. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies.
About Morgan Stanley AIP Private Markets
AIP Private Markets, an investment team within Morgan Stanley Investment Management, seeks to deliver innovative private markets solutions to a global client base. It’s built-for-purpose team of ~60 dedicated professionals draws.
FUTURE OF HEALTHCARE
House Rx | March 15, 2022
House Rx, a health technology platform focused on improving affordability and patient access to specialty medications, announced it has secured $25 million in Series A financing led by Bessemer Venture Partners, bringing total funding to $30 million.
House Rx's technology platform and pharmacy service enable specialty practices to offer medically-integrated dispensing, which means patients can receive both their physician and pharmacy care from one team, collaborating on a unified technology platform. Since it launched in March 2021, House Rx has partnered with four medical specialty practices and 30 prescribers in California and Washington.
"We have a simple idea: partner with specialty clinics all over the country to enable medically integrated dispensing where the physician, pharmacist, nurses and techs can work together as one team, under one proverbial roof, to improve patient care. Our vision for the future of specialty pharmacy is a more local, more collaborative, and ultimately a more affordable system that leads to much better outcomes for patients."
Ogi Kavazovic, CEO and a co-founder
Specialty medications, which include treatments for cancers, rheumatic diseases and other chronic and acute conditions, are some of the most expensive drugs available. Unlike infused therapies which are administered in the clinics, the burden of specialty medication access and adherence often falls on patients, who typically need to battle several large bureaucracies to gain access to their medications. These often lead to multi-week delays in treatment and much lower adherence rates compared to medications administered in clinics.
Currently, specialty medications are mainly dispensed via mail by a patient's insurance company, not their doctor or a pharmacy a patient chooses. A growing body of research demonstrates that when patients obtain timely access to cancer treatments directly from their care team, they have better outcomes, including improved quality of life and increased survivability.
House Rx currently has over 30 employees, who are mostly software engineers and pharmacy operations. In addition to Bessemer Venture Partners, First Round Capital, Character.vc, and 1984.vc participated in the Series A funding. First Round Capital led the seed round as the initial investor alongside Khosla Ventures, Maverick Ventures, and 1984.vc. The funding from this latest round will go towards continued investments in House Rx's technology platform and scaling pharmacy operations.
"The specialty pharmacy market is in much need of a new approach - the current system severely lacks in patient choice and innovation, and we think House Rx's vision for a more modern, more decentralized approach will have incredible impact," said Steve Kraus, Partner, Bessemer Venture Partners. "Bessemer is proud to back a company with a mission to ultimately make it easier and more cost effective for patients to get the treatment they need."
In addition to Kavazovic, the health technology start-up was co-founded by Tesh Khullar, who serves as the company's President. Kavazovic and Khullar are former Flatiron Health executives, where they gained experience working closely with hundreds of oncology clinics. The company's Chief Pharmacy & Operating Officer is Denali Cahoon, PharmD, who is a former executive at Trellis Rx.
"The antiquated pharmacy systems developed decades ago inhibit coordinated patient care and increase costs. The current system also prevents patients from choosing where they can get their medically prescribed life-sustaining therapies," said Tesh Khullar, President and a co-founder. "We started House Rx to make the medically integrated dispensing model the new normal in specialty pharmacy. With the right technology, and the right distribution partners, we can re-establish the partnership between physicians and pharmacists that brings a new level of transparency and patient care."
House Rx's technology platform helps prescribers and pharmacists collaborate more effectively via one integrated system. Built based on in-depth feedback from pharmacists and physicians, the platform is designed specifically for the management of specialty medication, and includes built-in analytics to enable continuous improvement in operational efficiency and quality of care.
The specialty medical practices that have already partnered with House Rx include Care Oncology Center, California; Sarcoma Oncology, California; Arthritis Northwest Washington; and Northwest Medical Specialties, Washington.
About House Rx
House Rx is a technology-enabled service company focused on making specialty medication more accessible and affordable. We do so by helping clinics dispense specialty medications to their patients in a medically-integrated way using pharmacist expertise and modern technology. By helping physicians and pharmacists collaborate on patient care, we're able to improve patient outcomes, lower the cost of care, and create a better experience for patients and their caregivers.
FUTURE OF HEALTHCARE
Novant Health | March 29, 2022
Novant Health, one of the largest health care systems in the Southeast, today announced the launch of a new business division designed to innovate and support scalable solutions for some of the health care industry's biggest challenges. Operating as an independent business entity, Novant Health Enterprises will better enable partnerships with other health care organizations, create diversified growth and generate value for Novant Health's core business. Some of Novant Health's existing services will move over into this new division, and additional service offerings will be developed and acquired. NHE will accelerate the improvements Novant Health is making through its investments and partnerships focused on clinical, operational and technological advancements.
Envisioned as an incubator to accelerate the development of solutions that promise to unlock clinical, financial and patient value at scale, the health system's new venture will bring to market innovative solutions that empower all patients to live healthier lives – while enabling physicians to focus on delivering the best possible care. Novant Health Enterprises will build on the health system's considerable scale and prominence as well as the strength of its strategic partnerships and will focus on three core areas over the next five years: developing transformational clinical capabilities, continued expansion into non-acute settings, and commercializing differentiating digital solutions.
"Novant Health has long been at the forefront of innovation in health care, pioneering solutions internally and through unconventional partnerships to solve the industry's biggest challenges. This forward-thinking has enabled us to reimagine the patient experience, advance the quality and capability of care and be named the safest health care system in the region. I can't wait to see what a unique entity such as Novant Health Enterprises will incubate, innovate and accelerate as we leverage technological innovation to create better outcomes for our patients, providers and communities."
Carl S. Armato, president and CEO, Novant Health
Novant Health Enterprises will be led by Dean Swindle, who will serve as executive vice president of Novant Health and president of this new division. Swindle has over 30 years' experience as a financial and strategic executive in both national and regional health systems and has developed transformational growth activities and industry leading capabilities.
Angela Yochem will serve as chief operating officer and general manager of Novant Health Enterprises in addition to her current role as Novant Health executive vice president and chief transformation and digital officer. Yochem has over 25 years' experience in new business creation and operation, delivery of world-class consumer experiences and differentiating technologies, and development of advanced solutions for the competitive advantage of global companies at scale.
"Novant Health Enterprises convenes the industry's leading partnerships to deliver on our promise to make health care remarkable for all our patients, in every dimension, every time," said Swindle. "As most of us have witnessed in the health care industry, the events of the past two years have underscored the value that technology and transformational capabilities can bring to patient care. Novant Health Enterprises has never been more confident in the potential for technological innovation to alleviate the most pressing problems in health care and we are excited to get started."
"The creation of Novant Health Enterprises will maximize the power of innovation and partnerships, allowing us to better pursue our mission of making our communities healthier, one person at a time," said Yochem. "We'll not only have our finger on the pulse of what is needed to improve care, but we'll have the ability to foster, create, test and apply those solutions at an unprecedented rate. I look forward to uncovering new opportunities as we focus Novant Health Enterprises' initial priority areas in the coming months."
Novant Health Enterprises will continue to develop the operating framework and strategic plans over the course of the next year.
About Novant Health
Novant Health is an integrated network of physician clinics, outpatient facilities and hospitals that delivers a seamless and convenient healthcare experience to communities in North Carolina, South Carolina and Georgia. The Novant Health network consists of more than 1,800 physicians and over 35,000 employees who provide care at nearly 800 locations, including 15 hospitals and hundreds of outpatient facilities and physician clinics. In 2021, Novant Health was the highest-ranking healthcare system in North Carolina to be included on Forbes' Best Employers for Diversity list. Diversity MBA Magazine ranked Novant Health first in the nation on its 2021 list of "Best Places for Women & Diverse Managers to Work." In 2020, Novant Health provided more than $1.02 billion in community benefit, including financial assistance and services.