FUTURE OF 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."
"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."
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.
FUTURE OF HEALTHCARE
Prenosis | March 10, 2022
Prenosis, Inc., a precision medicine company,announced a venture investment from PACE Healthcare Capital, an early-stage investment firm committed to improving health outcomes. This investment brings total funding in the company to over$20 million, including partnerships with Foxconn, Roche Diagnostics, the Defense Threat Reduction Agency, and others.
Prenosisis leveraging machine learning algorithms trained on deep biological data and broad clinical data to create precise and comprehensive maps of acute disease. Using these maps, Prenosis develops and markets valuable navigational tools to improve patient care by illuminating the optimal treatment pathways for each patient.
"This capital will further accelerate our deep biological mapping of acute disease and to further grow the NOSIS™dataset/biobank, which is the largest such dataset/biobank ever created for sepsis," saidBobby Reddy, Jr., CEO and Co-Founder, Prenosis Inc. "Using our mapping technology, we are developing sophisticated methods to define, divide, and conquer diseases. The navigational guidance solutions based on our health state maps will address the critical challenge of sepsis by providing critical and actionable information tailored to each patient's health state."
Prenosis is pioneering a revolution in managing acute diseases that have previously eluded conventional methods, starting with sepsis. Sepsis occurs when the immune system reacts abnormally to an infection, setting off a chain of events that leads to tissue damage and organ failure. Sepsis is currently one of the leading causes of mortality in U.S. hospitals, and the WHO estimates that it causes 1 in 5 deaths worldwide1.
Prenosis has spent nearly a decade building fit-for-purpose biological and clinical datasets at an unprecedented level to better understand sepsis and other acute care conditions.
Using this information, Prenosis has developed patient maps and valuable navigational tools to empower physicians to administer optimal treatment to patients faster. Prenosis' first such tool, the Sepsis ImmunoScoreTM, is a Software-as-a-Medical Device (SaMD) digital diagnostic designed to aid in the risk assessment for progression to sepsis of patients admitted in the emergency department or hospital. Prenosis is currently seeking to obtain FDA clearance for the tool by the end of 2022. The test runs on Prenosis's Immunix™software platform, which interfaces with hospital Electronic Medical Records that hosts multiple products to improve patient care.
"Personalized medicine is the next frontier of healthcare. Complex acute diseases, such as sepsis, can only be conquered through a robust understanding of the biological response of each patient's immune system – one patient at a time. Prenosis brings our understanding of the disease patterns to a whole new level and enables physicians to make better decisions faster for their patients. We are excited to partner with Bobby and the whole Prenosis team as they continue to develop their technology and transform the way we understand and provide care for patients with complex acute diseases."
Julia Monfrini Peev, Founder and Managing Partner of PACE Healthcare Capital
The funding builds on a recent string of strategic partnerships and accolades for Prenosis, including being selected as part of the MedTech Innovator 2021 Showcase, being named the #2 Medtech Startup of 2021 by MDDI, and being asked to present its research at scientific meetings, including the forthcoming 2022 annual meetings for the Society of Critical Care Medicine and the American Thoracic Society.
"In addition to support from other investors and partners, PACE Healthcare Capital's involvement is a strong endorsement of our solutions and will help to accelerate our growth as we further expand our proprietary dataset and work towards commercialization of the Immunix™platform later this year," said Reddy. "As we use our technology to map acute disease, we hope to usher in a new age of data-driven treatment and medical discovery."
Prenosis is a health tech innovator devoted to ushering in a new era of precision diagnostics in acute care using artificial intelligence. Its Immunix™precision diagnostics platform leverages machine learning algorithms trained on deep biological data and broad clinical data designed to capture and illuminate the complex health states of patients more holistically. Its proprietary NOSISTMdataset is one of the largest and fastest-growing hybrid biomarker-clinical datasets for sepsis care. The Sepsis ImmunoScore™diagnostic on the Immunix™platform has the potential to save thousands of lives and billions of dollars in healthcare spending annually. The Sepsis ImmunoScore™is not yet approved for commercial use in the United States.
About PACE Healthcare Capital
PACE Healthcare Capitalis an early-stage venture capital firm focused on investing in companies that have developed high-impact solutions to critical healthcare challenges. With decades of combined experience and $1B+ of capital raised and deployed in healthcare, PACE applies institutional-grade investment processes to identify the best entrepreneurs and deploy financial and human capital to help them grow their business.
FUTURE OF HEALTHCARE
Endonovo Therapeutics, Inc. | April 26, 2022
Endonovo Therapeutics, Inc. announced an agreement with NAMSA – a leading Global Contract Research Organization and medical device reimbursement specialist – as strategic advisors to develop in-patient and out-patient medical reimbursement strategies for Endonovo’s flagship PEMF product SofPulse®.
“Engaging NAMSA as strategy advisors to develop and apply proven medical device reimbursement strategies is a huge advantage for Endonovo and our shareholders, according to Endonovo CEO Alan Collier. “NAMSA is a proven medical device development partner with relevant therapeutic know-how that is critical when seeking acceleration of reimbursement efforts and commercialization objectives,” he pointed out.
NAMSA was founded in 1967 as a scientific research company and later transitioned into a Global CRO and Medtech (Medical Technologies) reimbursement specialist. Today, it has 1,000 strategic associates who provide Medtech reimbursement advisory expertise to more than 300 clients in 15 global regions.
NAMSA offers a full continuum of reimbursement services for medical technologies. Their reimbursement consultants provide: payer relations, medical policy research, coverage advocacy, Healthcare Common Procedure Coding System Current Procedural Terminology code analysis/applications and health economic analysis.
“Our team strives to bring impactful products like the Endonovo SofPulse into higher adoption. With this technology, and its favorable economics, there are multiple opportunities ahead for serving populations in need. We will work together with the Endonovo team to improve market access for this novel device in the very near term.”,
Joseph Sierra, Director, Reimbursement Consulting, North America, NAMSA
NAMSA provides strategic guidance and tactical support to fast-track medical device commercialization and to make an immediate impact on patient healthcare worldwide. NAMSA’s services have grown to include regulatory, reimbursement and quality consulting as well as clinical research. These additions have helped NAMSA to become the pre-eminent 100% medical device-focused Global CRO that offers proven strategic solutions throughout the full development continuum. NAMSA is the only US FDA ASCA accredited medical device biocompatibility laboratory in the world. This allows medical device sponsors to fast-track commercialization efforts, while achieving time and cost efficiencies in every major market of the world.
Collier stated: “We are fortunate to be working directly with Joseph Sierra, at NAMSA. With over 10 years of reimbursement experience, and his proven track-record in developing successful medical device reimbursement strategies is exemplary and will be helpful in developing the path toward reimbursement for our main product SofPulse®. Joseph is an adjunct instructor at USC Masters of Health Administration Program, and his prior professional work includes successful stints with NeoFect USA and Medtronic Ltd. where he demonstrated a record of success leading roles in reimbursement programs, analysis, and strategies for their medical devices.”
NAMSA’s reimbursement expertise and track-record in the introduction and adoption of medical devices into multiple medical specialties includes: orthopedics, cardiovascular surgery, general surgery, plastic surgery, neurology, robotic surgery and wound care. Collaborating with NAMSA on global reimbursement allows Endonovo to explore reimbursement for the U.S. medical markets as well as the European Union market adoption through SofPulse® medical CE Mark. Additional target markets would be Taiwan and other Asian countries.
About Endonovo Therapeutics Inc.
Endonovo Therapeutics is a commercial-stage developer of noninvasive wearable Electroceuticals® therapeutic devices for pain relief, general wellness and wound curatives. The Company's current portfolio of commercial and clinical-stage wearable Electroceuticals® therapeutic devices addresses wound healing, pain, post-surgical pain and edema, cardiovascular disease, chronic kidney disease, and central nervous system disorders, including traumatic brain injury, acute concussions, post-concussion syndrome and multiple sclerosis. The Company's noninvasive Electroceutical® therapeutic device, SofPulse®, which uses pulsed short-wave radiofrequency at 27.12 MHz, has been FDA-cleared and CE marked for the palliative treatment of soft tissue injuries and post-operative pain and edema. It also has CMS national coverage for the treatment of chronic wounds. The Company's current portfolio of preclinical-stage Electroceuticals® therapeutic devices addresses chronic kidney disease, liver disease, non-alcoholic steatohepatitis cardiovascular and peripheral artery disease and ischemic stroke. The Company's noninvasive, wearable Electroceuticals® therapeutic devices work by restoring key electrochemical processes that initiate anti-inflammatory and growth factor cascades necessary for healing to occur.
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.