Led · Equity · Oct 2021

CareCentrix operates a home-centered platform that coordinates care to the home for health plans, patients, and providers, offering services such as care transitions, home nursing, durable medical equipment, home infusion, and in-home palliative care. Its operations are enabled by HomeBridge, a machine-learning, proprietary analytics-driven care coordination platform that develops hyper-personalized care plans. The company manages care for 19 million members through approximately 7,400 provider locations and reports reductions in total cost of care by 20%, emergency department usage by over 11%, and skilled nursing costs by 23%. The investment from Walgreens advances CareCentrix's role in post-acute and home care and supports integration with Walgreens Health to expand customer-centric, technology-enabled care models. CareCentrix aims to partner with payers and health systems to manage the journey from hospital to home and to scale home-focused solutions to lower costs and improve outcomes. Following Walgreens' majority investment, the company is set to continue operating independently under its current executive leadership. Founded in 1996 and led by CEO Eric Reimer, CareCentrix provides home healthcare benefits management services from its base in East Hartford, Connecticut. The company offers a full range of services including coordination of home nursing, home infusion, home medical equipment and sleep testing. It also operates HomeSTAR, a program designed to reduce hospital readmissions. CareCentrix received an equity investment from Summit Partners and intends to use the proceeds to develop new product offerings. Some existing shareholders, including Water Street Healthcare Partners (which acquired the company in 2008), will retain an ownership position following the transaction. Board additions from the investor side are expected to support governance and strategic initiatives.

Led · Equity · Oct 2021

VillageMD operates more than 230 practices in 15 markets and focuses on value-based primary care delivered through physician-staffed clinics and Village Medical locations. The company expects to generate $1.3 billion in revenue this year, up from $217 million in 2017. Many VillageMD practices are co-located with Walgreens stores, and the partnership is central to its expansion plans. Walgreens' investment is intended to accelerate the rollout of hundreds of doctor-staffed Village Medical at Walgreens practices. VillageMD aims to open at least 600 such clinics in more than 30 U.S. markets by 2025 and 1,000 by 2027, with more than half in medically underserved communities. The company plans an initial public offering next year. VillageMD, through its subsidiary Village Medical, partners with physicians to provide tools, technology, operations, staffing support and industry relationships to deliver clinical care and reduce total cost of care. The Village Medical brand provides primary care at traditional free-standing clinics, Village Medical at Walgreens clinics, at home and via virtual visits. VillageMD and Village Medical have grown to include more than 2,800 physicians across nine markets, are responsible for approximately 600,000 lives and manage $4 billion in total medical spend in value-based contracts. The company plans to open 500 to 700 full-service primary care clinics co-located with Walgreens stores in more than 30 US markets over the next five years, with the intent to build several hundred more clinics and enter up to 20 additional US markets over time. Those clinics will be staffed by more than 3,600 primary care providers to be recruited by VillageMD, and the expansion is tied to a deepened partnership with Walgreens Boots Alliance. VillageMD provides tools, technology (including its docOS platform), operations, and staffing support to physicians and health systems to drive quality clinical results across patient populations. The company partners with more than 2,500 primary care physician groups, independent practice associations, and health systems. It manages $3 billion of total medical spend in value-based contracts. VillageMD operates under the Village Medical brand and also offers a Village Medical at Home service. Led by CEO and co-founder Tim Barry, the company plans to expand its primary care presence in existing and new markets and to enhance its docOS platform. The recent financing positions VillageMD to scale its brand and home-based offerings. VillageMD partners with primary care providers to lower costs and improve patient outcomes by supplying data analytics, physician-based care coordination, and on-the-ground support resources. The company says it now works with 2,500 primary care physician partners across six states. VillageMD plans to use the new funding to expand into more markets and invest in its technology platform. Founded in 2013, VillageMD was started by Tim Barry and Clive Fields; Tim Barry serves as CEO. Last February the company added Zeke Emanuel to its board of directors. Financially, the company has shown multi-year growth and emphasizes clinical and financial results achieved with partners. VillageMD partners with leading primary care providers, physician groups, IPAs, and health systems to support a primary care–led, value-oriented clinical model. The company provides tools, technology, and operational support designed to drive higher-quality clinical results, increase patient satisfaction, and lower costs. VillageMD brings health-plan relationships that reward primary care providers for practicing higher-quality, lower-cost medicine and relies on a proven operating model of people, processes, and technology. It currently partners with over 400 primary care providers across markets in Texas and Indiana. VillageMD is headquartered in Chicago, IL. The company plans to use new capital to accelerate national expansion into several new states across the Midwest, Northeast, and Southeast.

Participated · Series C · Oct 2014

MedAvail provides turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and operates home delivery services for Medicare clinics. Its core product is an automated in-clinic pharmacy platform designed to improve medication adherence and clinical outcomes. The company completed a private placement that raised approximately $84 million in gross proceeds prior to the closing of its announced business combination. That financing resulted in the issuance of roughly 12.3 million shares of MedAvail common stock. Proceeds are earmarked to support strategic growth initiatives and general corporate purposes, including expanding its footprint in the United States and building instant and remote pharmacy services. Cowen and Company served as lead placement agent, with Lake Street Capital Markets acting as a placement agent. MedAvail operates the MedAvail MedCenter™, a kiosk-based, mobile-enabled self-service pharmacy platform that enables automated medication dispenses under the supervision of licensed tele-pharmacists in under 90 seconds. The MedCenter provides 24/7, multi-lingual pharmacist access via built-in audio-visual communications and licensed tele-pharmacists perform all professional functions associated with prescription dispensing. MedAvail has deployed its platform in the U.S. and internationally with customers that include Walgreens, Banner Health, Geisinger, and Bayless Integrated Health. Company data shows MedCenters in physician clinics fill 25–40% of prescriptions written by the clinic and about 35% in hospital sites; MedAvail says on‑premise MedCenters increase medication adherence to 100% versus approximately 70% pickup rates. The company positions its turnkey offering as a low cost-to-fill "last mile" channel for pharmacy retailers, hospital systems, clinic operators, employers and new market entrants. This round of financing will help scale MedAvail’s commercial activities in the U.S. and overseas. MedAvail Technologies is a Toronto, Canada-based healthcare solution company that commercializes the MedAvail MedCenter prescription-drug dispensing kiosk. The MedCenter is a consumer-facing kiosk providing live two-way audio-visual interaction with a remote pharmacist. The solution is intended for deployment in hospitals, clinics, retail locations, pharmacies and employer sites. Deployments of the MedCenter are currently ramping up in the US, Canada and Europe. MedAvail intends to use the proceeds from the financing to fund commercialization of the MedCenter. The company is led by CEO Ed Kilroy and recently added Dr. Frank Litvack of Pura Vida Investments to its board.