As health systems begin to explore opportunities to move into the realm of venture capital, they can benefit from the lessons learned from corporations and other health systems that have experience with such a strategy. Read more.
Lockton Benefit Group today announced a material investment in its InfoLock® data intelligence platform. The enhancements to the platform improve Lockton’s ability to partner with their clients to identify health trends and respond to areas driving the cost of health. Lockton uses InfoLock to advise employers on developing comprehensive health management programs to address the continuum of health risks across their working population. Read more.
Accomplished healthcare executive Jim Glynn to lead home healthcare platform
For Immediate Release
Irvine, CA, April 15, 2016 – SV Life Sciences Advisers (“SVLS”) and Health Enterprise Partners (“HEP”) announced today that they have partnered with experienced healthcare services executive Jim Glynn to form Jet Health, Inc. (“Jet Health”). The new company will develop, acquire, and operate home health care companies as part of a strategy to build a leading national home health platform. SVLS, HEP and Mr. Glynn have committed significant equity capital to fund the growth of Jet Health.
Jim Glynn, Jet Health’s CEO, is a seasoned and highly accomplished home health care executive with deep expertise in building, acquiring, and growing home health care and home infusion businesses. Previously, Mr. Glynn served as CEO of Amerita, Inc., a private equity-backed specialty infusion platform. Mr. Glynn founded Amerita in 2006 and successfully grew the company to become the fifth largest specialty infusion provider in the U.S., with 18 locations generating $140 million in annualized revenue. Prior to his tenure at Amerita, Jim served in various senior management roles at Apria Healthcare, Gentiva Health Services, and Coram Healthcare. “At Amerita, Jim successfully built a health care services company that empowered local operators and clinicians to deliver high quality services in growing markets. We are excited to partner with Jim to replicate that model in home health care,” said Tom Flynn, Managing Partner at SVLS.
Home health care is a diversified industry comprised of skilled nursing care, physical, speech and occupational therapy, rehabilitative care, medical social services, personal care, and companion services. Jim stated, “The home health industry is poised to continue its strong recent growth driven by an aging U.S. population, patient preference to be treated in a comfortable and convenient setting at home, and significant cost savings relative to care in inpatient or nursing home facilities. I look forward to building Jet Health into a premier home health business in partnership with SVLS and HEP.” California-based Jet Health plans to leverage local brands and operating expertise while sharing best practices across its companies and centralizing traditional back office functions. Dave Tamburri, Partner at HEP, commenting on the critical role home health care plays in the post-acute care continuum, “Under Jim’s proven leadership, Jet Health will seek to partner with health systems and other providers to bring innovative approaches to post-acute care.”
About SV Life Sciences Advisers
SV Life Sciences Advisers, LLC (“SVLS”) is a global leader in healthcare and life sciences investing. SVLS affiliated funds have been investing in such companies since the early 1980s, forming its first dedicated healthcare fund in 1994. Today, SVLS manages five funds with approximately $2.0 billion of capital commitments under management. The firm has invested in over 175 companies through its venture funds, and employs a diversified investment strategy capitalizing on opportunities in the following subsectors; therapeutics, medical devices, healthcare information technology (HCIT) and healthcare services. SVLS employs a close symbiosis between operating and financial professionals which has led to significant success over five investment funds. SVLS has offices in Boston, London and San Francisco. For more information, please visit the company’s website at http://www.svlsa.com.
About Health Enterprise Partners
Health Enterprise Partners invests primarily in privately held, profitable, middle market companies in the health care information technology and health care service sectors. HEP’s strategy is to leverage its unique and extensive hospital system and health plan network, 26 members of which are investors in HEP’s funds. HEP seeks to invest in companies that improve the quality of the patient experience, reduce the cost of health care, and improve operating margins for their customers, typically hospital systems and / or health plans. For more information, please visit http://www.hepfund.com
New Investment Supports Continued Geographic and Product Growth While Adding Experienced Behavioral Healthcare Executive to Management Team
St. Louis, MO — December 2, 2015 — CenterPointe Behavioral Health System, LLC (CBHS)
announced today a control growth capital investment co-led by a syndicate of investors including Health Enterprise Partners and NaviMed Capital, with participation by Siguler Guff & Company, LP.
CBHS currently owns and operates high-quality freestanding psychiatric hospitals, outpatient behavioral programs, and other psychiatric specialty programs in multiple states including Missouri, Illinois, and Minnesota. CBHS assets include CenterPointe Hospital in St. Louis, MO and Signature Psychiatric Hospital in Kansas City, MO.
The senior management team at CBHS is led by Dr. Azfar Malik and John “Buddy” Turner. As the founder of CenterPointe Hospital, Dr. Malik continues his leadership role as President and Chief Medical Officer of CBHS. Since founding CenterPointe Hospital in 2003, Dr. Malik has grown CenterPointe’s clinical offering from 20 beds to nearly 200 beds while delivering consistently high quality care to a broad spectrum of psychiatric patients in a variety of care settings including inpatient, partial hospitalization, intensive outpatient, and outpatient practices.
Mr. Turner, an experienced behavioral healthcare executive, has recently joined CBHS as Executive Chairman and Chief Executive Officer to drive the company’s strategic plan as he leads the next phase of growth for CBHS.
“The entire CenterPointe Behavioral Health Systems family is excited for the next chapter of our growth with our new investors and in partnership with Buddy Turner,” said Dr. Azfar Malik. “CBHS commits to continue serving patients and their families with the highest clinical quality behavioral health programs.”
Prior to joining CBHS, Mr. Turner led Behavioral Centers of America (BCA), a multi-site behavioral care company, through its successful sale in 2013. HEP and Siguler Guff were investors in BCA, and Rick Stowe, a partner of HEP, served on the Board of Directors. Mr. Turner has more than 20 years of healthcare management experience in both the non-profit and the proprietary sectors.
“I am excited to work with Dr. Malik and the team at CBHS as we build on the strong foundation
of clinical care that they have created over the past 15 years,” said John “Buddy” Turner.
“Recognizing the significant policy-driven growth opportunity in behavioral health, NaviMed is pleased to partner with CBHS, one of the leading proprietary mental health services providers in the country,” said Dr. Bijan Salehizadeh, CBHS board member and Managing Director at NaviMed Capital.
“Continuing our tradition of investing in and helping build leading behavioral healthcare companies, Health Enterprise Partners is enthusiastic to be partnering with Dr. Malik, Buddy, and all of the employees at CBHS,” said Ezra Mehlman, CBHS board member and Vice President at Health Enterprise Partners.download press release
Among the list of top 10 selected products, which ranges from chronic care to cybersecurity, each one includes rave reviews from Becker’s Hospital Review readers. Becker’s Hospital Review requested feedback from its readers about the thousands of solutions in the health IT field and the tools readers would recommend to compile the top 10 list, according to the publication. Read more.
Tom Murphy, AP Business Writer, focuses on Vitals SmartShopper in the US News and World Report article, “Employers Want You to Shop Around for Insurance – Employers push cash incentives to encourage shopping around for health care.” Read more.
Evariant announced it is a Diamond Sponsor of SHSMD Connections 2015, the event of the year for healthcare marketing, public relations and communications, and strategic planning professionals. Leaders from Evariant will be presenting key sessions and moderating a panel on marketing automation and how it can be applied in modern healthcare at the event taking place at the Marriott Wardman Park Hotel in Washington, DC, October 11-14, 2015. Read more.
Mark is an entrepreneur with more than 25 years of experience building ventures, commercializing healthcare solutions and driving client and partner relationships. Prior to launching HealthQx, he was the co-founder of IntelliSource Healthcare Solutions, which was sold to DST Health Solutions in 2011. Previously, he was the founder and CEO of Frontline Solutions and also served as the Director of Health Care for IBM Corporation. Mark attended Drexel University, where he currently serves on the Board of Drexel University’s LeBow School of Business. He also holds an MBA degree from Columbia Business School.
You’ve built and scaled a number of healthcare ventures. Is there a common thread between these companies that has led to successful exits?
I think the most important theme is to first focus on building a great company. I’m a firm believer that if you build a solid company, the exit opportunities will always be there. Typically when you launch a new business you are looking for either a disruptive technology to solve a market pain point differently or a solution to solve a new business challenge. In either case, you are creating a solution to fill a void in the market. My experience has been that the larger technology companies are doing less and less in way of innovation and as a result there is a vacuum that innovative, early stage companies can fill. In effect, building innovative solutions that fill a void in the market will always be attractive to larger healthcare IT organizations.
What challenges are inherent in the HealthQx mission – improving the quality of care while reducing costs?
At HealthQx, we are in the middle of a major transformation in the way in which healthcare is paid for. The massive shift from fee for service to value based payment models is happening now and the pace is quickening. We like to characterize the market as having reached a “tipping point” based on the major announcements from HHS, CMS, and the Commercial Payers. The challenge for HealthQx is this transformation is happening in real-time and the market is trying to figure out how to get started, where to get started, and what models to adopt. This leads to a bit of uncertainty in the market as payers and providers are making their strategic bets. We have created a solution to assist payers and providers with a roadmap to assist them with how to get started with launching and tracking value based payment programs.
How is HealthQx’s flagship product, ClarityQx, poised to add value to healthcare organizations?
ClarityQx was designed with a vision of helping payers and providers operationalize new payment models such as episode-based bundled payment programs. Payers in particular have experimented with bundled payment programs but have run into scalability issues and speed to market challenges with internally developed solutions. ClarityQx is a turn-key solution to help payers and providers scale these payment models. We take in client data in our cloud-based platform and within hours provide actionable information back to our clients via our SaaS platform, ClarityQx. In effect, we are partnering with our clients to eliminate the complexities of implementing, scaling, and operationalizing new payment models through our platform.
What are the most important factors in selecting the best fit candidates to add to the HealthQx team?
I have always targeted “A” players – top performers have always proven to be worth the investment. It is very tempting to settle for mid-tier candidates due to the speed of our business but finding the top players has proven to be effective. As Warren Buffet says “look for 3 characteristics in new hires – 1. Intelligence 2. Energy 3. Integrity” and if they don’t have the last one don’t bother with the other two. There is something that a high energy candidate brings to the table. The willingness to work hard is also a trait that is always so critical and often overlooked, particularly in an early stage company.
What occupies your time outside of the office?
I have 3 boys that all play sports and I have spent many a late night and weekend on a baseball diamond or basketball court coaching one of their teams in some far off town. We have created some great memories as a family – although at times my wife will say that we have missed some beautiful weekends at the beach! There is nothing better than spending time with your kids in pursuit of their passions.
I also spend quite a bit of time at my alma mater, Drexel University. I serve on the Board of Drexel’s LeBow College of Business as well as supporting the Drexel Baseball team with a variety of fundraising activities.