Adds Renowned Healthcare Executives as Investors and Board Members to Accelerate Company’s Growth in Patient-Centered Quality Care Solutions
CHICAGO— June 19, 2012 — Valence Health, a leading provider of clinical integration and health plan services, announced today that it has secured a $30 million minority investment from North Bridge Growth Equity, a leading venture capital growth equity firm focused on investing in mid-stage, emerging and high-growth technology companies. North Bridge Growth Equity is affiliated with North Bridge Venture Partners. The funds will be used to accelerate the company’s exceptional growth trajectory by adding seasoned healthcare talent; investing in strategic sales and marketing initiatives; and expanding its integrated suite of solutions aimed at improving healthcare and lowering costs through clinical integration, quality management and risk assumption.
In addition to the financial investment, North Bridge has helped Valence Health bring together some of the healthcare industry’s leading figures to form its Board of Directors. Valence Health’s new Board includes:
Chris Kryder, M.D., non-executive Board Chair for Valence Health and founding CEO of D2Hawkeye (acquired by Verisk Analytics), co-founder of Generation Health (acquired by CVS/Caremark) and former Chief Medical Officer of Mariner Health
Bob Sheehy, former CEO of UnitedHealthCare
George Lynn, former Chair of the American Hospital Association (AHA) and former CEO of AtlantiCare
Phil Kamp, co-founder and CEO of Valence Health
Todd Stockard, co-founder and President of Valence Health
Bill Geary, Partner, North Bridge Venture Partners
Mike Pehl, Partner, North Bridge Growth Equity
Additionally, Roshen Menon, Principal, North Bridge Growth Equity, will join the Board as an observer.
With the healthcare industry’s move to a collaborative care model, healthcare providers are facing new regulations and increased financial pressures to achieve efficient care delivery that is focused on the patient. Valence Health offers tech-enabled, patient-centered solutions that combine data aggregation and sophisticated data analytics with web-based reporting tools to give providers the information they need to deliver collaborative care across the care continuum to improve patient outcomes, while meeting the new standards and regulations. It also arms providers with the ability to prove that new metrics are truly being met in order to achieve optimal reward.
“Regulatory and economic incentives are forcing fundamental changes in how patient care is being delivered. Valence Health has established itself as an emerging leader in this fast-growing market,” said Bill Geary, Partner, North Bridge Venture Partners. “The company has put together a proven solution that brings together the tools, technology, and processes to assess opportunities, measure outcomes and ensure appropriate payment for quality care across various delivery settings within organizations. We are confident that we are partnering with a great team in the competitive healthcare market and look forward to helping Valence Health reach its full potential.”
For 15 years Valence Health has been leading the way in enabling healthcare providers to optimize their systems to deliver quality care. The company’s health plan services offering provides a full suite of medical, financial, analytic, and call center services for the effective utilization of health care dollars. Customers can choose a complete outsourced solution or opt to outsource specific functions. Whichever option a customer chooses, Valence Health’s seasoned, multi-disciplinary teams of medical, financial and technical professionals will plan, implement and manage the solution that best fits the customer’s needs. Today, Valence Health currently works with some of the nation’s leading health organizations, including the Cleveland Clinic, Texas Children’s Hospital, Driscoll Children’s Health Plan, OhioHealth Group, St. Luke’s Episcopal Health System, Scott and White Health Plan, NorthShore University Health System, Alliant Health Plan and Nationwide Children’s Hospital.
“North Bridge’s investment goes far beyond the obvious financial benefits of funding our ongoing product development and expanding sales and marketing,” said Phil Kamp, CEO of Valence Health. “It enables us to bring together a powerhouse Board of Directors whose collective experience and contacts throughout the healthcare industry are unparalleled. We are excited to have these high caliber healthcare executives help guide us in our mission to provide best-in-class accountable care solutions that improve the efficiency and accountability of healthcare providers resulting in better patient care and lower costs.”
“The delivery of truly accountable care is now the holy grail for all participants in the market,” said Chris Kryder, M.D. “Companies like Valence Health are setting the pace in the development of the technology and services needed to enable accountable care systems. I look forward to working closely with the company in helping hospitals and physicians attain this objective.”
“Efficient care delivery must always place what is best for the patient at the center and that is what Valence Health is enabling providers to accomplish with its integrated suite of solutions and services,” said Bob Sheehy. “There is a huge opportunity to bring everyone involved in patient care together through solutions like those offered by Valence Health, which focus on the patient, resulting in better care, lower costs and more satisfied caregivers.”
“I’ve worked with Phil Kamp and Todd Stockard since my days with AtlantiCare and I can think of no other individuals who possess the leadership, depth of experience and track record of success that they have in this field,” added George Lynn, “Accountable care is an inevitable and welcome future for this industry. Valence Health’s technology and services are, and will continue to set the pace in ushering in a new standard of patient care and medical accountability.”
About North Bridge:
North Bridge Growth Equity, a leading mid-stage venture capital equity firm focused on emerging high-growth technology companies since 2007, is affiliated with North Bridge Venture Partners, a leading early-stage and start-up technology venture capital investor founded nearly twenty years ago in 1994. With over $3 billion under management in seven venture capital funds and a growth equity fund, North Bridge has invested in nearly 200 technology companies across five diversified sectors including healthcare, software, communications, materials and digital media, with offices in the Boston and San Francisco areas. Selected healthcare investments since North Bridge’s inception include eBenX, Phase Forward, Pharmetrics, Navinet, Aushon Biosystems, Arsenal Medical, 480 Biomedical, Connance, Healthrageous, Springleaf Therapeutics, SynapDx and Humedica. For more information about North Bridge visit www.northbridge.com
About Valence Health:
Valence Health delivers patient-centered, data-driven solutions for quality care and population management. Based in Chicago and recognized as a market leader in the area of clinical integration and managing risk arrangements, Valence Health offers unique solutions that combine data aggregation and sophisticated data analytics with web-based reporting tools. We also have an extensive history of managing risk, and can successfully position healthcare provider organizations for future payment reforms such as bundled payments, medical home models, and ACOs. For more information about Valence Health’s capabilities and solutions, contact Lori Fox Ward, Senior Vice President at (312) 277-6304. Visit Valence Health at www.valencehealth.com
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