naviHealth Receives Strategic Investments from BlueCross BlueShield Venture Partners and Ascension Health Ventures
NASHVILLE, Tenn. - (BUSINESS WIRE) - naviHealth announced strategic investments from BlueCross BlueShield Venture Partners L.P. (BCBS Ventures), managed by Sandbox Industries, and Ascension Health Ventures (AHV). These new entities join Welsh, Carson, Anderson and Stowe, Universal American and Select Medical Corporation as principal investors in naviHealth.
naviHealth is a leading post-acute care benefit manager, partnering with health plans, health systems, accountable care organizations and post-acute care providers, to drive better decision-making for patients who are emerging from acute care. The company utilizes a proprietary, evidenced-based analytics technology built out from nearly one million post-acute outcomes, and a face-to-face patient engagement model to help patients and caregivers understand the best options across the post-acute continuum. Through this approach naviHealth is able to reduce post-acute practice variance and inefficiencies, while benefitting the patient in the process.
"We are very pleased to add BCBS Ventures and AHV as investors in our company," said Clay Richards, naviHealth president. "Both of these partners are among the leaders in identifying innovative companies that can deliver solutions to the key problems currently facing our healthcare system, and their investment represents confidence in our model from both the payer and provider communities. They join our current investors to make up a first-class team of strategic partners who clearly recognize that naviHealth can significantly improve post-acute care management and drive value for our health system, payer, and other partners across the healthcare landscape."
"naviHealth has shown an ability to greatly improve the management of post-acute care - an area of our healthcare system that is greatly in need of new solutions," said Ryan Schuler, Managing Director of AHV. "We believe that as health systems are increasingly pressured to drive coordination of care, reduce hospital re-admissions, and move toward a value-based system, naviHealth's services will become more in demand."
Sandbox Industries Managing Director Anna Haghgooie added, "naviHealth's innovative approach and technology delivers enhanced quality of care and reduces post-acute care costs - benefitting both our plans and members. We are pleased to make this investment and to continue to help naviHealth implement their solution throughout the marketplace."
naviHealth partners with health plans, health systems, accountable care organizations and post-acute providers to manage the entire continuum of post-acute care. The Company utilizes evidence-based protocols and technology-enabled services to optimize care and align all stakeholders. naviHealth has more than 12 years of experience managing post-acute care and currently serves more than one million Medicare lives in 15 states. For more information, visit navihealth.us/.
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. (http://www.bcbsvp.com/), is a $295 million corporate venture fund sponsored by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield companies.
About Sandbox Industries
Sandbox Industries (www.sandboxindustries.com) is a Chicago-based venture capital firm and startup foundry that builds and grows new businesses internally. Sandbox, founded in 2003, has launched several companies and exclusively manages the BlueCross BlueShield Venture Fund.
About Ascension Health Ventures
Ascension Health Ventures was launched in 2001 as a wholly owned subsidiary of Ascension Health. Today it is a subsidiary of Ascension Health Alliance formed in 2012. AHV's role has been to construct and manage a strategic portfolio of investments that deliver a venture investment return, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. AHV has three venture funds under management and its limited partners include Ascension Health Alliance, Catholic Health East, Catholic Health Initiatives, Decatur Memorial Hospital, Dignity Health, Mercy and Intermountain Healthcare. For more information, go to www.ascensionhealthventures.org.