– USA, VA – Advance Health, a leading provider of managed care prospective health assessments and care management solutions, announced that it received a $40 million minority growth equity investment led by Summit Partners, with participation from Noro-Moseley Partners. Advance Health will use the funding to continue product innovation, broaden market awareness, and expand its sales and services capabilities.
Advance Health provides in-home health risk assessments and chronic care management services through its extensive provider network. The company’s combination of proprietary mobile workflow technology and highly experienced, dedicated care providers yields outstanding program results and better outcomes for clients and their health plan members.
“Summit’s deep experience in the healthcare sector will help our team accelerate Advance Health’s long-term business plans, enabling us to capitalize on new market opportunities,” said Brian Wise, CEO of Advance Health. “Our goal is to meet the demands of the fast-moving healthcare marketplace by providing clients with innovative health assessment and care management services.”
“Advance Health is a clear leader in the managed care market,” added Mark deLaar of Summit Partners, who has joined the Advance Health Board of Directors. “With its broad geographic reach, exceptional team and innovative technology, Advance Health is delivering the highest level of services available in the marketplace today. We are honored to partner with Brian, Marc and the rest of the management team to support the company’s continued growth.”
Allen Moseley, a General Partner with Noro-Moseley Partners, added, “Advance Health is the first provider to offer complete electronic assessment capture at the point of care through its proprietary iOS iPad and HTML5 application. We’re delighted to partner with Advance Health as they move on to the next generation of quality and care.”
“With our new equity partners, we are even more excited about the future of Advance Health. Our innovative technology and differentiated solution will continue to set us apart in the managed care marketplace,” said Marc Wise, the President of Advance Health.
Advance Health’s clients include many of the country’s largest managed care companies. These entities rely on Advance Health to provide outstanding care and service to their patients.
Advance Health was advised by Bass, Berry & Sims PLC. Summit Partners was advised by Choate Hall & Stewart LLP.
About Advance Health
Founded in 2010 and headquartered in Chantilly, VA, Advance Health is the leading healthcare provider of prospective health risk assessments (“HRAs”). Advance Health offers in-home and facility-based HRAs and chronic care management services for health plans. Advance Health employs a network of full-time Nurse Practitioners to provide its services. The company has developed a proprietary technology platform that providers use at the point of care. To date, the company has completed thousands of assessments for many of the largest Medicare Advantage programs in the United States. Visit Advance Health at www.advancehlth.com to learn more.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised more than $16 billion in capital. Summit has invested in more than 400 companies in healthcare, technology and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable healthcare companies financed by Summit Partners include CareCentrix, HealthCare Partners, Heart to Heart Hospice, Lincare, MDVIP, Mednax and OB Hospitalist Group. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
About Noro-Moseley Partners
Noro-Moseley Partners, based in Atlanta, is a venture capital firm focused on early growth stage companies in the healthcare IT and services sectors and information technology sectors. Since 1983, NMP has been a leader in its market, investing more than $650 million in over 175 companies. The managers of NMP’s current fund, Noro-Moseley Partners VII, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies. For more information, visit www.noro-moseley.com.
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