Health Enterprise Partners and Heritage Group have made an investment in AllyAlignHealth. No financial terms were disclosed. Also, Paul Wallace, managing director at Heritage Group, and Bob Schulz, general partner at HEP, have joined AllyAlign’s board of directors. AllyAlignHealth is a care management company.
AllyAlign Health, a care management services organization focused on helping long-term care providers manage the cost and quality of patient care, received an investment from two healthcare funds whose investors include 22 of the largest for-profit and not-for-profit hospital systems and 10 of the largest health plans in the U.S. New York-based Health Enterprise Partners (HEP) and Nashville-based Heritage Group have similar investment strategies which leverage their extensive industry relationships to support the growth of businesses that improve the quality, service and efficiency of healthcare delivery. They co-led the investment in AllyAlign Health, which also includes members of AllyAlign’s management team and other industry participants.
AllyAlign’s goals are two-fold: to improve the care of patients with chronic and complex medical conditions and to improve the profitability of long-term care providers. AllyAlign primarily utilizes care teams and technology to improve outcomes, decrease costs and thrive in a changing managed care environment. AllyAlign engages with payers in quality-based contracts that recognize and reward out-of-the-box care delivery options for medically complex patients.
“The long-term care industry is under intense pressure due to decreasing reimbursement rates and the lack of infrastructure and technology needed to adapt to multiple payers and increased responsibilities,” said Will Saunders, president and CEO of AllyAlign Health. “The support of HEP and Heritage will allow us to further our model, provide an opportunity for the long-term care community to become proactive in dealing with managed care payers and create an avenue for new revenue streams needed for population health management.”
Saunders formed AllyAlign in 2013 after a successful career as an entrepreneur and more recently as group president of Xerox Corporation’s $900 million Government Health Division, one of the country’s largest Medicaid Service Administrators, serving 37 state Medicaid programs.
In conjunction with the investment, Paul Wallace, managing director at Heritage Group, and Bob Schulz, general partner at HEP, are now members of AllyAlign’s board of directors.
“AllyAlign offers a unique and valuable service to the long-term care industry, which currently faces a lot of uncertainty,” said Schulz. “Today, smart healthcare organizations, particularly long-term care providers focused on the care of the elderly, must focus on well-coordinated care in order to benefit the patient and their business. We see tremendous value in AllyAlign’s offerings.”
About AllyAlign Health
AllyAlign is a care management company connecting facilities and providers through care teams and technology to offer seamless, coordinated care for patients with chronic and complex medical conditions and ultimately, to improve outcomes, decrease costs and thrive in a changing managed care environment. A complete, active care management platform enables real-time, cross-boundary collaborative care. Patients are connected to care teams and care teams are connected to critical care plan and treatment information. Mobile and web-based access options ensure convenient access from home and bedside.
For more information, visit www.allyalign.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, 25 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 hospital systems and health plans.
For more information on HEP, visit www.hepfund.com.
About Heritage Group
Heritage Group is a Nashville-based, venture capital firm with over 25 years of experience financing and operating healthcare companies at all stages. Created by a diverse group of the nation’s leading healthcare services firms, the Heritage Healthcare Innovation Fund is a $167M strategic initiative focused on investments in businesses that improve the delivery of healthcare services.
For more information on Heritage Group, visit www.heritagegroupusa.com.