Essence Group Holdings Corp., parent of Lumeris, a provider of population health management solutions, has closed approximately $71 million in financing. The investors were not named. Allen & Company was the financial advisor.
ST. LOUIS—Essence Group Holdings Corporation (EGHC), parent of Lumeris, a pioneer in population health management solutions, today announced that it has secured approximately $71 million in financing. The private-funding round includes capital from new and existing investors. Allen & Company LLC served as financial advisors.
The financing will be used to further strengthen Lumeris’ position as a leader in population health management. It will also fuel the company’s expansion from eight to 20 U.S. markets for its value-based care solutions, which help health systems, payers and providers successfully make the transition from fee-for-service to new shared-risk models for clinical and financial outcomes.
“The health care industry is undergoing a major revolution in accountability and shared responsibility for delivering better clinical outcomes for all Americans at more affordable costs by shifting from volume to value. Lumeris is excited to be leading this business and care-delivery transformation, and was among the first to address the quality and cost of care challenges providers face managing both clinical and financial risk,” said W. Michael Long, chairman and chief executive officer of EGHC and Lumeris. “This private-funding round is further evidence of the commitment of our company and investors to deliver actionable information, risk and coordinated care management services, powerful tools, and effective incentives that physicians, hospitals, payers, employers, and patients need to make better-informed, value-based decisions.”
“In its eight initial markets, Lumeris created partnerships with leading health care organizations that provide health care services to 14 million consumers. By expanding into an additional 12 markets by the end of 2015, Lumeris expects to partner with organizations representing more than 50 million lives,” Long continued. “It is all about helping our partners achieve remarkably improved clinical and financial outcomes for the populations they serve.”
Lumeris is a pioneer in population health management solutions. Through our operations, technology and consulting services, we enable health care organizations to successfully make the journey from volume- to value-based care. We help health systems create Population Health Services Organizations and define populations for risk. We empower providers and their accountable care teams with process improvement strategies, technology tools and clinical workflows to manage their patients and populations effectively. We work collaboratively with payers to ensure the right contracts, measures and incentives are in place to influence physician behavior and drive quality, cost and utilization performance. The depth and breadth of Lumeris’ solutions — combined with its decade of experience in value-based care — make the company an ideal partner for any health care organization seeking to transform its business and care-delivery model and remarkably improve its clinical and financial outcomes. For more information, call 1.888.586.3747 or visit Lumeris.com.