Carena completes $14m Financing Led by CHI

Seattle-based health care innovator Carena has completed a $14 million financing led by Catholic Health Initiatives, a national nonprofit health system. CHI’s investment will allow Carena to extend its geographic reach beyond Washington and California and to expand its clinical offerings.

PRESS RELEASE

Seattle-based health care innovator Carena, Inc. has completed a $14 million financing led by Catholic Health Initiatives (CHI), a national nonprofit health system. CHI’s investment will allow Carena to extend its geographic reach beyond Washington and California and to expand its clinical offerings.

“Patients are paying for an increasing percentage of the care they receive”
The strategic relationship between Carena and CHI grew out of a successful partnership with the Franciscan Health System, a Tacoma-based group of hospitals and clinics affiliated with CHI. Since January 2011, Carena physicians and advanced registered nurse practitioners have provided Franciscan employees access to after-hours medical advice and treatment for minor illnesses and injuries by telephone, webcam and in-person house call as a convenient, less-costly alternative to visiting a hospital emergency department or urgent care clinic. The program, called Franciscan Anytime, has received high satisfaction scores from Franciscan employees. Medical concerns addressed to date include conditions such as abdominal pain, sore throat, ear ache and sinus congestion.

“At Catholic Health Initiatives and Franciscan, we know that health care providers need to innovate and the future will demand that we provide care more efficiently, conveniently, and at a lower cost,” said Franciscan Chief Operating Officer Cliff Robertson, M.D. “We see Carena as a strong partner to help us better meet the needs of our patients and local employers.”

Carena has developed proprietary clinical decision-making software and innovative delivery systems to minimize variation in care, reduce costs and ensure the highest quality of care. Carena plans to use the new funds to enhance delivery system technology, scale operations to provide services in more states, and to launch additional product lines over the next couple of years. The details of CHI’s strategic equity investment were not disclosed.

“Patients are paying for an increasing percentage of the care they receive,” said Ralph C. Derrickson, Carena’s President and CEO. “We believe there is an enormous opportunity to use technology to provide solutions that help patients access care and manage their costs. We are thrilled by the opportunity to partner with such a forward-thinking health care organization to provide a more complete range of care options that improve access and reduce cost.”

About Carena, Inc.

Carena, Inc. is a Seattle-based team of medical, consumer service, and technology professionals committed to delivering the best health care experience possible. The technology-enabled care delivery model provides access to healthcare 24 hours a day, 365 days a year via phone, secure video, and the traditional house call. Carena provides health care solutions to patients through self-insured organizations, health insurance companies, and health systems resulting in lower medical costs and high patient satisfaction. Carena’s unique 24/7 services were designed to support the patient primary care provider relationship by providing care and education when the patient’s primary care provider is not available. Carena is redefining health care by changing how patients access care and providers deliver it. More information about Carena is available at www.CarenaMD.com.

About Catholic Health Initiatives: Catholic Health Initiatives is a national nonprofit health organization with headquarters in Englewood, Colo. The faith-based system operates in 19 states and includes 76 hospitals; 40 long-term care, assisted- and residential-living facilities; two community health-services organizations; two accredited nursing colleges; and home health agencies. In fiscal year 2011, CHI provided more than $612 million in charity care and community benefit, including services for the poor, free clinics, education and research. With annual revenues of more than $10.5 billion, CHI is the nation’s second-largest Catholic health care system. For more information, visit www.catholichealthinitiatives.org .

Contacts
For Carena:
Colehour + Cohen
Bryan Cohen, 206-388-8215
bcohen@colehourcohen.com
or
Colehour + Cohen
Carey Evenson, 206-919-9995
cevenson@colehourcohen.com
or
For Catholic Health Initiatives/Franciscan Health System:
Catholic Health Initiatives
Director, Media Relations
Michael Romano, 303-383-2720
michaelromano@catholichealth.net
or
Franciscan Health System
Manager, Media Relations
Gale Robinette
Desk: 253-382-3858
galerobinette@FHShealth.org