Birmingham, Alabama-based ContinuumRx, a provider of home infusion therapies and services, has secured $5.5 million in funding. The investor was NewSpring Health Capital. In addition to the funding, Brian G. Murphy, a general partner at NewSpring and Chris Bodine, a venture partner at NewSpring and former CVS Caremark president, have been named to ContinuumRx’s board of directors.
Radnor, PA – July 21, 2015 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Health Capital (“NewSpring”), the dedicated healthcare fund of NewSpring Capital, made a $5.5 million investment in ContinuumRx Services, Inc. (“ContinuumRx”) as part of a syndicate that included Health Enterprise Partners and other existing investors. ContinuumRX will use the proceeds to execute growth initiatives and expand into new markets.
Headquartered in Birmingham, AL, with offices in Huntsville, Nashville, and Knoxville, ContinuumRx develops joint ventures with health systems to provide home infusion and specialty pharmacy services. The Company delivers intravenous pharmaceutical products and corresponding clinical support services through a coordinated care program to a chronic and acute patient population. ContinuumRx operates in five Southern U.S. markets, representing five health systems and a total of 25 hospitals.
ContinuumRx deploys a fully-integrated specialty infusion service platform via a high-touch model that promotes better financial and clinical outcomes. The Company works closely with provider partners’ case managers, discharge planners, and hospitalists to drive accountability and system alignment, which is facilitated through the Company’s proprietary reporting platform providing health plans, health systems and physicians with timely information regarding therapy compliance, quality indicators and outcomes.
“ContinuumRx’s unique business model, forming joint ventures and becoming a partner with hospitals, offers a strong value proposition to health systems wanting to control their post-acute network and improve patient care while reducing hospital readmissions,” said Brian G. Murphy, NewSpring General Partner and newly added Member of the Board of Directors. “The Company has grown significantly since inception and we are thrilled to add them to our growing portfolio of successful healthcare companies. We look forward to partnering with Chuck Jett and his team and supporting them as they execute on the growth initiatives that they have implemented.”
Chris Bodine, NewSpring venture partner and former President of CVS Caremark, will also be joining the Board of Directors.
“Continuity of care challenges and evolving payment mechanisms are driving changes in healthcare. ContinuumRx has built a platform to efficiently bridge patients from the hospital to home,” said Chuck Jett, CEO of ContinuumRx. “It was important to us to have an investor who understands these challenges and could add real value as we continue to grow our business. The NewSpring team has a deep understanding of healthcare services in general and the pharmacy sector specifically. We are excited to be working with Brian, Chris, and the NewSpring team.”
ContinuumRx partners with healthcare systems and their providers to improve post-acute care coordination and care management, to help reduce gaps in patient care, to enhance the overall patient experience, and to help provider partners improve their overall financial performance. ContinuumRx provides home infusion therapies and services to hundreds of patients each month and supports them in their care and recovery through all phases of the healthcare continuum. For more information, please visit www.ContinuumRx.com