WellNow Urgent Care has lauched with $35 million in committed capital from investors including SV Life Sciences, Petra Capital Partners and River Cities Capital Funds. Nashville, Tenn-based WellNow focuses on treating patients in underserved markets.
WellNow Urgent Care, a new urgent care company focused on treating patients in underserved markets, has launched operations with $35 million in committed capital, according to CEO Kevin Cross. The investment firms providing the capital include SV Life Sciences, Petra Capital Partners and River Cities Capital Funds.
“Thanks to our strong investor base, we’re in a position to invest the capital needed to provide quality care using state-of-the-art equipment and the latest in medical center trends,” says Cross. “We are also holding more capital in reserve for development, including acquiring and building more clinics.”
Headquartered in Nashville, WellNow acquired five Middle Tennessee clinics on January 25, 2012 located in Portland, White House, Hendersonville, Murfreesboro and Nolensville, TN. WellNow’s initial growth plan is focused on opening clinics in areas in the Southeastern United States that lack easy access to primary care, according to Cross.
“Those underserved areas might include suburban, urban or rural markets,” he says. “In five years, our company plans to own and operate as many as fifty centers.” Two additional WellNow clinics are in progress and slated to open in Springfield and Bellevue, TN in early summer of 2012.
Structured Management Team Creates Economies of Scale
“We have a structured management team with extensive combined experience in healthcare services,” Cross continued. The company’s senior management team includes CEO Cross and Chief Operating Officer Graham Cherrington. “Our team will work alongside the clinic’s providers, management and staff, creating efficiencies through economies of scale,” says Cherrington.
WellNow’s clinic model delivers patient care through a mix of primary care physicians, physician assistants and highly skilled nurse practitioners. “WellNow’s goal is to bring a wide range of services to patients in their own communities. Our medical experts and clinical staffs operate in warm, caring environments,” says Cross. “We’re locating our centers in accessible, highly visible areas so patients can find us easily.”
Multiple Factors Driving Trend to Urgent Care
WellNow is addressing a growing need for access to primary care at a time when the number of practicing primary care physicians is on the decline. “Across the United States, there are underserved areas in terms of access to primary care, from pediatrics all the way up to adults,” says Cross. “Fewer medical school students are choosing primary care and a large percentage of practicing primary care doctors are nearing retirement.”
WellNow is working closely with HealthPoint Marketing based in Nashville to develop a regional marketing plan to increase visibility, provide clinic information to patients in new markets and to drive traffic for the clinics. “We will have marketing representatives working with the local clinics to reach out to groups in the community and tell them about our services.”
The advantages that a consolidated urgent care company offers also extend to employees, and even though WellNow is a regional brand, most of the clinic physicians and employees will be from the local community they serve. “We’ll provide a structured environment for our physicians and staffs to provide the utmost in clinical care,” comments Cross.
Primary Care Doctors Are Seeking Out Urgent Care Companies like WellNow
Cross sees a time in the future when urgent care centers will be consolidated into urgent care companies like WellNow. “With all the challenges that physicians face and the constraints you’re seeing with primary care physicians, many of them will partner with companies offering larger networks like ours to relieve the burden of back office functions. That will allow them to spend more time at the clinical level treating patients.” For more information on WellNow Urgent Care, visit www.wellnowuc.com.
SV Life Sciences is a leading international life sciences venture capital firm with offices in Boston, London and San Francisco. SVLS employs a diversified strategy to selectively capitalize on expanding opportunities in biotech, medical devices and health-care services. For more information, visit www.svlsa.com.
Petra Capital Partners is a Nashville-based private equity firm providing growth capital to companies throughout the U.S. with deep experience in health care and technology enabled services. For more information, visit www.petracapital.com.
With offices in Ohio, North Carolina and Florida, River Cities Capital Funds is one of the most active and experienced venture capital funds investing in the Midwest and Southeastern U.S. Their strategy includes investing in well-positioned platform companies in health care. For more, visit www.rccf.com.