Change Healthcare Secures $15 Million in Additional Funding to Fuel Growth
Company Capitalizes on Market Demand for Greater Healthcare Cost Transparency and Consumer Engagement
BRENTWOOD, Tenn., Aug. 13, 2013 /PRNewswire/ -- Change Healthcare®, the market leader in consumer engagement and cost transparency in healthcare, has closed its latest round of financing in the amount of $15 million. The round was led by HLM Venture Partners, joined by new investor Noro-Moseley Partners, and includes all existing institutional investors – BlueCross BlueShield Venture Partners, Sandbox Industries, Mitsui & Co. Global Investment, Inc., Gary and Mary West Health Investment Fund, LLC, and Solidus Co.
"There has been a dramatic increase in the nation's focus on healthcare cost transparency. Today's consumers not only need access to cost information, but also a means to take greater control of their healthcare," said Doug Ghertner, president and CEO of Change Healthcare. "Change Healthcare has achieved remarkable growth in a short period of time, and our new funds will allow us to respond to these trends by expanding our sales and marketing efforts and accelerating product development."
Change Healthcare continues to meet demands of its growing base of health plan and large employer clients with its core transparency and engagement platform, while also responding to emerging opportunities arising from the Affordable Care Act. Expansion of new products, like its gamified benefits education solution, Healthcare UniversityTM, are delivering added client value and new capabilities for the millions of consumers using the platform to better understand and utilize their health benefits, from traditional coverage models to shopping on health exchanges.
"Healthcare is evolving at a rapid pace and our firm is committed to supporting companies that are fundamentally changing the way healthcare is consumed," said Marty Felsenthal, partner at HLM Venture Partners. "We were impressed with the company's recent growth, resulting in scale that can make consumer engagement in healthcare a reality."
About Change Healthcare
Established in 2007, Change Healthcare is on a mission to transform the way Americans purchase and utilize healthcare services by driving sustainable engagement at the individual level. With a national client base of health plans and employers covering lives in all 50 states, Change Healthcare is the premier national provider of healthcare cost transparency and consumer engagement solutions that enable consumers to: better understand and utilize their healthcare benefits; make informed healthcare purchasing decisions based on quality, cost and convenience; and manage higher out-of-pocket responsibility and realize savings. This, in turn, helps health plans and self-insured employers: control their healthcare cost growth trend; successfully migrate to more cost-effective plan types; optimize existing wellness programs and on-site clinics; and improve member/employee satisfaction and retention. To learn more about Change Healthcare and its consumer engagement solutions, visit www.changehealthcare.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture firm providing capital to emerging companies focused on healthcare service, health care information technology and medical devices. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions and recruitment. For more information, please visit www.hlmvp.com.
About Noro-Moseley Partners
Noro-Moseley Partners ("NMP") is a leading venture capital firm bringing energy, connections and domain expertise to entrepreneurs. Over the past 30 years, NMP has become an important part of the Southeast's community of entrepreneurs and innovators. While focused on generating significant returns for investors, NMP works hard to be the entrepreneur's partner of choice NMP has invested in more than 170 promising start-ups and early-growth-stage companies primarily in the information technology and healthcare industries and has assembled an investment team with the right mix of skills to assist entrepreneurs in growing their companies. While styles vary, we understand that entrepreneurs value venture investors who bring patient capital, strategic connections and insights and whose partners are experienced and driven to win.
To learn more about NMP's portfolio, visit http://www.noromoseley.com/technology.html.
To learn more about NMP's investing criteria, visit http://www.noromoseley.com/investingcriteria.html.
SOURCE Change Healthcare
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