Funding to advance Annexus Health's mission to improve access to care and combat patient financial toxicity amid ever-rising healthcare costs
SEWICKLEY, Pa., Aug. 2, 2022 /PRNewswire/ -- Annexus Health, Inc., a leading healthcare technology company that is revolutionizing the patient access journey, today announced its Series B financing of $33 million, which was led by leading digital health growth equity firm Transformation Capital.
"As drug prices and other healthcare costs skyrocket, patients often face a heartbreaking double crisis of financial hardship on top of illness," said Annexus Health Co-Founder and President Brad Frazier. "At Annexus Health, we're reimagining the healthcare ecosystem with a goal of ensuring that patients can access the right care at the right time, without compromising their financial well-being. This funding will help accelerate access for those who need it most."
Annexus Health's provider solutions reduce the administrative burden on physicians and health systems by streamlining the management of access services, including financial assistance, benefit eligibility, patient cost estimates, free drug, reimbursement services, and more. The company also offers life science companies and charitable foundations the opportunity to digitally integrate their patient support programs directly within the provider workflow. The result is a better healthcare experience for patients, more connectivity in patient support programs for life science companies, and increased revenue capture for provider groups.
"Ultimately, we do what we do for the patients," said Joe Baffone, the company's Co-Founder and CEO. "With the closing of our Series B financing, we now have the resources to continue our journey to dramatically advance how the patient access care journey is managed. We're excited to partner with Transformation Capital, whose digital health focus will help us amplify the Annexus Health growth plan."
Annexus Health's provider solutions, AssistPoint® and Adparo®, help provider organizations navigate the patient access journey, while reducing administrative burden for providers. Recently, the company has grown its provider network to nearly 20% of the community oncology market, which includes New York Cancer and Blood Specialists and a recently announced partnership with American Oncology Network, LLC (AON). Annexus Health helps these groups make financial assistance programs available to more patients and has surpassed $2 billion in financial assistance awards processed. Building on the compelling value proposition its solutions offer to oncologists and their patients, Annexus Health is rapidly expanding into other disease states, including ophthalmology, urology, and rheumatoid arthritis, which will service many additional physicians.
"The patient access solutions Annexus Health has created are absolutely transformative to administrative productivity, organizational revenue capture, and—most importantly—access to care," said Dr. Jeffrey Vacirca, MD, FACP, Chief Executive Officer of New York Cancer and Blood Specialists, who sits on the Annexus Health board of directors. "I have seen this impact at my own organization since we first adopted AssistPoint® in 2019, and most recently after having brought in the services from Adparo® this year, and I'm seeing it on a broad scale as more and more provider organizations turn to Annexus Health to help overcome challenges to patient access."
Annexus Health's AP Connect™ solution offers life science companies and charitable organizations the ability to digitally integrate their patient support programs directly within the provider workflow. Annexus Health has a wide range of life science partnerships to date, including Amgen and BeiGene.
"The Annexus Health platform represents a significant leap forward in automating patient access to care that creates a win-win-win for all stakeholders—most importantly the patient, as well as provider groups and life sciences," said Scott Rosen, Partner at Transformation Capital. "Brad, Joe, and team have built a patient access and affordability workflow solution that enables enrollment in otherwise fragmented and cumbersome financial assistance programs. We're excited to partner with the Annexus Health team to help scale patient affordability and ease financial burden for patients across the country."
Annexus Health is the leading healthcare technology company that is revolutionizing the patient access journey by delivering innovative solutions, including tech-enabled services, that reduce financial and administrative burdens to improve access, speed, and adherence to critical care. Learn more at annexushealth.com.
Transformation Capital is a digital health growth equity firm dedicated to supporting commercial stage companies focused on improving people's health and the sustainability of the healthcare system. The firm was founded on the premise that investing in healthcare requires both a sophisticated understanding of the healthcare system, including the prevailing market forces and resulting opportunities, as well as deep connections with decision makers across key providers, payers, and digital health innovators. Transformation Capital has invested in digital health companies across the ecosystem, including Health Catalyst, Datavant, Capital Rx, Vera Whole Health, SWORD Health, CareRev, and Memora.
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SOURCE Annexus Health