TAMPA, Fla., Jan. 7, 2016 /PRNewswire/ -- Avalon Healthcare Solutions today announced a second round of investment from Francisco Partners. The incremental capital will be used to enhance Avalon's comprehensive laboratory management technology and clinical capabilities, as well as to strengthen growth opportunities.
"We are delighted by the continued support of our mission by Francisco Partners," said Dr. Bill Kerr, Avalon's chief executive officer. "Avalon's clinical laboratory management services and proprietary software enhance the quality of health care diagnostics and treatment. Francisco Partners' health information technology expertise and broad industry relationships are helping us deliver these critical improvements to many more health plan members and providers."
New clinical lab testing technologies and costs are accelerating, and evaluating these advances expeditiously is a critical need in health care. Inappropriate testing or missing key screenings can result in complications and significant expense arising from unwarranted care or overlooked treatment opportunities, leading to increased and unnecessary health risks and costs. Avalon's Clinical Advisory Board, comprised of leading pathologists and thought leaders, guides the company in deploying well-vetted science. Combining this scientific expertise with Avalon's innovative technology helps ensure the delivery of the right test at the right time in the right setting.
"Consumers, providers, and insurers are facing substantial challenges in the growth of health care expenditures, and Avalon's solution has been created to optimize lab testing costs," added Kerr.
"Avalon has developed important capabilities for increasing laboratory testing efficacy," said Ezra Perlman, Co-President at Francisco Partners and Avalon board member. "The company's clinical infrastructure and technology as well as its high quality provider network are well-positioned to help improve the cost effectiveness of health care."
Financial terms of the transaction were not disclosed.
About Avalon Healthcare Solutions
Headquartered in Tampa, Fla., Avalon is a clinical and information technology company that helps physicians, consumers, and payers manage the cost effective use of thousands of diagnostic laboratory tests. Avalon uses evidence-based medical science to develop and deploy clinical policies and proprietary software and to manage a national network of providers in the dynamic, complex lab environment. For more information about Avalon, please visit www.avalonhcs.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology and technology-enabled services businesses. Since its launch over 15 years ago, Francisco Partners has raised approximately $10 billion in capital and invested in more than 150 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm's deep sectoral knowledge and operational expertise can help companies realize their full potential.
SOURCE Avalon Healthcare Solutions