PatientPoint Receives $140 Million to Power Dramatic Growth
Capital Will Help Fuel Significant Network Expansion for Point-of-Care Industry Leader
CINCINNATI, June 28, 2017 /PRNewswire/ -- PatientPoint®, the trusted leader in patient education and engagement solutions across all points of care, today announced it has successfully generated $140 million in capital from private investment firms Searchlight Capital Partners and Silver Point Capital to dramatically expand the digital footprint of its point-of-care networks.
PatientPoint programs provide engaging content through a host of delivery channels including digital waiting room screens in physician offices and hospitals and interactive touchscreens in the exam room. Unlike most of its competitors, PatientPoint develops the majority of its content internally, tailoring education to specific specialties to ensure that it meets the unique needs of patients and providers in the point-of-care environment.
"We have invested a significant amount of financial and human capital into product development over the past six months to ensure that our programs are truly best in class," said Mike Collette, founder and CEO of PatientPoint, who recently returned to lead the company. "This capital will allow us to expand our digital footprint so that we may continue to deliver market-leading reach in vital specialties for our sponsors and healthcare providers. By 2019, our goal is to provide programs that can impact 60-70 percent of brand prescribing volume in the most strategically important specialties."
PatientPoint programs are currently based in more than 31,000 physician offices and 1,000 hospitals nationwide and impact more than half a billion patient and caregiver visits each year. In addition to the expansion of its digital product lines, PatientPoint has been working on a visionary product roadmap powered by its mission to continuously improve each patient-physician engagement.
"While much of our growth will be through amplification of existing programs, we will also be solidifying several acquisitions and partnerships that will further strengthen our product offerings," said healthcare media entrepreneur Traver Hutchins who recently joined PatientPoint in the newly created role of Chief Growth Officer. "We have also significantly increased our data-driven marketing expertise, allowing us to provide more personalized, relevant communication to patients for a truly enriched healthcare experience."
Industry experts agree that the analytics PatientPoint provides to its sponsors and the content it develops set it apart from competitors and are key to its long-term success.
"PatientPoint is a cornerstone of a brand's point-of-care marketing strategy. As a trusted partner, its innovative patient education programs consistently deliver measured proof of performance and ROI in a 'brand-safe' environment where patients can immediately talk to their physicians about prescription drug therapy options," said respected industry veteran Charlie Greenberg. Greenberg has held global media leadership positions at several companies including Merck, Pfizer and Schering.
"We believe the point-of-care market is poised for continued growth and that PatientPoint has the products, insights, analytics and management experience—as well as the trust of advertisers and healthcare providers—to be the point-of-care market leader," said Darren Glatt, partner at Searchlight Capital Partners.
Peter J. Solomon Company acted as a strategic advisor on the deal and arranged the financing.
"The reputation of PatientPoint as the trusted source of best-in-class patient engagement solutions in the rapidly growing point-of-care industry solidified investor commitment," said Peter J. Solomon Managing Director Mark Boidman.
About PatientPoint
PatientPoint powers more effective patient-physician engagements across all points of care. With 30 years of unrivaled experience and continual, meaningful innovation, we are trusted consultants to healthcare providers and sponsoring brands. Using superior analytics and insights, we craft customized programs that drive better engagements. From primary care to complex specialties, from practices to hospitals, PatientPoint provides a cohesive, end-to-end communication platform that enriches the entire care experience and delivers proven results. Learn more at www.patientpoint.com.
About Searchlight Capital Partners
Searchlight Capital Partners is a global private investment firm with offices in New York, London and Toronto. Searchlight seeks to invest in business where their long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
About Silver Point Capital
Silver Point Capital, L.P. is a registered investment adviser focused on credit and special situations investments. Founded in 2002 by Edward A. Mulé and Robert J. O'Shea, Silver Point employs a deeply analytical, fundamentally driven bottom-up approach to investing and invests across a variety of industries, geographies and capital structures. Silver Point takes a very active role in driving investment processes and provides capital through small- and middle-market lending. Today, Silver Point has more than 150 employees and manages approximately $9.5 billion of committed and invested capital on behalf of a diverse, global investor base. The Firm is based in Greenwich, Connecticut.
SOURCE PatientPoint
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