Spring Mountain Capital Leads New Round of Financing in Activate Healthcare
NEW YORK, June 29, 2015 /PRNewswire/ -- Activate Healthcare, a leading provider of workplace health clinics, announced today that it raised an additional growth equity funding round from Spring Mountain Capital.
The funding will help Activate Healthcare accelerate the national expansion of its unique healthcare delivery model. Activate Healthcare is transforming primary care by developing and managing the next generation of workplace health clinics. On average, Activate clients see a $2-4 return for every dollar they invest in a clinic, and employee participation is often in excess of 90%. Unlike other models, Activate dedicates a full-time physician and a wellness coach to each clinic, so employees receive proactive, preventative, relationship-based primary care.
"We are excited by the continued commitment from Spring Mountain Capital," said Activate Healthcare principal and co-founder Peter Dunn. "This investment will allow Activate to continue to provide exemplary quality of care to all of our patients, while expanding our leading on-site primary care model across the U.S."
In today's healthcare system, reduced reimbursement rates have forced physicians to also reduce time spent with each patient. As a result, primary care has evolved into a reactive, episodic, acute care-oriented model that is less able to manage chronic diseases and less effective in providing preventative care. Activate Healthcare is transforming healthcare by empowering employees and their families to take charge of their healthcare and employers to take charge of healthcare costs.
"We've been very pleased with the Activate Healthcare solution. The integration of a physician and health coach in caring for our employees is a major improvement. Having the health care clinic is one of the top benefits we offer our employees, and they really like the convenience and cost-savings it offers," said Natalie Roberts, Senior Vice President, Monarch Beverage.
"We are empowering physicians to practice medicine the way it used to be practiced: developing long-term relationships with patients, providing preventative care, educating patients and activating them to take control of their health," said Activate principal and co-founder Debra Geihsler. "We have shown that our approach to primary care medicine generates significant cost savings while improving the quality of care."
Dunn and Geihsler founded Activate Healthcare in 2009. The Company has over 20 clinics throughout the Midwest and currently serves more than 45,000 patients. During 2014, Activate grew annualized revenue over 140%, has continued its strong growth trajectory through the first half of 2015 and is beginning to expand its business outside of the Midwest.
"We are excited to deepen our partnership with Activate," said Jamie Weston, Managing Director in Spring Mountain Capital's private equity group. "We believe that Activate is transforming the way primary care will be delivered and our private equity team is pleased to be able to support the company as they offer their innovative healthcare delivery model nationally."
ABOUT SPRING MOUNTAIN CAPITAL, LP
Founded in 2001 and located in New York City, Spring Mountain Capital, LP ("SMC") is a private investment management firm that focuses on alternative asset investing and offers investors a wide range of strategies with the goal of producing attractive risk adjusted returns. SMC has a dynamic and opportunistic mindset with a client-oriented focus that drives it toward providing investors with intelligent and sophisticated investment opportunities. The private equity group at SMC makes growth equity investments in small capitalization companies. Its "investing in the gaps" philosophy capitalizes on market dislocations, information asymmetry, illiquidity and complexity. It seeks to invest in opportunities that benefit from break-through innovations, paradigm shifts or fundamental market or behavioral changes. For further information, please visit www.springmountaincapital.com.
ABOUT ACTIVATE HEALTHCARE, LLC
Headquartered in Indianapolis, IN, Activate Healthcare was formed in 2009 by Debra Geihsler and Peter Dunn with the goal of transforming healthcare by delivering primary care that engages the patient, supports a culture of health, guides the healthcare continuum to lower costs and enables employers of all sizes to benefit from dedicated care. The Company has over 20 clinics throughout the Midwest and currently serves more than 45,000 patients. For further information, please visit the Company's website www.activatehealthcare.com.
For further information:
Raymond L.M. Wong (212-292-8334)
Jamie Weston (212-292-7056)
www.springmountaincapital.com
SOURCE Spring Mountain Capital, LP
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