Acquisition reflects success of unique Heritage Healthcare Innovation Fund model
NASHVILLE, Tenn.–(BUSINESS WIRE)–April 17, 2015–
In May 2012, big data company Explorys received a significant investment from the Heritage Healthcare Innovation Fund, a $167 million strategic venture fund that invests in businesses that reduce healthcare costs, improve outcomes and increase the efficiency of delivery.
“The Heritage Healthcare Innovation Fund invests in solutions addressing the myriad challenges and opportunities associated with healthcare reform,” said Heritage Managing Director David McClellan, who serves on the Board of Directors of Explorys. “As the focus of healthcare shifts from volume to value, we believe technology and big data are major tenets of the future of healthcare. Explorys is well-positioned for success, and we’re very excited for them as they take this next step.”
“From the inception of our company, it has been our vision to unlock the power of big data to improve healthcare for all, and our growth over the last three years has catalyzed that vision into becoming a reality,” said Explorys CEO and Co-Founder Stephen McHale. “We are grateful for the investment and strategic guidance provided by our partners at the Heritage Healthcare Innovation Fund. It has been truly invaluable in bringing us to today’s milestone.”
The unique structure of the Innovation Fund allows its strategic partners – which include an impressive array of healthcare providers, payers and suppliers – to collaborate on new ideas, promote companies that have proven value and participate in their commercial success.
“Explorys’ success reflects the strength of the Innovation Fund’s investment philosophy, where healthcare providers are investing in solutions to improve care delivery,” said Joy Grosser, Vice President and Chief Information Officer at UnityPoint Health, one of Explorys’ healthcare partners. “The Innovation Fund is truly leading the way and championing innovation that will make healthcare better.”
Founded in 2009 as an innovation spinoff from Cleveland Clinic, Explorys provides the healthcare industry a secure, cloud-based analytics platform that leverages big data for clinical integration, predictive analytics, and business intelligence. Its platform enables the country’s leading provider organizations to more effectively leverage their data to improve care quality, patient satisfaction, and deliver value-based care. The Explorys solution supports Population Health Management and Accountable Care models while applying the power of massively-parallel data processing to save lives and make healthcare affordable. Since its inception, the Explorys platform has been adopted by 26 major integrated healthcare networks with 315 billion data elements, 50 million unique cared-for-lives, 360 hospitals, and 317,000 providers who collectively deliver $69B in care annually. For more information, visit http://www.explorys.com.
About Heritage Group
Heritage Group is a Nashville-based, venture capital firm with over 25 years of experience financing and operating healthcare companies at all stages. Created by a diverse group of the nation’s leading healthcare services firms, the Heritage Healthcare Innovation Fund is a $167M strategic initiative focused on investments in businesses that improve the delivery of healthcare services. Investors in the Fund include: Amedisys, Cardinal Health, Community Health Systems, Health Care Service Corporation, Intermountain Healthcare, LifePoint Hospitals, Memorial Hermann, Tenet Healthcare, Trinity Health and UnityPoint Health. For more information, go to www.heritagegroupusa.com.
For Heritage Group
Elizabeth Conn, 615-254-0575