MARCH 3, 2019|IN NEWS, PRESS RELEASE|BY MELISSA O’CONNOR
NextHealth Technologies Announces $17M Growth Equity Investment to Continue Market Expansion
FOR IMMEDIATE RELEASE
Denver, CO – Monday, March 4, 2019
NextHealth Technologies Inc., a leading AI-powered healthcare analytics platform, announced today it has completed a $17 million Series B funding round led by TT Capital Partners (“TTCP”), with participation from Blue Cross of Idaho and existing investors including Norwest Venture Partners. The investment will accelerate NextHealth’s market expansion and deliver innovative new product enhancements, leveraging new sources and uses of data to further personalize and support the interaction between healthcare entities and consumers while continuing to drive down healthcare costs and improve health outcomes.
With 45 million covered lives in the United States on its HITRUST-certified analytics platform, NextHealth optimizes value for its health plan customers by automating the previously manual process of identifying the most impactable populations, measuring which clinical initiatives work best for whom, and integrating data-driven decisions into workflow. By knowing what works and acting on the insights in near real time versus in months or years, NextHealth’s clients derive the highest ROI from their analytics investments.
“As health plans increasingly look for ways to add value for their members, they have realized that anticipating behavior and seeking to impact it in new and meaningful ways can have a powerful effect on both cost and outcomes,” said Ryan Engle, Partner at TTCP. “NextHealth is uniquely positioned to deliver an expanded and compelling solution, and we look forward to collaborating with its seasoned leadership team as the company continues to innovate.”
“Blue Cross of Idaho is committed to bring exceptional value to our members,” said Drew Hobby, Senior Vice President for Healthcare Economics. “NextHealth’s platform enhances our efforts to deliver the results of clinical programs and test new ideas to drive down the cost of care.”
“Making faster, data-informed decisions to continually optimize resources and engage members in effective care is the new competitive imperative for health plans,” said Casper de Clercq, General Partner at Norwest Venture Partners. “NextHealth’s advanced analytics platform offers a fast-track method for payers to assess and augment their considerable investments, optimize outcomes, and maximize their ROI.”
“With the annual healthcare big data analytics spend projected to surpass $22B by 2023, healthcare costs continuing to rise, and competitive pressures increasing, it has never been more important for health plans to know how to transform their clinical investments into proven business value,” said Eric Grossman, CEO of NextHealth. “NextHealth is thrilled to have this caliber of investors with such strong ties in the healthcare industry to help us expand our innovative solutions in the marketplace.”
About NextHealth Technologies
NextHealth Technologies, based in Denver, is an AI-powered analytics platform that rapidly optimizes the effectiveness of health plans’ cost, quality, and service enhancement initiatives resulting in significantly reduced costs and improved outcomes. Its cloud-based solution utilizes scientifically rigorous methodologies and standardized processes, enabling and promoting a culture of measurement. The platform is HITRUST-certified, scalable, and is deployed with expert services to ensure client adoption and success. Know what works™and make it better. For more information, visit https://nexthealthtechnologies.com. Follow NHT on Twitter @nexthealthtech.
About TT Capital Partners
TT Capital Partners (TTCP) is a healthcare principal investor, collaborating with healthcare technology and services companies that have the potential to become market leaders. Leveraging the insights garnered from a unique knowledge-based platform, TTCP has invested in some of the most innovative, high-growth businesses in healthcare. TTCP is part of an independent healthcare merchant bank. For more, visit TTCapitalPartners.com.
About Norwest Venture Partners
Norwest is a premier multi-stage investment firm managing more than $7.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
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