Echo Health Ventures and Phreesia Announce Close of Growth Financing Round to Help Patients Engage in Their Care
SEATTLE--(Jan 4, 2018) --Echo Health Ventures (EHV), a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions to invest in innovative health care services and health care information technology companies, today announced the completion of a growth investment in Phreesia, the nation’s leading patient intake management platform. Phreesia manages intake for over 70 million patients annually across its rapidly expanding network, and the company has checked in more than 15 percent of the U.S. population since its founding.
“We’re excited and honored that Echo Health Ventures is making this investment in Phreesia,” said Phreesia CEO Chaim Indig. “Their deep expertise and innovative, patient-centered approach will be invaluable to us as we continue to grow, scale and work to improve patient care.”
Founded in 2005 and headquartered in New York, Phreesia aims to provide a modern, engaging patient experience while giving health care organizations the tools to better understand their patients and improve health outcomes. The company’s innovative SaaS-based intake platform streamlines the patient experience by providing convenient registration, multiple intake modalities, and flexible, private, and secure payment options. Phreesia is uniquely positioned to connect with patients before, during and after their visit to their provider, offering proven engagement strategies that alleviate critical pain points in the consumer journey.
“The Phreesia leadership team has built an impressive business and we are excited to partner with them in the next phase of their growth,” said Echo Health Ventures Partner, Dusty Lieb. “Phreesia sits at the nexus of the patient-provider relationship, and their focus on reframing how people engage in and purchase their health care strongly aligns with EHV and our parent companies’ commitment to improving the health care consumer experience.”
The financing round was led by EHV with participation from existing investors, LLR Partners and Ascension Ventures. EHV’s approach to corporate investing is focused on building a health care system centered on people and their families. By leveraging strategic relationships, talent and capital from established industry leaders and influencers, EHV is transforming the corporate venture model to build a more sustainable health care system.
To learn more about Phreesia, visit www.phreesia.com.
To learn more about Echo Health Ventures, visit www.echohealthventures.com.
Phreesia gives health care organizations a suite of applications to manage the patient intake process. Our innovative SaaS platform engages patients in their health care and provides a modern, consistent experience, while enabling health care organizations to optimize their staffing and enhance clinical care.
ABOUT LLR PARTNERS
LLR Partners is a lower middle market private equity firm committed to creating long-term value by growing our portfolio companies. We invest in a targeted set of industries with a focus on healthcare, technology and services businesses. Founded in 1999 and with more than $3.2 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and advice for scaling growth companies, visit our new website at www.llrpartners.com.
ABOUT ASCENSION VENTURES
Ascension Ventures is a strategic healthcare venture fund with more than $800 million in capital under management. Our limited partners are some of the most respected, values-driven nonprofit healthcare systems in the US. As a strategic investor, Ascension Ventures adds value by sharing its portfolio companies’ solutions across its limited partner base. The work we do at Ascension Ventures generates returns to our limited partners that help support their missions to provide care to the poor and vulnerable. Our thirteen limited partners represent 474 acute care hospitals and numerous other healthcare related facilities, coverage in 40 states and the District of Columbia, approximately $88 billion in combined annual operating revenue and 578,000 associates. For more information, please visit http://www.ascensionventures.org/.
ABOUT ECHO HEALTH VENTURES
Echo Health Ventures LLC invests to build and grow tomorrow's great health care companies. We invest across every stage and work with our portfolio companies to challenge and transform the health care system. As a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions, we work closely with our Parents to catalyze the development of our portfolio companies' and accelerate their innovations to scale nationally. Echo Health Ventures operates nationwide with offices in Seattle, Durham, N.C., and Portland, Ore. Follow us on Twitter @healthecho.