COLUMBUS, OH, Leader in the healthcare bundled payment space raised $13.6 million in funding.
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Aver Inc., a leader in the healthcare bundled payment space and provider of a patented data management platform that simplifies the healthcare reimbursement process, raised $13.6 million in funding led by Heritage Group, with participation from Cardinal Health, Inc., GE Ventures, Hearst Health Ventures, and affiliates of NCT Ventures and StartUp Health. The funding will help the fast-growing company further scale operations, grow its platform capabilities and expand market share.
Aver experienced very strong growth fueled by the accelerated adoption and expansion of its bundled payment solutions by the country's leading health systems and healthcare payers. The rapid adoption is a result of healthcare shifting towards a value-based model where payments are bundled as a way to manage cost and quality of care. Aver's strong 2015 results, along with its anticipated growth for 2016, helped the company successfully secure the Series B funding and solidify its position as a leader in the bundled payment landscape.
'We are excited to partner with Aver at this critical inflection point in its growth,' said Rock Morphis, managing director at Heritage Group. 'As healthcare shifts into value-based care, payers, providers and employers will continue to look for ways to better align cost and quality in care delivery. With its best-in-class solutions, Aver is uniquely positioned to help its customers succeed in this transition.' He added, 'We are very pleased to have the opportunity to co-invest with one of our strategic partners, Cardinal Health, and to work with Aver's President and CEO Nick Augustinos and the Aver team.'
As part of the agreement to lead the funding, Morphis will join Aver's board of directors.
In response to commercial and government payers setting goals and timelines for shifting reimbursements from volume to value, Aver created an intuitive software platform to build bundles around episodes of care and to support the payment administration of those bundles. Aver's analytics tools and reports provide insights to measure and manage performance in a fee-for-value environment. These capabilities are essential in managing cost and quality of care. The Centers for Medicare & Medicaid Services alone will tie 50 percent of Medicare payments to these models by the end of 2018.
'We are very excited to have our Series B funding led by Heritage Group and to have the continuing support of existing investors, GE Ventures and StartUp Health. We are just as excited to welcome our new investors Cardinal Health, Hearst Health Ventures and NCT Ventures,' said Nick Augustinos. 'We are at the right time with the right solutions and, with strong support from our investors, to continue our growth in 2016 and beyond.'
About Aver Inc.
Founded in 2010 and headquartered in Columbus, Ohio, Aver, through its Aver CloudTM suite of products, allows its customers to transition seamlessly from fee for service to value-based reimbursement. By analyzing vast amounts of data available in current healthcare systems, Aver packages patient care services to create bundled payments and related reports. The Aver Cloud enables the creation, management, insight, and payment processing for fee-for-value payment programs. Aver's solutions support commercial, Medicare, and Medicaid plans as well as health care providers in managing delivery costs and reimbursement solutions. For more information, visit www.aver.io.