Cordata Healthcare Closes Financing Round With First Health Capital Partners and CincyTech
Funding builds on market momentum and fuels investment in enhancements to multi-specialty care coordination platform
CINCINNATI, September 1, 2016-- Cordata Healthcare Innovations, LLC, a leader in specialty care coordination platforms, recently announced the close of a Series A financing round of just under $3 million, inclusive of the conversion of outstanding convertible notes. Led by Chicago-based First Health Capital Partners (FHCP), the round also saw participation from CincyTech, who headed Cordata's seed round in July of 2014, and CVH Holdings. The funding will be used to further investments in and expand the capabilities of Cordata's multi-specialty platform for care coordination.
"As the healthcare industry enters a new era of value-based payments and greater patient engagement, specialty-focused care coordination is proving to be a 'difference-making' discipline for hospitals and health systems, especially in the realm of complex and chronic conditions," said CEO Gary Winzenread. "Building on a strong base of existing client relationships, we are enhancing features and functions, increasing the number of specialties our platform supports and providing tools that boost the productivity and effectiveness of care coordinators while improving patient outcomes."
"More healthcare organizations recognize that strong technology addresses their most urgent challenges and helps them seize the most compelling opportunities," said Jon Phillips, Managing Partner, First Health Capital Partners. "We believe the Cordata platform enables specialty care navigation to become a strategic enterprise capability that improves both clinical and business outcomes for hospitals and health systems while significantly influencing quality of care and patient outcomes."
Cordata also announced the addition of Michael Collette, founder of Patient Point and Executive in Residence at CincyTech, and Caprice Turner of CVH Holdings to its Board. In addition, the Cordata Board has elected Jon Phillips as chair.
The funding builds on significant company milestones in 2016, including new partnership with PatientBond, which offers a platform for automated and personalized communications, and a collaboration with Lilly Oncology's Journey ConnectionsTM, a resource program for people with cancer to connect to local support resources. Also in 2016, Cordata announced new or renewed contracts with Florida Hospital Cancer Institute, Dignity Health and Texas Back Institute, among other hospitals.
Cordata's specialty care coordination platform helps healthcare organizations more effectively treat people with chronic specialty diseases and generate better clinical and business outcomes through effective patient management and retention along complex care paths. Physicians, nurse navigators, service-line directors and business executives at 100+ hospitals and health systems rely on Cordata for timely and actionable insights. Learn more at www.cordatahealth.com.
About First Health Capital Partners
First Health Capital Partners is a healthcare-focused venture capital firm headquartered in Elmhurst, Illinois. FHCP focuses on investments in early and mid-stage growth companies in the healthcare information technology and services sectors. FHCP's strategy is to provide capital along with strategic advice, connections and perspectives to its portfolio companies through Board and advisory roles.
About Comprehensive Virtual Healthcare (CVH)
Founded in 2015, Comprehensive Virtual Healthcare (CVH) has closed investments in small to mid-size companies in the population health management, telemedicine, substance abuse and care navigation arenas. Its mental health platform, Therapy Bridge, is specifically geared towards meeting the virtual behavioral health needs of its clients. CVH is committed to partnering with innovative leaders in the healthcare space and is dedicated to fueling the rapid growth of its portfolio companies. CVH's CEO, Caprice Turner, can be reached for comments and/or questions at firstname.lastname@example.org.
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