Advance Health, a Chantilly, Virginia-based company that makes mobile patient data capture software for managed care providers, has raised $40 million in a round led by Summit Partners. Noro-Moseley Partners also contributed to the round. This is the first round of funding the company has publicly disclosed.
Advance Health provides managed care to the elderly and others with chronic health conditions, but the company's mobile health claim to fame is an electronic data capture system that's available either as an iOS app for iPad or an HTML 5 app that can run on nearly any tablet. The system is intelligent; it triggers new questions based on the patients' responses or exam results and even produces suggestions of next steps in the patient's care process.
Advance Health's programs are primarily administered by its network of nurse practitioners, who use the company's technology to administer managed care services.
“Summit’s deep experience in the healthcare sector will help our team accelerate Advance Health’s longterm business plans, enabling us to capitalize on new market opportunities," Brian Wise, CEO of Advance Health, said in a statement. “Our goal is to meet the demands of the fast-moving healthcare marketplace by providing clients with innovative health assessment and care management services.”
Summit Partners' investment portfolio includes a large number of specialty care providers including dentistry, radiology, and veterinary groups as well as life sciences companies and well-known technology companies like Uber, Belkin, and McAfee. Noro-Mosely funds a similar mix of healthcare and IT companies.