ClearPractice parent co. picks up $61M investment

By Brian Dolan
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ClearPractice's Nimble EHR for iPad

ClearPractice's Nimble EHR for iPad

Accountable care organization EGHC (Essence Group Holdings Corporation) announced this week that it has received $61 million in venture capital funding. Investors include Camden Partners and Kleiner Perkins Caufield & Byers. EGHC is the parent company of healthcare companies ClearPractice, Lumeris, and Essence Health Care.

ClearPractice is an EHR vendor that has created an EHR, called Nimble, specifically for the iPad. They recently announced a similar offering called Eden, which is a cloud-based EHR offering that works across Apple iOS devices and Mac computers — iPhones, iPads, MacBooks and Apple PCs. Lumeris offers health management software and Essence Health Care is a health plan.

EGHC CEO Mike Long, who was formerly CEO of WebMD, has estimated that "by 2019 $1 trillion of healthcare spending will transition to accountable delivery systems, and the market for enablers of this new form of health care will increase to $40-to- $100 billion."

EGHC's board of directors include John Doerr (who financially jumpstarted Google and Amazon) and Dr. Denis Cortese (Chairman Emeritus of the Mayo Clinic).

Read the full press release after the jump.

Essence Group Closes $61 Million Private Investment Round

Company’s solutions power next-generation accountable health care systems

ST. LOUIS, MO – Essence Group Holdings Corporation (EGHC) today announced it has raised $61 million in a private funding round that includes new investors Camden Partners and Kleiner Perkins Caufield & Byers.

The proceeds represent one of the largest private-sector investments to date in the accountable health care movement.

“EGHC’s blue-chip management team, led by Mike Long, is addressing a large, urgent and unmet market need of national importance in new and innovative ways,” said Christopher Kersey, MD, managing member of Camden Partners and chairman of Johns Hopkins Medicine International. “We believe this company is emerging as the leading provider of solutions that drive higher-quality, lower-cost health care.”

Kersey, Long and others estimate as much as $1 trillion of health care spending will transition to accountable health care delivery systems over the next 10 years, producing a multibillion-dollar market for the technology and services needed to enable those systems.

EGHC’s solutions, offered through the company’s Lumeris technology and business services subsidiary, include sophisticated software and specialized services that deliver previously unattainable collaboration among health plans, hospitals, physicians and patients.

Most recently, Lumeris introduced TackleBox, the first complete solution for providers and payers committed to managing the clinical and financial outcomes of coordinated, collaborative patient care. TackleBox delivers the 22 core competencies of accountable care via one secure and cloud-based technology framework that integrates clinical and business intelligence, risk management, clinical decision support, claims processing, medical management, customer service, value-based network contracting and comprehensive population health management. TackleBox includes Maestro, an evidence-based decision support ‘engine’ that powers better clinical and business decision-making.

“The power of TackleBox is proven daily by health care organizations across the country,” said Richard Jones, president of Lumeris. “This funding allows us to apply our expertise more broadly to help change how health care is delivered in America”

Lumeris’ clients include provider groups as well as health plans recognized as leaders committed to accountable care.

“Solving our nation’s health care crisis requires shared accountability with greater coordination and collaboration,” said W. Michael Long, chairman and chief executive officer of EGHC. “TackleBox eases the transition to accountable care through proven tools and processes developed through years of experience running accountable delivery systems, proving that we can have quality health care at a more affordable price.”

About EGHC

EGHC, through its subsidiaries Essence Healthcare, ClearPractice and Lumeris, serves the people who consume care, the professionals who provide care and the organizations that manage care. By innovating at the leading edge of collaboration, reimbursement, clinical informatics and information technology, EGHC and its subsidiaries help their clients thrive in a new era of value-driven health care.

About Lumeris

Lumeris is the nation’s first full-service enabler of accountable delivery systems such as accountable care organizations (ACOs), star-rated Medicare Advantage plans, virtually integrated delivery networks (IDNs) and bundled payment programs. The company’s powerful software and specialized services help managed care plans, physicians, hospitals and others work together to become more accountable for the care of their patients. Learn more online at www.lumeris.com or by calling 1-888-LUMERIS.

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