NewSpring Capital Makes Equity Investment In RightCare
September 16, 2014
RADNOR, PA - September 16, 2014 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Health Capital ("NewSpring"), the firm's dedicated healthcare fund, provided growth financing to RightCare Solutions, Inc. ("RightCare") with a $4 million investment. Proceeds from the transaction will be used to further accelerate and expand the commercial growth of RightCare's software through geographic expansion across the nation as well as ongoing continued product innovation to support increasing market needs of its hospital, health system and post-acute care provider partners. Based in Horsham, PA and founded by Eric Heil and Dr. Kathy Bowles, RightCare is a provider of software that identifies and scores patients who are at high risk for readmission using proprietary algorithms which incorporate social, economic and demographic factors alongside clinical factors to predict patient readmission risk. RightCare allows for discharge planners to connect with post-acute care networks and acts as a workflow tool for hospitals to send and manage electronic referrals.
"RightCare is making a real-world impact and we are excited to partner with NewSpring for continued growth and expansion that will help make RightCare a leader in reducing readmissions and improving care transitions," said Eric Heil, Co-Founder, President and CEO of RightCare. "We are also honored to have Brian Murphy join our Board of Directors and share with us his wealth of knowledge and expertise that can help take our business to the next level."
"RightCare has shown significant potential since its inception, and we are thrilled to add them to our growing portfolio of successful healthcare companies," said Brian G. Murphy, NewSpring General Partner. "We are excited about RightCare's position in healthcare technology and believe their focus on reducing readmission risk by better connecting hospital based acute care to appropriate post-acute care gives RightCare a tremendous opportunity to grow. We look forward to partnering with Eric and his team and supporting them as they execute on the growth initiatives they have implemented."
About RightCare Solutions
RightCare is a pioneering Horsham, PA based medical technology company that helps hospitals and health systems reduce readmissions and optimize post-acute care delivery. Our RightCare software assesses risk and needs for all patients at admission, recommends the right level of post-acute care and applicable community-based services and seamlessly refers and transitions critical information to the selected post-acute care providers. The Company's proprietary technology, Discharge Decision Support System (D2S2), which was developed through a decade of research conducted at the University of Pennsylvania School of Nursing, provides the most academic, innovative and predictive software for risk stratifying any patient at admission and utilizes evidence-based technology to optimize care transitions. It is the only medical software focused on healthcare transitions using a unique algorithm that enables continuous point-of-care decision support, optimizes workflow and dramatically improves post-acute care transitions.
For more information, please visit www.RightCareSolutions.com or follow-us on Twitter at @TeamRightCare.