Capital to Accelerate Product Development, Increase Market Penetration, and Enhance the Client Experience
Itasca, IL (Aug 19, 2015) – LaunchPoint, a provider of cloud-based solutions, software, and services for healthcare organizations, today announced $22.5 million in funding from Carrick Capital Partners, an investment firm focused on technology-enabled businesses.
The investment will be used to fund new product development, expand sales and marketing, and enhance the client experience at LaunchPoint and its two divisions, Discovery Health Partners and Ajilitee. LaunchPoint’s solutions help payers and other healthcare organizations manage payment integrity more nimbly, reduce cost and waste in their claims payment process, and derive insights from their data.
“Healthcare reform and consolidation are driving the market, and health plans are being forced to improve operational performance,” said Terrence Ryan, LaunchPoint CEO. “This creates tremendous opportunity for our payment integrity and analytic solutions, which address these problems head-on.” Industry estimates suggest that unnecessary services and care coordination problems, excessive administrative costs, fraud, and other failures cost healthcare payers 3-7 percent of total paid claim dollars every year.
Carrick’s investment in LaunchPoint is a reflection of the firm’s long-term point of view about market opportunity and a commitment to partnering with companies to help them increase market share, accelerate growth and become market leaders. “As part of our thesis around payment integrity in the healthcare market, we identified a significant opportunity for LaunchPoint’s unique approach,” explained Alex Mason, Managing Director, Carrick Capital Partners. “Their blend of service and software, offered through multiple delivery models, makes them particularly attractive to a wide variety of healthcare payers. We are excited to help them accelerate growth and continue to deliver an innovative solution to the market.”
Carrick’s Mason and Steve Unterberger, Managing Director, Operations, will be involved as active members of LaunchPoint’s Board.
“The team at Carrick understands enterprise-class cloud solutions and is expert at helping high-growth businesses like LaunchPoint accelerate and scale their organizations,” added Ryan. “Their deep footprint in the healthcare market and their track record of accelerating growth in SaaS companies and business process outsourcing (BPO) organizations like ours makes them an ideal partner as we rapidly expand to bring new innovations to the marketplace.”
LaunchPoint’s proprietary Healthcare Analytics Platform is the cloud-enabled foundation for the Discovery Payment Integrity SuiteTM of software and solutions delivered through the Discovery Health Partners division. The Discovery suite of software and solutions, along with strategic consulting services available through Ajilitee, currently serves 44 health plans, with over 12 million lives under management.
LaunchPoint operates businesses that provide cloud-based solutions, software, and services for healthcare organizations. Its two divisions are Discovery Health Partners, a provider of payment integrity software and solutions for healthcare payers, and Ajilitee, a healthcare information and analytics consulting business. LaunchPoint has been named two years in a row to the Inc. 5000 list, recognized as one of the country’s fastest growing companies. In 2014, LaunchPoint was named the 100th fastest-growing company on the 2014 Inc. 500 list and #14 in Healthcare. More information is available at www.launchpointcorporation.com, www.ajilitee.com and www.discoveryhealthpartners.com.
About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.