AVIA, the leading partner for digital health insights, strategic guidance, and consulting services, today announced it has raised $22 million to expand its services. Led by First Trust Capital Partners, LLC, the round includes a number of strategic investors and health systems with a similar vision for the future. Twelve health systems have invested in AVIA and count themselves among the 50+ health systems that have selected the company as their partner to help navigate the threats and opportunities presented by the digitization of healthcare.
“Digital technologies have transformed nearly every other industry, resulting in massive value creation, increased competitive intensity, and greater disparity between winners and losers. The installation of electronic medical record systems over the last decade represents just the first step in digital’s impact on healthcare. As the digital disruption of healthcare accelerates over the coming decade, we see big opportunities but equally big risks for incumbent healthcare providers,” says Eric Langshur, Co-founder and CEO of AVIA.
Globally, nearly all healthcare organizations are working to drive growth, improve quality and productivity, and prepare for financial risk. The proliferation of new digital solutions enables achievement of these goals — but only if organizations deploy them effectively. Members of the AVIA Innovator Network access unique insights, participate in collaborative strategic initiatives, and engage in consulting services to increase speed and assurance for their digital transformations. This round of funding enables AVIA to expand its coverage of new digital topical areas, services and markets:
- Areas of focus. AVIA already has major initiatives underway to (i) build the next-generation Digital Front Door and consumer journeys for healthcare organizations, (ii) bring proven models of better, less expensive care to vulnerable populations through the Medicaid Transformation Project, (iii) increase access and convenience through virtual health, and (iv) unlock workforce capacity through automation solutions. At the request of its members, AVIA will expand the breadth and depth with which it addresses consumerism, population health and managing risk-based arrangements, and redesigning practices to compete on productivity, access, and satisfaction.
- Services. Building on AVIA’s prior work in ensuring client preparedness for digital transformation and creating results-focused digital roadmaps, AVIA is growing its consulting practice to help healthcare organizations link their overarching strategies to specific, technology-enabled business plans, as well as to build the skills, capacity, and governance to implement them faster. The company is expanding the resources it devotes to working with boards of directors and senior management teams on the urgency, scale, and sequencing required to master digital as a differentiating advantage.
- Markets. AVIA already serves more than 50 healthcare organizations nationwide. With this financing, the company will extend its services to pediatric hospitals; a broader group of health systems; and health insurers, starting with provider-sponsored plans. The AVIA Connect online platform will link participants together, enabling more decisive action toward the goals of the industry.
“The board-level conversation at most health systems now centers around building specific strategies and action plans to bring the organization’s digitally enabled future to life,” says Langshur. “This investment of capital comes at a time when our clients – and the healthcare industry at-large – are asking for proven solutions to support new care models, improve access, accelerate efficiency, and achieve better health outcomes. AVIA recognizes that need, and with the expansion in our service model, we’re ready to help propel the industry forward.”
“To truly improve quality, affordability and access, we need to accelerate practical digital solutions for providers, patients, and consumers,” says Aaron Martin, Chief Digital Officer of Providence, an AVIA investor and member since 2013. “AVIA’s unique business and service model helps us extend our efforts in digital transformation in order to deliver our Mission and serve our communities.”
Increased strength of investors and board expertise
With this funding round, AVIA’s list of Member-Owners has now grown to 12 organizations:
- Cedars-Sinai Health System
- Inception Health (Froedtert & the Medical College of Wisconsin)
- Memorial Hermann Health System
- OSF HealthCare
- Rush University Medical Center
- Silver Cross Hospital
- St Luke’s University Health Network
- The University of Kansas Health System
- University of Virginia Health System
In addition to First Trust Capital Partners, LLC, strategic investors in this round included Sumitomo Corporation of Americas, a global business and investment company with deep ties to a variety of healthcare constituencies, and Ziegler, an investment bank with deep healthcare industry knowledge.
AVIA’s ongoing growth has also led the organization to add two healthcare industry veterans to its board of directors: Jon Phillips, Managing Director and Head of Private Equity at First Trust Capital Partners, LLC, and Darren Dworkin, Senior Vice President of Enterprise Information Services and Chief Information Officer at Cedars-Sinai.
Phillips will draw on his 20+ years in the healthcare and healthcare technology investment community to contribute to AVIA’s continued growth. He serves on the boards of several private companies in the healthcare space, including Lightbeam Health, Inc., Cordata Healthcare Innovations, LLC, and PatientBond, LLC.
Dworkin is renowned in the healthcare industry for his technology leadership and championing of innovation at Cedars-Sinai and, before that, at Boston Medical Center. AVIA will benefit from his first-hand perspectives on the key pain points and challenges health systems face when implementing and scaling digital solutions.
AVIA is the leading partner for digital health insights, strategic guidance, and consulting services. Members of the AVIA Innovator Network solve pressing challenges with digital solutions that deliver outsized financial and clinical results. AVIA provides strategic focus, unique market intelligence, and proven resources that accelerate digital transformation throughout healthcare. Learn more at aviahealthinnovation.com. Follow us on LinkedIn and Twitter.