MINNEAPOLIS--(ABILITY Network Inc.™, the nation’s largest and most secure web-based healthcare network, announced today a $27 million capital investment from Bain Capital Ventures, the venture and growth affiliate of Bain Capital, one of the largest private equity firms in the world and Lemhi Ventures, a longstanding investor in ABILITY.)--
“We spend a good portion of our time looking at healthcare services and healthcare IT companies as investment opportunities and saw right away how well positioned ABILITY is with their leadership in secure web-based healthcare information exchange”
This investment further validates ABILITY’s industry-leading work in enabling secure use of the Internet for facilitating the exchange of health information between providers, payors, and other healthcare stakeholders. The capital will support an array of new and ongoing initiatives to use ABILITY’s large and growing network to improve administrative efficiency and patient care, including expanding ABILITY’s leadership role with the Direct Project, a collaborative effort by industry and government to develop a standardized system for secure delivery of health information over the Internet.
“By working hard every day to continue to earn the trust of each of our healthcare clients, we have the privilege of hearing directly from the market about many innovative uses of our large, national secure web-based healthcare network,” said Mark Briggs, CEO of ABILITY. “We are pleased to continue to fund these new initiatives and welcome the perspectives of Bain Capital as we accelerate our growth moving forward.”
“We spend a good portion of our time looking at healthcare services and healthcare IT companies as investment opportunities and saw right away how well positioned ABILITY is with their leadership in secure web-based healthcare information exchange,” said Jeff Crisan, Bain Capital Managing Director. Crisan will join the ABILITY Board of Directors.
“This infusion of capital is validation of the tremendous progress ABILITY has made in building a national network of providers and payers, and will propel the development of both secure-web-enabled administrative and clinical exchange between our trusted partners,” said Tony Miller, Lemhi Ventures, Managing Partner. “We are pleased that Bain Capital shares that vision and look forward to continued growth with ABILITY.”
About ABILITY Network™
ABILITY works to save lives by facilitating information exchange and knowledge-sharing among every participant within the healthcare spectrum – hospitals, physician practices, home care providers, DMEs, and private and government payers – as well as the Centers for Medicare and Medicaid Services (CMS). In use for more than a decade in more than 3,000 hospitals with tens of thousands of other providers across the country, ABILITY’s network supports healthcare decision makers in their quest to promote care coordination and collaboration, reduce record fragmentation, participate in new and emerging care models, and access the Direct Project network and state and community-based Health Information Exchanges (HIEs).
About Bain Capital Ventures
Bain Capital Ventures is the venture and growth affiliate of Bain Capital, headquartered in Boston. Bain Capital is one of the world’s leading private equity firms with approximately $65 billion in assets under management. Bain Capital leverages the consulting and operating backgrounds of its professionals, broad firm resources, and a 27-year heritage of successful investing to partner with entrepreneurs and management teams to build large, profitable businesses that are leaders in their space. Bain Capital’s history of investing in venture and growth-stage companies dates back to 1984. Since then, the firm has made over 125 venture and growth-stage investments in companies such as Archer Technologies, DoubleClick, Gartner Group, iPay Technologies, Liberty Dialysis, LinkedIn, MinuteClinic, ProfitLogic, Staples, SolarWinds and Taleo (www.baincapitalventures.com).
About Lemhi Ventures
Lemhi Ventures is a health care services fund formed by a team of experienced innovators, entrepreneurs, and executives. The Lemhi team has been through the start-up process, learned how to grow businesses, and found successful exit strategies. Drawing on varied backgrounds and industry experience, we seek and invest in companies offering innovation in health care services. (www.lemhiventures.com).