NASHVILLE, Tenn. & GREENWICH, Conn.--(BUSINESS WIRE)--Aspire Health (“Aspire”), the nation’s largest provider of home and outpatient-based palliative care announced $15 million in Series C funding. The investment was led by Oak HC/FT, a premier venture growth-equity fund focused on healthcare information and financial technology.
“Demand for specialized medical care by patients facing a serious illness has increased rapidly in the U.S.,” said Annie Lamont, managing partner at Oak HC/FT. “Aspire Health is serving this important and growing segment of the healthcare market by delivering cost-effective, personalized palliative care services that patients and their families seek. We are excited to invest in their growth and support the continued expansion of palliative care in the U.S.”
Brad Smith, chief executive officer of Aspire Health, added, “We are thrilled to partner with Oak HC/FT, which has one of the best track-records in the country at backing leading, high-growth healthcare companies. Their support will enable Aspire to invest in additional data analytics, IT infrastructure and growth into new markets.”
The quality and cost of care for patients approaching the end of life has drawn increasing attention, with research showing that more than a quarter of Medicare expenditures go to care for patients in the last year of life.
Aspire currently operates 11 palliative care practices across 16 cities in seven states and their existing healthcare partners include Cigna-HealthSpring, Blue Cross Blue Shield of Tennessee, Highmark, Humana and Aetna, among others. Since its founding in July 2013, Aspire has received an average rating of 4.9 out of 5 for patient satisfaction on internal customer surveys.
Ms. Lamont, who ranked first among the leading healthcare investors on the 2015 Midas List, will join Aspire Health’s board of directors, which is chaired by former U.S. Senate Majority Leader Bill Frist, one of the ten most influential healthcare figures in the U.S., according to Modern Healthcare Magazine.
About Aspire Health
Aspire Health is a home and outpatient-based palliative care provider that operates a group of specialized physician practices that care for patients facing a serious illness. Aspire was co-founded by Senator Bill Frist, a physician, and is based in Nashville, Tennessee. Additional information on Aspire Health can be found at www.aspirehealthcare.com.
About Oak HC/FT
Oak HC/FT (http://oakhcft.com/) is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders.