NASHVILLE, Tenn.--(BUSINESS WIRE)--Precedent Health, a privately held health care services company focused on supporting physicians and hospitals, announced today the close of a $2.0 million Series B equity financing along with the appointment of Brian McCollum as its President and Chief Executive Officer.
The Series B was completed amongst current shareholders and management. Claritas Capital, a Nashville based firm experienced in investing in health care companies, led the additional investment.
A portion of the proceeds from this financing was used to acquire the remaining shares of Precedent Spine, LLC, making it a wholly owned subsidiary of Precedent Health. Precedent Spine is the operating segment focused on intraoperative neuromonitoring and patient registry services. This segment primarily supports neurosurgeons and orthopedic spine surgeons in seven markets throughout the United States and will focus on expanding its service offering both procedurally and geographically.
Glen Marconcini, Chairman of Precedent Health, commented, “I am excited to bring all operating activities of Precedent Health under one leadership team. Brian joined Precedent Spine in January 2014 and has built a foundation that will allow us to further expand our strategy of investing in services that support physicians, hospitals and payers.”
Brian McCollum, CEO of Precedent Health, said, “This equity financing affirms the confidence our shareholders have in the strategic importance of providing clinical services that align physicians, hospitals and payers in today’s health care environment.” McCollum continued, “I look forward to working with our employees and local market partners to leverage both our clinical competencies and financial resources to improve safety and quality that leads to better patient outcomes and significant savings to our healthcare system.”
About Precedent Health
Precedent Health was founded by health care veterans with a passion for helping physicians, hospitals and payers provide patient care in a quality, cost-effective manner. Its primary operating segment specializes in Intraoperative Neurophysiological Monitoring (IONM) and patient registries by partnering with surgeons and hospitals across the country to provide patients with optimal care during complex surgeries involving the neural structures. IONM is designed to warn the surgeon of any issues within the nervous system before they lead to permanent neurological injury. The use of IONM can reduce length of stay, allow for a faster recovery, and reduce the potential for corrective procedures.