RICHMOND, Va.--(BUSINESS WIRE)--Blue Heron Capital, a Richmond, Virginia-based growth equity fund, announced today its participation in a $15 million Series A financing round in ChartSpan Medical Technologies, Inc. (“ChartSpan” or the “Company”) alongside investors BIP Capital, Bailey Southwell & Co., C&B Capital, and Service Provider Capital.
Headquartered in Greenville, South Carolina, ChartSpan is the nation’s largest healthcare managed service provider for chronic care management programs. The Company offers a turn-key service for CMS compliance, Chronic Care Management, and Annual Wellness Visits, allowing both patients and providers to see higher levels of engagement, better adherence to prescribed care paths, and improved patient outcomes. ChartSpan plans to use the funds to scale its operations nationally.
“Blue Heron and the entire syndicate represent a seasoned group of venture firms who have deep healthcare experience. As we begin to expand our presence outside the Southeastern United States, we know we need partners who can help us scale on a national level and move into the large, enterprise healthcare marketplace,” said ChartSpan CEO, Jon-Michial Carter. “Most importantly, the firms in this round are a cultural fit. Culture drives our success and this syndicate group embraces our values and convictions. We couldn’t be more delighted to have such a strong group of investors supporting us.”
As part of the round, Blue Heron operating advisor, Alan Cohen, will join the ChartSpan Board of Directors. Alan brings a wealth of experience in scaling successful healthcare technology and tech-enabled services businesses and has had several successful exits in his career.
“ChartSpan represents an attractive opportunity for Blue Heron to provide its operating expertise and talent to help the Company continue its impressive growth,” said Tom Benedetti, Blue Heron Co-Founder and Managing Partner. “It’s imperative that services and solutions in Healthcare help reduce costs and deliver better patient outcomes, and ChartSpan’s innovative solution does just that. We are excited to partner with Jon-Michial and the rest of the ChartSpan team.”
ChartSpan is the largest, managed service provider of chronic care management programs in the United States. The company provides turn-key, managed care coordination and compliance programs for doctors, clinics, and health systems. ChartSpan manages patient care coordination and value-based programs for more than 100 of the most successful practices and health systems in the United States.
About Blue Heron Capital
Blue Heron Capital is an operationally-focused private equity firm investing in healthcare and technology-enabled business service companies. Blue Heron supports portfolio companies with a team of industry experts, including C-level executives and successful entrepreneurs with decades of experience building and managing vibrant businesses.