LAKE MARY, Fla.--(BUSINESS WIRE)--TurningPoint Healthcare Solutions, a leader in advanced clinical and technology-enabled complex care management, today announced a growth capital raise led by Summit Partners, with participation from Oak HC/FT and existing investor Sopris Capital. TurningPoint’s value-based care solution is designed to bring together health plans, providers, and patients to successfully manage complex clinical care for patients, from discovery and diagnosis through recovery. On average, health plans working with TurningPoint have experienced an industry-leading, actuarially validated return on investment of more than 10 to 1, while improving quality and reducing complications and revisions post-surgery by more than 50%.
The new capital comes after seven years of consistent growth within TurningPoint’s established areas of care management, including musculoskeletal (MSK), ear-nose-throat (ENT), sleep, and cardiac care. Leveraging deep clinical expertise, TurningPoint has established itself as a leader in the industry and manages more than 26 million insured lives nationally and $4 billion in healthcare costs. The growth capital will enable TurningPoint to expand into new, high-cost, high-complexity areas of healthcare, enhance its innovative technology and product offering, and expand its geographic footprint.
“We’re proud to have delivered on our mission to improve the safety, quality, and affordability of healthcare. Our proven track record is a validation of our business model, our team’s ability to collaborate with clinicians, and our focus on treating each patient with care, dignity, and compassion,” said Eric Pezzi, CEO and Founder of TurningPoint. “With this new support from Summit, Oak HC/FT, and Sopris, we’re eager to address our next promise: to expand from our current areas of success and enter new clinical domains to address further unmet patient needs.”
Founded in 2014, TurningPoint offers a care management model that is designed to work collaboratively with providers to improve patient outcomes and reduce costs associated with complex clinical conditions. Such conditions incur significant costs in the United States, with an estimated $245 billion in annual direct spend and projections indicating a 9% annual increase in utilization volume through 2030. TurningPoint’s team of clinicians leverage advanced analytics and AI to help determine appropriate and optimal care pathways, safer treatments, and lower costs.
“TurningPoint stands out as a market leader successfully helping manage complex clinical care in a collaborative, comprehensive way,” said Ross Stern, a Managing Director at Summit Partners, who has joined TurningPoint’s board of directors. “The company’s end-to-end patient care solution—partnering with clinicians and key stakeholders from diagnosis through a patient’s treatment and recovery—is demonstrated to be effective and efficient, which we believe is the ultimate goal for patients, providers, and payers alike. We’re eager to see TurningPoint continue to realize significant growth and help to bring better care to millions of people.”
TurningPoint engages constituents across the continuum of care to create transparency and alignment of patients, providers, and payers to drive high-quality, cost-effective patient care. By combining clinical expertise with proprietary technology, TurningPoint’s solutions seek to identify and reduce the utilization of unnecessary high-cost, low-efficacy clinical interventions; drive provider behavior change toward more proactive, preventive treatment options that improve outcomes; and optimize the cost and quality of procedures when they do occur. TurningPoint is certified by the National Committee for Quality Assurance, the Utilization Review Accreditation Commission, and HiTrust.
“TurningPoint is an exceptional company at the center of many important themes in improving healthcare delivery,” said Andy Paul, Founder and CEO of Sopris. “Sopris is proud to have supported TurningPoint early in its journey and are thrilled to welcome and partner with Summit and Oak HC/FT as we enter the next phase of growth for the company.” Sopris will remain an active investor in TurningPoint and retain a board member position.
TripleTree, LLC served as the financial advisor to TurningPoint for this transaction.
To learn more about TurningPoint’s solutions and services for health plans, please contact the company’s sales team at firstname.lastname@example.org.
About TurningPoint Healthcare Solutions
TurningPoint provides an innovative suite of specialty care management services and technologies that enable health plans to improve the safety, quality, and affordability of healthcare. Through its technology platform and specialized team of clinical experts, TurningPoint works collaboratively with providers to enhance the support patients need, at the time they need it most. TurningPoint’s comprehensive and integrated suite of services offer condition-specific, quality-driven, value-based care management services that optimize and support members’ care from diagnosis and discovery through recovery. TurningPoint provides support for more than 26 million people across numerous clinical conditions including musculoskeletal (MSK), ENT, sleep, and cardiac care. For more information, please visit www.tpshealth.com or follow on LinkedIn.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing $31 billion in capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in healthcare, technology, and other growth industries. These companies have completed more than 170 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $3.3 billion in assets under management and is headquartered in Greenwich, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more at oakhcft.com.
About Sopris Capital
Sopris Capital is a venture capital firm that invests growth equity in technology-enabled business services and SaaS companies that are solving critical pain points. Sopris seeks to be a value-added partner to fast-growing companies that have a validated business model, a proven product/market fit, and a management team that can capitalize on the opportunity ahead. Learn more at http://www.sopriscapital.com or follow on LinkedIn.