PatientPoint, a Cincinnati-based patient education and engagement business, has raised $130 million as part of a growth strategy that includes strategic acquisitions.
Searchlight Capital Partners and Silver Point Capital led the financing round, round. to dramatically expand the digital footprint of its point-of-care networks from its current level of 31,000 physician offices and 1,000 hospitals.
The business provides content for digital waiting room screens in physician offices and hospitals and interactive touchscreens in the exam room. Most of the content is developed in-house, and can be customized for physician specialties. The goal of the company is to improve the quality of interaction between patients and physicians. PatientPoint’s content gives patients reminders of what they should be asking and telling their doctors at the point of care and on delivering educational material to patients inside and outside the clinic.
Mike Collette, PatientPoint CEO, has set a deadline of 2019, to provide programs that can impact 60 percent to 70 percent of “brand prescribing volume” in the most strategically important specialties.
In a news release, the company’s chief growth officer Trevor Hutchins said although much of PatientPoint’s growth will be through existing programs, he added that it would also use acquisitions and partnerships to strengthen its product offerings.
Asked what kinds of companies it is sizing up for purchase, Collette responded to the emailed question this way.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“We’re looking to partner with companies that are strategically aligned with our long-term product roadmap. We’re specifically looking at companies that can help us enhance our digital capabilities, particularly given that many physician-patient engagements are now happening outside of the physical physician’s office environment. We’ve had to reimagine the definition of ‘point of care.'”
Collette, who founded PatientPoint, returned earlier this year following the departure of former CEO Tom McGuinness when he became chief strategy officer of GE Healthcare. Although Collette continued to serve as chairman of the business, in 2013 he became an executive in residence at seed stage investor and venture development organization CincyTech. There, he mentored seven companies in nearly three years. Collette also made some private investments.
PatientPoint was originally called Healthy Advice Networks when Collette founded the business in 2001.
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