(BUSINESS WIRE)--IVX Health, a national provider of outpatient infusion centers, announced today the completion of a $100 million Series F minority investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies. Great Hill joins IVX Health's existing investors including Linden Structured Capital, McKesson Ventures, Health Velocity Capital, and Nueterra Capital.
IVX Health offers an alternative to hospital-based infusion and injection services, transforming the patient experience by providing a superior level of service in a cost-effective, convenient site of care. Its local centers offer guaranteed private suites, large flat screen TVs, high-speed Wi-Fi, leather recliners with chairs for guests, and flexible, on-demand scheduling, including evening and weekend appointments. Operating over 50 infusion centers across 16 markets, IVX Health will immediately utilize the funding to accelerate entry into new markets in 2022 and beyond as it seeks to fulfill its vision of becoming the nation's preferred destination of pharmaceutical care for patients with complex chronic conditions such as multiple sclerosis, Crohn's disease, and rheumatoid arthritis, among others.
"Our primary goal has always been to provide world-class service and clinical excellence to the patients we serve," said Doug Ghertner, CEO of IVX Health. "IVX and Great Hill both see an inflection point in infusion therapy, as the growth in diagnosed autoimmune conditions and trends toward patient choice have aligned with an uptick in innovative new therapies. Many patients are unfortunately still left with few options for receiving this life-changing care, often within a crowded infusion room of a hospital - and that's where we come in. We are confident that Great Hill's investment and deep domain expertise will help us address this shortage of care options by enabling IVX to bring our unique clinical model and patient-centered amenities to an even broader universe of patients."
"IVX Health is disrupting a distinct and rapidly growing healthcare vertical - biologic infusion and injection therapy - in unique ways that are driving tangible efficiencies for the U.S. healthcare system as a whole," said Mark Taber, a Managing Director at Great Hill Partners. "We are excited to play a strategic, supporting role in fueling IVX Health's next phase of growth as it enters new markets and collaborates with other providers in the healthcare ecosystem to drive value while continuing to redefine the care experience for its patients and referring providers."
In connection with the investment, Taber will join IVX Health's Board of Directors. Taber brings decades of executive healthcare experience from his time as Managing Director at Great Hill and as a board member of various portfolio companies. In addition to IVX Health, Great Hill's portfolio of healthcare companies includes: RxBenefits, Quantum Health, Labor First, ParetoHealth, and Vatica Health. Today's announcement deepens Great Hill's experience partnering with innovative healthcare companies to help them pursue their full potential, which includes the recently-sold company, PartsSource, a leading provider of medical parts and supplies procurement solutions for hospitals, outpatient clinics, and physician offices.
IVX Health's capital raise builds on what has already been a banner year for the company, as it has achieved record milestones for opening new centers, caring for new patients, and entering new states. IVX Health was also named to the prestigious Modern Healthcare Best Places to Work list for a third consecutive year. The organization continues to maintain an industry-leading 97 Net Promoter Score from its patient population.
Evercore served as financial advisor to IVX Health and TripleTree, LLC served as financial advisor to Great Hill.