CRG Provides $65 Million Commitment, Positioning HNI Healthcare for Transformation
NEW YORK, NOVEMBER 2, 2018 /PRNewswire/ — CRG, a premier healthcare-focused investment firm, today announced a $65 million commitment to HNI Healthcare ("HNI"), a technology-enabled physician practice management company focused on the delivery of full-service facility-based physician programs. HNI recently completed the acquisition of Martin Healthcare Group ("MHG"), a 40-year-old privately held company dedicated to the delivery of inpatient care and staffing solutions to acute and post-acute care hospitals across the Midwest and Florida.
"As the country's healthcare system continues its shift towards value-based care models, hospitals are being asked to deliver better outcomes at a lower cost," said Scott Li, Managing Director at CRG. "HNI's technology-enabled care strategies drive superior results for hospitals and their patients. Using comprehensive management practices and data-rich work flow tools that guide decision making, HNI helps physicians meet and exceed the most critical indicators of hospital quality and financial performance. We are excited to partner with a Company and management team that is committed to helping hospitals deliver excellence in a challenging and uncertain time."
Mike Gonzales, HNI's Founder and Chief Executive Officer commented, "As a healthcare-focused investor, CRG understands the unique aspects of today's marketplace. They were thoughtful and pragmatic around financing the continued growth of HNI, which gives us the scale we need to make a positive impact on hospitals and health systems on a national level. We are pleased to work with CRG and believe their patient and long-term approach to investing makes them an ideal partner for the next phase in HNI's growth."
CRG continues to offer innovative healthcare companies, and leading equity sponsors, a competitive growth capital alternative that is less costly and dilutive than traditional equity financing and more flexible and less restrictive than other forms of capital.
HNI Healthcare Acquires Martin Healthcare Group to Expand Footprint
AUSTIN, TEXAS, NOVEMBER 2, 2018 – HNI Healthcare, Inc. (HNI) closed Thursday on the $25 million purchase of Cleveland-Based Martin Healthcare Group (MHG), a 40-year-old privately held company dedicated to the delivery of inpatient care and staffing solutions to acute and post-acute care hospitals across the Midwest and Florida. By January 2019, the groups will market themselves jointly under the HNI Healthcare mantle.
“We are excited to partner with MHG physicians, employees, leadership and client hospitals. This acquisition combines MHG’s long-standing tradition of service quality with HNI’s innovative solution set. Our expansion into the Midwest will only strengthen our ability to support our national health system relationships,” said Michael Gonzales, Founder and CEO of HNI. “While the size and scale of this acquisition is unprecedented in HNI’s history, this is the first step in our aggressive growth plan fueled by the confidence health systems and physician practices have put into our differentiated approach to inpatient care.”
Their sale to HNI enables Martin operators and clients to extend their reach beyond their concentrated geography and implement technology-rich strategies within their hospital medicine programs. “We are excited about this transaction as it allows us to leverage the depth and skill sets of both organizations - providing industry leading technology, staffing and expanded services for our clients,” said John Martin III, Founder and CEO of Martin Healthcare Group.
The influence of a combined total of 700 providers practicing in more than 70 inpatient facilities will further enable mission-driven HNI in the transformation of healthcare. HNI’s proprietary HM VitalSigns™ software platform is utilized by physicians and partner hospitals to improve clinical quality, operational effectivity and economic performance.
HNI will retain MHG’s offices in Cleveland as a regional hub. HNI’s headquarters are Austin, Texas. MHG’s leadership will remain, with CEO John Martin III remaining as a Strategic Advisor to HNI and President Anthony Bernardo assuming the role of Division President within HNI.
Local Physician Receives Honorary Degree From the American Academy of Family Physicians
MCALLEN, TEXAS — Adriana Gomez, MD, Hospitalist Medical Director at Rio Grande Regional Hospital in McAllen, Texas, has achieved the Degree of Fellow of the American Academy of Family Physicians (AAFP). The degree was conferred during a convocation on Friday, October 12, in conjunction with the AAFP's annual meeting in New Orleans.
Dr. Gomez has dedicated her entire professional career to become a champion of family medicine. In 2004, she graduated magna cum laude from the Luis Razetti School of Medicine at Universidad Central de Venezuela, before serving a rural Venezuelan community as its Primary Care Physician. Dr. Gomez participated in diabetes mellitus type 2, depression, pain management and elderly population research throughout her schooling. By 2010, she had completed Family Medicine Residency training at the University of Texas Medical Branch and her Geriatric Fellowship at the Baylor College of Medicine. Her passion and drive also led her to serve local hospice patients, where she continues to educate the community about hospice and palliative care in her various roles.
Currently, Dr. Gomez is a board-certified family practice physician and geriatrician with expertise in hospital medicine and palliative care. She has been working as a hospitalist for the past eight years, serving the Rio Grande Valley community in Texas, additionally practicing in nursing homes and post-acute care settings. In 2017, Dr. Gomez joined HNI Healthcare.
Criteria for receiving the AAFP Degree of Fellow consist of six years’ minimum membership in the organization, extensive continuing medical education, participation in public service programs outside medical practice, conducting original research, and serving as a teacher of family medicine.
The AAFP was the first national medical specialty organization to require its members to complete a minimum of 150 hours of accredited continuing medical education every three years. It is the only medical specialty society devoted solely to primary care.
HNI Healthcare Announces Robust Series E Funding
AUSTIN, TEXAS, JANUARY 23, 2018 - HNI Healthcare (HNI) announces closing $32.64 million Series E financing on December 22, 2017. The substantial funding was provided by New York-based Bison Capital and Austin-based Spindletop Capital.
Founded by CEO Michael Gonzales, HNI is dedicated to leveraging its proprietary technology and hospital medicine management expertise in the transformation of care delivered throughout the inpatient episode. HNI improves operational efficiencies and the economic performance of client hospitals, while measurably improving patient outcomes.
"The funding from Bison will enable us to invest heavily in the continued evolution of our proprietary technology, VitalSigns™, while we continue to expand our geographic footprint and participation in alternative payment models," said Gonzales. "We couldn't be happier to see Spindletop continue and deepen their financial sponsorship, while welcoming Bison to the partnership."
This is the sixth investment for Bison Capital from their $377 million Fund V. "Bison Capital is thrilled to partner with the team at HNI," said Bison Capital Partner Andreas Hildebrand. "Their organization has developed an outstanding reputation for helping hospitals improve both their clinical and financial performance. We believe HNI's proprietary technology solution has positioned it for continued success and rapid growth."
Founder and Managing Director of Spindletop Capital, Dr. Evan Melrose, added, "With our focus on value-based healthcare, we first invested in HNI in 2015 to help drive growth of their technology-enabled service business. We have seen the company grow significantly over the last few years, which we believe positions HNI to become a market leader, driving improved patient outcomes and lowering costs across the healthcare system."
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