Included in this group is Community Health, who is on their own trying to slate a hostile take over of Tenet. You can view the portfolio companies of the Heritage Group here. Most ore technology or Health IT related and there are some included that represent emerging technologies in the medical device area. The commitment on the investment is a minimum of $10 million and a couple other non profits are looking to potentially join in. BD
From the Press Release:
The Heritage Healthcare Innovation Fund, L.P. will:
- Seek, fund and mentor innovative businesses that deliver improved quality, service and efficiency for health care delivery systems;
- Develop “purpose-built” companies specifically focused on solving problems that are identified by hospitals and which are broadly applicable to health care delivery systems, particularly issues borne of health care reform;
- Allow health care delivery systems the opportunity to benefit from the commercialization of innovative solutions they have developed internally through the development and launch of new companies; and
- Make individual investments of up to $10 million in early- and growth-stage health care businesses.
The fund will be managed by Heritage Group LLC. Founded in 1986, the Heritage Group is a privately-held investment and advisory firm led by Rock Morphis and David McClellan that has formed and led multiple health care companies.
Three Nashville area hospital operators are among investors in a new strategic venture fund targeting investments in businesses that improve the delivery of health care services.
Community Health Systems Inc., LifePoint Hospitals and Vanguard Health Systems and two other nonprofit hospital systems each have committed to invest at least $10 million in Heritage Healthcare Innovation Fund LP.
Their investments in the fund created by the Nashville-based investment and advisory firm Heritage Group LLC comes as health care reform and other regulatory changes have created a need for more innovations in health care. Hospital systems, meanwhile, face more pressures to find newer ways to reduce costs.