Outpatient infusion center operator IVX Health is eyeing new markets in 2022 boosted by $100 million in fresh capital.
The series F minority investment was backed by 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.
Founded nine years ago, IVX Health is a national provider of infusion and injection therapy as an alternative to hospital-based services. The clinics serve patients with complex chronic conditions such as rheumatoid arthritis, Crohn's disease, multiple sclerosis and other conditions. The company has raised $136 million to date, according to Crunchbase.
Operating more than 50 infusion centers across 16 markets, IVX Health's local centers offer 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 to provide a better patient experience in a cost-effective, convenient site of care, company executives said.
The company plans to use the funding to accelerate entry into new markets in 2022 with the goal of becoming the nation’s preferred destination of pharmaceutical care for patients with complex chronic conditions.
“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, in a statement. “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 infusion and injection therapy, often within a crowded infusion room of a hospital, he noted.
"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," Ghertner said.
Mark Taber, a managing director at Great Hill Partners, said the investor sees an opportunity to back a company that 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.
"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," Taber said.
IVX Health expanded its footprint last year with the acquisition of Precision Healthcare, which operates 12 infusion centers across Tennessee and northern Arkansas.
In connection with the new investment, Taber will join IVX Health’s board of directors.
Great Hill’s portfolio of healthcare companies includes RxBenefits, Quantum Health, Labor First, ParetoHealth and Vatica Health.