Patient engagement is the key to success in medical practice and Warburg Pincus, a New York-based private equity firm, is helping doctors reach out with a new tool powered by Relatient. The company recently invested $231 million into Modernizing Medicine Inc. and this provider-to-patient connection app will help healthcare providers keep in touch with those they serve.
“As a practicing physician, I want happy patients who return to my office for care,” shares Dr. Michael Sherling, chief medical and strategy officer at Modernizing Medicine. “Patient engagement is not only a key component of value-based care, but it’s simply the right way to approach care delivery.” The communication software is designed to assist medical clinics with managing no-shows, improving appointment attendance and client satisfaction.
Relatient is only one of Modernizing Medicine’s latest innovations. The new influx of money from the equity firm will enable them to pursue other strategic initiatives such as automation of workflow process, implementation of an eCommerce platform, and data management projects. In addition to their investment into Modernizing Medicine, Warburg Pincus’ Fred Hassan will join the company’s leadership team as Manager Director.
“We expect this infusion of capital from Warburg Pincus to be instrumental in advancing our mission to transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “[They] bring deep experience in the healthcare technology sector and this investment can help further our growth, bolster innovation and support our clients.”
Warburg Pincus is a global equity firm focused on growth investing. They invest in businesses at all stages of development, industry focus and geography and have adopted a long-term investment strategy for their success. Warburg Pincus currently maintains more than $44 billion in private equity and includes more than 140 widely diversified companies under management.
Their beginning was found in the establishment of Warburg & Co. in 1939. It was later acquired by Lionel I. Pincus & Co. in 1966 and together with John Vogelstein, helped shape the private equity industry into what it’s known as today. Currently, the firm is co-led by Chief Executive Officers Charles R. Kay and Joseph P. Landy.