NCT Ventures Joins $13.6 Million Round in Aver Inc.
Aver's bundled payment solutions and analytics platform improves efficiency and quality of care while reducing healthcare costs
COLUMBUS, Ohio (January 5, 2015) – Today, NCT Ventures announced its participation in a $13.6 million investment round in Aver Inc. The round was led by Heritage Healthcare Innovation Fund II, LP a fund sponsored by Heritage Group LLC, with participation from Cardinal Health Inc., GE Ventures Limited and affiliates of Hearst Health Ventures, and StartUp Health. Previous investors include Columbus-based Drive Capital.
Founded in 2010, Aver provides an intuitive software platform to build bundles around episodes of care and support payment administration. Additionally, Aver’s analytics software provides insights to measure and manage performance in a fee for value environment.
"The bundled payment model has been pushed by experts for decades, and now the market incentives and government mandates make it feasible," said Rich Langdale, Managing Partner of NCT Ventures. "Aver is developing the software solutions and analytics platform that makes it easy for payers and providers to implement the system."
By 2018, experts estimate that 50% of healthcare payments in the US will be linked to alternative programs, including bundled payments and other value-based models. Researchers from the RAND Corporation estimated that national health care spending could be reduced by 5.4% between 2010 and 2019 if bundled payments were widely adopted in the U.S.
"Aver makes it possible for bundled payments to be implemented at scale. This helps providers and payers to transition towards fee-for-value," said Aver CEO, Nick Augustinos. "By enabling the widespread adoption of bundled payments associated with an episode of care, we are helping providers manage costs and improve outcomes. It’s truly a game changer."
About Aver Inc.
Founded in 2010 and headquartered in Columbus, Ohio, the Aver Cloud™ suite of products, allows Aver's customers to transition seamlessly from fee for service to value based reimbursement. By analyzing vast amounts of data available in current healthcare systems, Aver packages patient care services to create bundled payments and related reports. The Aver Cloud™ enables the creation, management, insight, and payment processing for fee for value payment programs. Aver's solutions support commercial, Medicare, and Medicaid plans as well as health care providers in managing delivery costs. For more information, visit www.aver.io/.
About NCT Ventures
NCT Ventures is a Columbus-based venture capital firm dedicated to providing a platform for entrepreneurs to succeed in turning their ideas into profitable business models through hands-on operational support. Over the last 20 years, NCT has helped build many successful companies across a variety of industries. With a focus on the Midwest, NCT empowers entrepreneurs to develop disruptive technologies that improve market efficiencies. For more information, visit www.nctventures.com.
Associate, NCT Ventures