ChartSpan Secures $15 Million Series A Funding to Expand Chronic Care Management Services

Recently, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that ChartSpan Medical Technologies has completed a $15 million Series A financing round. The round was led by BIP Capital, with participation from Blue Heron Capital, Bailey Southwell & Co., C&B Capital, and Service Provider Capital. ChartSpan plans to use the funds to expand its business operations across the United States.

It is reported that ChartSpan previously completed three seed funding rounds in September 2013, September 2014, and February 2015, raising a total of $2.95 million; completed a $3.2 million venture capital financing round in April 2016; and closed its Series A financing round with $16 million in June 2017.

ChartSpan is the largest chronic disease management services company in the United States. Headquartered in Greenville, South Carolina, and led by CEO Jon-Michial Carter, the company has provided care management and compliance programs to more than 100 health systems across the U.S. and has been recognized as one of the ten most innovative companies in the nation.

ChartSpan enhances patient treatment adherence and physician productivity by providing MIPS (Merit-based Incentive Payment System), chronic disease care, and health examination management services, thereby increasing healthcare institutions’ revenue, significantly improving patient outcomes, and promoting the implementation of MIPS.

ChartSpan’s clinicians conduct monthly telephone consultations with high-acuity patients to assess treatment plan adherence, ensure timely medication intake, and identify any issues encountered during the course of therapy. Its platform integrates directly with healthcare institutions’ electronic health record (EHR) systems, automating the management of bidirectional clinical and billing data.

Jon-Michial Carter, CEO of ChartSpan, stated, “Partnering with a group of venture capital firms with extensive experience in the healthcare sector will help us expand our business beyond the Southeastern United States, become a national enterprise, and thereby access a broader healthcare market.”

Mark Buffington, CEO of BIP Capital, stated, “We will continue to focus on investments in healthcare reform. ChartSpan’s innovative solutions alleviate the burden of chronic disease care by reducing administrative costs and improving health outcomes. We are excited to partner with them and scale their business nationwide.”

BIP Capital is one of the most active and successful venture capital and private equity investors in the Southeastern United States. The firm primarily focuses on early-stage investments, with a portfolio spanning SaaS, healthcare IT, digital media, developer tools, infrastructure, fintech, and MarTech (a smart marketing concept).

Blue Heron Capital, headquartered in Virginia, USA, is an angel investment firm that primarily invests in small enterprises in the healthcare and high-tech sectors. Beyond providing capital, its team comprises C-suite executives and accomplished entrepreneurs who leverage decades of extensive business experience and a broad investment network to support company operations and growth.

Bailey Southwell & Co., founded in 2005, is a partnership investment bank headquartered in Nashville, Tennessee, USA. It primarily provides M&A and growth capital advisory services to mid-market healthcare and technology service companies. Its team approaches every engagement with dedication, integrity, and objectivity. Since its inception, the firm has participated in transactions totaling $15 billion.

C&B Capital is an investment bank founded by Ed Croft and Ted Bender in 1996. The firm manages a diverse range of funds, primarily engaging in venture capital for early-stage companies, acquisitions, recapitalizations, and financial advisory services. To date, the company has completed over 1,000 transactions, accumulating extensive expertise across numerous industries and deal types.

Service Provider Capital, founded by Noah Pittard and Jody Shepherd in 2014 and headquartered in Golden, Colorado, USA, is a venture capital firm primarily engaged in Series A financing for startups.

(Compiled by Tang Lulu)