LaunchPoint Announces $22.5 Million in Funding from Carrick Capital Partners

Capital to Accelerate Product Development, Increase Market Penetration, and Enhance the Client Experience

ITASCA, IL (Aug. 19, 2015) – LaunchPoint, a provider of cloud-based solutions, software, and services for healthcare organizations, today announced $22.5 million in funding from Carrick Capital Partners, an investment firm focused on technology-enabled businesses.

The investment will be used to fund new product development, expand sales and marketing, and enhance the client experience at LaunchPoint and its two divisions, Discovery Health Partners and Ajilitee.  LaunchPoint’s solutions help payers and other healthcare organizations manage payment integrity more nimbly, reduce cost and waste in their claims payment process, and derive insights from their data.

“Healthcare reform and consolidation are driving the market, and health plans are being forced to improve operational performance,” said Terrence Ryan, LaunchPoint CEO.  “This creates tremendous opportunity for our payment integrity and analytic solutions, which address these problems head-on.”  Industry estimates suggest that unnecessary services and care coordination problems, excessive administrative costs, fraud, and other failures cost healthcare payers 3-7 percent of total paid claim dollars every year.

Carrick’s investment in LaunchPoint is a reflection of the firm’s long-term point of view about market opportunity and a commitment to partnering with companies to help them increase market share, accelerate growth and become market leaders. “As part of our thesis around payment integrity in the healthcare market, we identified a significant opportunity for LaunchPoint’s unique approach,” explained Alex Mason, Managing Director, Carrick.  “Their blend of service and software, offered through multiple delivery models, makes them particularly attractive to a wide variety of healthcare payers. We are excited to help them accelerate growth and continue to deliver an innovative solution to the market.”

Carrick’s Mason and Steve Unterberger, Managing Director, Operations, will be involved as active members of LaunchPoint’s Board.

“The team at Carrick understands enterprise-class cloud solutions and is expert at helping high-growth businesses like LaunchPoint accelerate and scale their organizations,” added Ryan. “Their deep footprint in the healthcare market and their track record of accelerating growth in SaaS companies and business process outsourcing (BPO) organizations like ours makes them an ideal partner as we rapidly expand to bring new innovations to the marketplace.”

LaunchPoint’s proprietary Healthcare Analytics Platform is the cloud-enabled foundation for the Discovery Payment Integrity SuiteTM of software and solutions delivered through the Discovery Health Partners division.   The Discovery suite of software and solutions, along with strategic consulting services available through Ajilitee, currently serves 44 health plans, with over 12 million lives under management.

About LaunchPoint

LaunchPoint operates businesses that provide cloud-based solutions, software, and services for healthcare organizations. Its two divisions are Discovery Health Partners, a provider of payment integrity software and solutions for healthcare payers, and Ajilitee, a healthcare information and analytics consulting business. LaunchPoint has been named two years in a row to the Inc. 5000 list, recognized as one of the country’s fastest growing companies. In 2014, LaunchPoint was named the 100th fastest-growing company on the 2014 Inc. 500 list and #14 in Healthcare.  More information is available at www.launchpointcorporation.com, www.ajilitee.com and www.discoveryhealthpartners.com.

About Carrick Capital Partners

Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses.   Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment.  Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.

 

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LaunchPointLaunchPoint Announces $22.5 Million in Funding from Carrick Capital Partners
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LaunchPoint named to Inc. 5000’s Fastest-Growing Companies List for Second Year

Parent company of Discovery Health Partners and Ajilitee continues accelerated growth

ITASCA, IL (August 12, 2015) – LaunchPoint, a provider of cloud-based solutions, software, and services for healthcare organizations, has been named one of the fastest-growing private companies in the U.S. for the second year in a row, according to Inc. Magazine’s annual Inc. 5000 list. LaunchPoint’s 273 percent three-year growth earned the company a ranking of 1,505 among the fastest growing private firms and 142 among health companies, following up its debut on the prestigious list last year. To achieve its consistent high growth, LaunchPoint has expanded its client base and solution set, earned a 100% client retention rate through exceptional customer service, and added top talent, increasing its employee base by 30 percent since the start of the year.

More information is available at http://www.inc.com/profile/launchpoint

“We are in a period of rapid acceleration at LaunchPoint and are pleased to be recognized by Inc. 5000,” stated Terrence Ryan, CEO of LaunchPoint.  “This honor fuels our dedication to continued innovation to help payers eliminate inefficiency and waste in claims management and apply analytics to improve insight and decision making.”

To date in 2015, LaunchPoint has added 14 new client relationships, including one of the largest health insurers in the U.S., and expanded four existing client agreements. In addition, the company plans to double its footprint in the Itasca, Illinois, headquarters to accommodate current and future staff additions. LaunchPoint was also honored for the second year in a row with the Gold Fit-Friendly Worksite designation from the American Heart Association for promoting employee health and wellness through a multi-faceted “Swellness” program.

About LaunchPoint

LaunchPoint operates businesses that provide cloud-based solutions, software, and services for healthcare organizations. Its two divisions are Discovery Health Partners, provider of payment integrity software and solutions for healthcare payers, and Ajilitee, a healthcare information and analytics consulting business. LaunchPoint was named the 100th fastest-growing company on the 2014 Inc. 500 list and #14 in Healthcare.  More information is available at www.launchpointcorporation.com, www.ajilitee.com and www.discoveryhealthpartners.com.

 

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LaunchPointLaunchPoint named to Inc. 5000’s Fastest-Growing Companies List for Second Year
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LaunchPoint Announces Executive Appointments

Industry veterans Cahill and Firfer bring more than 50 years of diverse healthcare experience

 

ITASCA, IL (July 28, 2015) – LaunchPoint, a provider of cloud-based solutions, software, and services for healthcare organizations, today announced two executives have joined its management team. Timothy Cahill joins as Senior Vice President, Sales for LaunchPoint, and Jordan Firfer has been appointed Vice President, Product Strategy for LaunchPoint and Practice Lead for Ajilitee, a LaunchPoint division. Both Cahill and Firfer, industry veterans who bring expertise in healthcare data analytics and payment integrity in high-growth businesses, will support the rapid expansion of LaunchPoint and its two divisions, Discovery Health Partners and Ajilitee.

“We are happy to have both Tim and Jordan join our team as we can increase the pace at which we innovate and grow our business to meet the needs of our customers in healthcare payer organizations,” said Terrence Ryan, LaunchPoint CEO. “Their combined experience of more than 50 years in the healthcare sector will be invaluable to us as healthcare payers face new and evolving challenges and opportunities in the marketplace.”

Tim Cahill will lead the expansion of the sales organization at LaunchPoint as Senior Vice President, Sales. Previously, Cahill served as the Senior Vice President of Sales and Account Management at AfterMath Claim Science, Inc., recently acquired by Equian, a Great Point Partners portfolio company. In his four years at AfterMath, Cahill initiated and executed strategies that led to significant growth in total value of new clients and contracts. For the past 25 years, Cahill has served in the healthcare service and technology industries in a variety of roles including executive leadership and management, growth development and execution, strategic selling, mergers, and channel development. This experience includes roles serving at SCIO Health Analytics as the Senior Vice President of Corporate and Business Development and at Trover Solutions as the Senior Vice President for Corporate Sales, Marketing, and Client Solutions. Cahill is a graduate of the University of Dayton where he also serves as an advisor and participant for the School of Entrepreneurship. Cahill resides in Louisville, Kentucky.

“I am thrilled to bring my commitment to the payment integrity space to LaunchPoint and its health plan customers and prospects,” stated Cahill.  “Plans are under tremendous pressure to alter their conventional business processes to meet the challenges associated with the implementation of ACA and to outperform in their specific markets.  The types of technology-driven solutions LaunchPoint and its operating divisions have to offer the marketplace not only meet the demands of health plans today, but their flexibility and ingenuity also meet the demands of tomorrow.”

Jordan S. Firfer, JD, CHIE, joins LaunchPoint as Vice President, Product Strategy, LaunchPoint and Practice Lead, Ajilitee. Previously, Firfer served as Strategy and Corporate Development Executive for Availity, a healthcare clearinghouse and solutions vendor owned by a consortium of Blue plans and Humana.  Prior to that role, Firfer served in a number of leadership roles across the healthcare continuum over the past 25 years. As Senior Director of Information Management for Florida Blue, Firfer led a market transformation to position the health plan as a leader in business intelligence and analytics.  He has also served as Director of Product Management at WebMD/Emdeon and Director of Regulatory Compliance and Internet Portal Administration at HCSC/Dental Network of America. As an active member of the healthcare community, Jordan has served as Chairman and Foundation President for the National Dental EDI Council, and has participated in various industry initiatives with organizations such as WEDI, HIMSS, AHIP, X12, and NADP.  Firfer is a recognized expert in Health Information Exchanges and has testified to CMS/NCVHS on behalf of national commercial and BCBS plans. A graduate of DePaul University, Firfer also holds a doctorate of law degree from The John Marshall Law School. Firfer resides in the Chicago area.

“Healthcare is undergoing a transformation from a transaction-driven marketplace to a data-driven one, and I am looking forward to driving healthcare organizations to be successful by taking advantage of the innovations LaunchPoint and its divisions offer,” said Firfer.  “LaunchPoint’s proprietary Healthcare Analytics Platform, which includes the Discovery Payment Integrity Suite, along with the strategic consulting services available through Ajilitee, represents a powerful combination that can be a game-changer for health payers.”

About LaunchPoint

LaunchPoint operates businesses that provide cloud-based solutions, software, and services for healthcare organizations. Its two divisions are Discovery Health Partners, provider of payment integrity software and solutions for healthcare payers, and Ajilitee, a healthcare information and analytics consulting business. LaunchPoint was named the 100th fastest-growing company on the 2014 Inc. 500 list and #14 in Healthcare.  More information is available at www.launchpointcorporation.com, www.ajilitee.com and www.discoveryhealthpartners.com.

 

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LaunchPointLaunchPoint Announces Executive Appointments
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LaunchPoint Recognized with Second Consecutive American Heart Association Fit-Friendly Worksite Award

Healthcare software, solutions, and services provider honored for employee health and well-being programs

ITASCA, IL (July 8, 2015) – LaunchPoint, a provider of cloud-based software, solutions and services for healthcare organizations, has been recognized as a Gold-Level Fit-Friendly Worksite by the American Heart Association for the second year in a row. The award honors LaunchPoint for encouraging its employees to eat better and stay active through its Swellness Program, which promotes, “It’s swell to be well.” LaunchPoint deepened its commitment to the program in 2015 with the addition of a “Swellness Culture Committee,” comprised of employees who develop and cultivate fresh Swellness initiatives.

“We are honored our Swellness program is recognized by the American Heart Association again with the Fit-Friendly Worksite Award,” said Terrence Ryan, LaunchPoint CEO. “As a healthcare focused business, we encourage a healthier and fit workforce while simultaneously building a culture of camaraderie among members of our organization.”

LaunchPoint’s Swellness Program promotes fun and supports employees in achieving better health and wellness through activities and offerings such as:

  • Company sponsorship for a variety of 5Ks and races, such as the American Cancer Society’s Relay for Life, Santa Run, Turkey Trot, and more
  • Access to a large network of fitness facilities for a low monthly fee through our insurance carrier
  • A relaxed dress environment that includes “athleisure” clothes that allow employees to wear work-appropriate exercise clothes to workout in before, during, or after work at the on-site gym or fitness facility of their choice
  • “Wednesday Walking Club” where employees are invited to walk one of two mapped courses on the grounds surrounding the LaunchPoint office
  • Wellness-based Corporate Service Awards such as gym bags, massages, bikes, fitness club or class, or a Fitbit exercise monitoring system
  • Future plans to offer biometric assessments to provide a benchmark for employees to measure fitness progress
  • Walking meetings wherein teams are encouraged to hold meetings away from the conference room and on the walking courses
  • “Hey Nineteen,” a fitness challenge that encouraged some friendly competition to see who could climb the 19 flights of stairs to the LaunchPoint office in the shortest amount of time
  • Fitness Fridays, in which the company schedules light fitness activities or health education sessions that take place during the workday that have included activities such as yoga, Ultimate Frisbee, badminton tournaments, meditation, and a nutritionist

About LaunchPoint

LaunchPoint operates businesses that provide cloud-based solutions, software, and services for healthcare organizations. Its two divisions are Discovery Health Partners, provider of payment integrity software and solutions for healthcare payers, and Ajilitee, a healthcare information and analytics consulting business.

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LaunchPointLaunchPoint Recognized with Second Consecutive American Heart Association Fit-Friendly Worksite Award
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LaunchPoint CEO’s entrepreneurial journey featured

LaunchPoint CEO Terrence Ryan was featured in the One Million by One Million blog, which highlights entrepreneur journeys and was listed among Forbes’ Top 100 Blogs for Entrepreneurs.

He was interviewed by author Sramana Mitra, who explored his entrepreneurial expertise and the nuance of strategy and process of company building, including bootstrapping, financing, positioning, customer acquisition, channels and team building.

Excerpt

Sramana Mitra: Can you talk about the process that you have used to determine where to focus this company? Obviously, you came into this with a lot of experience, which is why you’re talking about $10 million dollar seed round from angels. It’s very unnatural, right? Most people don’t raise seed round of that scale. Can you talk about the process of how you look at the market and zero in on an opportunity?

Terrence Ryan: It’s not an easy process. It’s quite complex. I’ve already talked about how I look at waves in the technology space. That’s one of the selection process. For example, I didn’t choose mobile. I chose cloud architectures and software within the cloud. Probably the more difficult one at the tail end was to choose healthcare over some other industry. I studied transportation, education, and financial services. There’s a lot of factors in the marketplace that you can’t control. They are the factors of the marketplaces or the sub-marketplaces themselves. You want to give yourself some time to look at those marketplaces but not so much time that you aren’t making progress.

Click here to read the rest of the interview…

 

 

 

 

 

 

 

 

 

 

 

 

LaunchPointLaunchPoint CEO’s entrepreneurial journey featured
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Payment integrity in the post-reform era

Paul Vosters, president and COO of LaunchPoint, was recently featured in Healthcare Payer News. His article discussed the importance of payment integrity for healthcare payers in the post-reform era.

Excerpt

Many payers face profitability declines while also taking in a huge influx of newly insured members whose risk profiles are unknown. Payers continue to see billions of dollars in error rates on claims each year, and fraud and other abuse further erode the bottom line.

So what can payers do to shrink the risk and increase revenue? By elevating attention to siloed operations (such as subrogation, COB, eligibility, claims analytics, and others) and taking a strategic and holistic approach to the payment integrity challenges that all payers face, millions of dollars can be translated into funding to support the initial cost of entry into new markets and to mitigate the risk of new ventures. Payers should be paying a claim the right way the first time, and avoiding errors in the first place.

Click here to read the full article.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LaunchPointPayment integrity in the post-reform era
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Vulnerability of Transparency (Subrogator)

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wp-transpBy Paul Vosters

While on a U.S. tour earlier this year, the Dalai Lama addressed the topic of the pursuit of happiness. He was quoted in our local business journal as saying, “Happiness begins with honesty, which creates trust, which leads to friendship, which means happiness.” He most certain ly wasn ’t thin king of the subrogation industry when he spoke those words. But they could easily translate into an analogous statement: “Success in subrogation begins with transparency, which creates trust, which leads to closer relationships, which means more opportunity and success.” Let me explain…

For full article, download pdf

LaunchPointVulnerability of Transparency (Subrogator)
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The Changing Face of Audits (Employee Benefit Advisor)

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wp-kalishBy Brian M. Kalish

A dependent eligibility audit can provide a typical ROI of nearly 15% and millions of dollars in cost savings. In this new age of health care under the Patient Protection and Affordable Care Act, most industry experts say audits will continue – and all say they will remain an important way to reduce overall health care spend….

Read full article at Employee Benefit Advisor

LaunchPointThe Changing Face of Audits (Employee Benefit Advisor)
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