Virgo Investment Group Announces $20M Growth Capital Investment in Apricus Health
Designed by Arizona Physicians, Apricus Health Seeks to Expand Easy Access to Quality Medical Services
SAN FRANCISCO, Calif., and PHOENIX, Jan. 19, 2020 ─ Virgo Investment Group (“Virgo”) today announced a $20M growth capital investment in Apricus Health, an innovative healthcare company created by a group of prominent Arizona physicians. This partnership aligns with Virgo’s focus on strategically expanding its portfolio within the health and wellness sectors and will enable Apricus Health to scale to meet the demand for its healthcare services.
Apricus Health was founded with the goal of transitioning healthcare practices to a value-based care model. The Apricus Health Network of primary care and specialty providers has been growing rapidly and now includes over 590 practitioners and 63 provider groups in 220 locations across Maricopa, Pinal, Coconino, and Yavapai, Arizona counties. Comprehensive services include in-office visits, telehealth, personal care navigators, remote patient monitoring and free home delivery of medications. Patients have access to quality healthcare 24/7, and the ability to choose when and how they receive care.
“We believe the time has come for the healthcare industry to accelerate its adoption of the next wave of innovation such as telehealth, care navigation and connected care technology in a value-based setting to improve healthcare access and the patient experience,” said Pooja Goel, managing director overseeing the healthcare portfolio at Virgo Investment Group. “Apricus Health integrates innovative technology alongside high-touch service to improve healthcare outcomes and we expect to see the company continue to grow across Arizona and beyond.”
Apricus Health has a special focus on Senior Health Management and has developed a unique care model where each senior is assigned a dedicated team which includes a care navigator to help them traverse the complexity of healthcare and address their social determinants of health. Patients with chronic conditions are given remote monitoring devices and enrolled in a proactive chronic care management program, leading to improved outcomes and lower hospitalizations and healthcare spending.
The Centers for Medicare and Medicaid (CMS) recently awarded Apricus Health approval to operate a Direct Contracting Entity (DCE), a cutting-edge value-based care model that adds Benefit Enhancements and Benefit Engagement incentives for Medicare patients. Implementation is underway now and full operations start April 1, 2021. Apricus Health plans to extend its participation in DCE programs in other states in 2022.
“The demand for convenient care either at home or near home that’s focused on managing chronic conditions and keeping patients healthy is growing,” said Dr. Kishlay Anand, president and founder of Apricus Health. “Our partnership with Virgo provides us with the opportunity to further expand this care model to additional communities in Arizona and across the U.S.”
Huron Transaction Advisory LLC served as financial advisor to Apricus Health for the growth capital investment agreement, and Snell & Wilmer L.L.P. provided legal advice to Apricus Health.
About Virgo Investment Group
Founded in 2009, Virgo is a private investment firm based in the San Francisco Bay Area that has an established track record of building and transforming businesses. Virgo seeks to identify and grow unique business models into differentiated and profitable industry leading companies. Virgo focuses on two distinct strategies – creating, building and scaling asset-based/credit businesses, and executing transformative growth equity investments in Founder-led or Family-owned companies. The Firm has raised over $1.8 billion and completed 64 investments to date. For more information, please visit www.virgo-llc.com.
About Apricus Health
Created by Arizona physicians, Apricus Health is an innovative healthcare company providing members a direct one-on-one relationship with healthcare providers and care navigators who are accessible from any location to diagnose and treat a wide range of medical conditions. Through robust technology, 24/7 care management and real time analytics, Apricus Health is changing the care delivery model, helping physicians who work in value-based care environments improve care outcomes while reducing health costs. For more information, visit https://apricushealth.com/.
Brodeur Partners on behalf of Apricus Health
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