Hospicelink, the leading provider of durable medical equipment (DME) management solutions to hospice care providers, announced that it has secured a round of Series B financing led by Jemison Investment Co., Inc. and Stonehenge Capital Co., LLC. Noro-Moseley Partners, who led the Series A financing, also participated in this round.
“Hospicelink is one of those unique businesses that developed a solution at the right time to meet a huge need in the marketplace,” said David Brown, President of Jemison Investment Co.
“We were very impressed with the accomplishments of Hospicelink thus far and are even more excited about the future of the business,” said Steve Davis, Alabama Director of Stonehenge Capital. “They not only have the best solution for this market, but also have a tremendous team behind the company.”
Over the past two years, Hospicelink has emerged as the market-leading DME management solution. The company has experienced unprecedented growth by enhancing patient care and increasing efficiency for hospice and long-term care providers across the United States. Hospicelink has also been able to reduce the operational costs of DME Providers and enable those companies to expand and grow their businesses as competition and government regulations continue to increase.
“We love the hospice mission,” said Chad Trull, founder and CEO of Hospicelink. “It’s an honor to be able to help and support our clients serve families and patients better during a very difficult season in their lives. We have a large number of new clients joining us in 2014 and having the additional capital available to the business will enable the team to execute by staying focused on growth.”
“We are excited to have Jemison Investment and Stonehenge Capital join us as investors in Hospicelink,” said Spence McClelland, partner at Noro-Moseley. “This financing will enhance the Company’s ability to serve its current customers with innovative solutions while continuing to build its network of customers and DME partners across the country.”
About Hospicelink (Network Medical Inc.)
Hospicelink was founded in 2011 by a team of DME, hospice, and technology veterans who believed there were better ways to manage DME spend while enhancing patient care. Hospicelink has created a nationally recognized, award winning technology and service organization specifically designed to enhance and foster the unique relationship between hospice companies and DME providers. Historically, DME ordering and management was characterized by a lack of transparency and accountability between hospices and DME providers – orders were faxed or called into the DME, invoices were inaccurate and late, costs were unmanaged and difficult to control, and larger hospices were having to manage multiple DME providers across the nation. Hospicelink is the only full service, agnostic DME benefit manager in the industry. As a result, Hospicelink has the unique ability to serve as an advocate for both hospice and DME clients. Hospicelink enables a healthy, symbiotic relationship between hospices and DME providers to ensure the highest quality patient care at the best possible price.
For further information on Hospicelink, please visit http://www.Hospicelink.com
About Jemison Investment Co., Inc.
Jemison Investment Co., Inc. is a privately-held holding company in Birmingham, Alabama with a diversified portfolio of investments. The firm was founded in 1949 by the late, John S. Jemison. As a firm, Jemison seeks to invest in stable, well-managed, privately-held companies and select early stage ventures offering significant growth potential.
About Stonehenge Capital Co., LLC
Stonehenge Capital Company, LLC is a national specialty finance company, with expertise in tax credit finance, structured finance, community development banking and private equity. Prior to founding Stonehenge in 1999, its principals managed Bank One’s (now JPMorgan Chase) investment banking, merchant banking, investment advisory, securities brokerage and insurance operations. It has 35 employees in 9 states with partner level oversight in Louisiana and Ohio.
For more information, please visit Stonehenge Capital online at http://www.stonehengecapital.com.
About Noro-Moseley Partners
Noro-Moseley Partners, based in Atlanta, is a venture capital firm investing in early and early growth stage healthcare and technology companies, focused primarily in the geographic region spanning from Texas to Washington D.C. Since 1983, NMP has been a leader in its market, investing in more than $650 million in over 175 companies. The managers of NMP’s current fund, Noro-Moseley Partners VI, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies.
For more information, please visit Noro-Moseley online at http://www.noromoseley.com.