October 24, 2018 01:00 AM | Covington Associates
October 24, 2018 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to AssuriCare, an innovation leader within the long-term care industry, in its recapitalization by M33 Growth, a growth-stage investment firm. This investment will help accelerate efforts to enhance AssuriCare’s long-term care (LTC) SaaS-based platform.
“We have created the LTCfastpay® platform that connects care recipients, providers and insurers, and delivers tangible value to all of our customers,” said Michael Gilbert, CEO at AssuriCare. “Our platform was the first SaaS solution to enable claimants, providers and insurers to easily and reliably process payments and electronically submit verified insurance claims. We’ve continued to invest, and have remained on the cutting edge, serving tens of thousands of long-term care recipients and processing hundreds of millions of dollars of provider payments and insurance claims. Right now, there are significant opportunities to broaden and deepen our platform to better serve our customers, expand our offerings to benefit more people, and increase our overall value proposition to the long-term care industry. This partnership with M33 Growth will give us access to resources, strategies and partnerships which will enable us to fully execute on our vision. I am really impressed with the M33 team and their excellent track record helping other companies accelerate growth.”
“M33’s investment strategy is to align with market leaders,” said Gabe Ling, co-founder and managing director of M33 Growth. “The AssuriCare team has a deep understanding of the long-term care industry and have established themselves as proven innovators, creating and bringing to market solutions which solve significant problems facing long-term care recipients, providers and payers today. They stand ready to implement on an impressive roadmap that includes significant platform enhancements that will bring more value to existing customers, enable more efficient processes for providers and payers, expand their platform to the facilities market, and so much more. We are excited to partner with them to better serve their customers and meet the growing demands of this important market.”
According to the National Health Policy Forum, total spending on long-term care is more than $220 billion, or almost 10% of all US personal health care spending, and is projected to increase to almost $350 billion in 2040. As long-term care needs have grown, so have the complexities associated with evolving care models, multiple provider types and situs of care, providers’ regulatory and compliance needs, protections for long-term care workers, and an increasing landscape of public and private payers. AssuriCare’s unique LTCfastpay platform and care management services help care recipients more effectively track, manage and pay for care, help providers interact seamlessly with multiple payer sources, and help long-term care payers efficiently process verified, standardized, electronic claims submissions.
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. Further information about Covington Associated can be found at http://www.covingtonassociates.com/overview.
AssuriCare is a market leader in SaaS technology solutions for the long-term care industry. Since 2010, the company’s innovative LTCfastpay platform has revolutionized the way people pay for long-term care, and the way payers and administrators receive, evaluate and process long-term care claims. With over 125 years of long-term care, technology and care management experience on its leadership team, AssuriCare understands and addresses the issues LTC insurers, providers and care recipients face and provides the ability to communicate, process payments and pass critical information between all constituents. The company is deeply committed to continuing the development of its technology and customer service model to deliver the highest value and bring transparency and simplicity to the complex long-term care market. Continue to learn more at http://www.assuricare.com.
M33 Growth is a venture and growth stage investment firm that partners with founders and CEOs who have successfully bootstrapped their companies to strong growth and are positioned to rapidly scale their companies and break through as market leaders. With deep experience fueling sales and marketing engines, driving acquisitions and building value through data assets, M33 Growth seeks to propel portfolio companies to success in their markets. Founded by veterans of renowned investment firms with considerable operational experience, the Boston-based firm seeks to invest in companies in the software, healthcare and services sectors throughout North America. Learn more at m33growth.com