October 13, 2016
Contessa Health Closes $7 Million Series B Financing
NASHVILLE, Tenn.–(BUSINESS WIRE)–October 13, 2016–
Contessa Health, Inc., a leader in episodic risk arrangements and home hospitalization programs, raised $7 million in funding led by Noro-Moseley Partners, with participation from existing investors BlueCross BlueShield Venture Partners, Martin Ventures and Sandbox Advantage Fund, as well as new investors, Nashville Capital Network and the Marshfield Clinic Health System. The proceeds of the financing will enable Contessa Health to further scale operations as it expands into new markets.
“The healthcare system is rapidly shifting from traditional fee-for-service to alternative payment models such as bundles,” said Spence McClelland, partner at Noro-Moseley. “Contessa’s home hospitalization programs and technology platform help providers and plans achieve lower costs, better clinical outcomes and a better patient experience under these new models. We are excited to back such an excellent management team and to join a great group of investment syndicate partners.”
Contessa Health has experienced significant demand from leading health plans and health systems due to its unique ability to provide both clinical support to providers and administrative services and technology to payers. By offering support to both constituents, Contessa Health enables markets to efficiently launch prospective bundled risk arrangements. Contessa Health makes this possible with ContradoClaim™, its proprietary analytics and claims platform which enables partners to adjudicate prospective bundled payments, and ContessaCare™, the clinical model that provider partners can leverage to meaningfully reduce spend, while improving outcomes.
“We are thrilled to have Noro-Moseley Partners lead our latest capital raise, to have the continued support of our initial investors, BlueCross BlueShield Venture Partners, Sandbox Advantage Fund and Martin Ventures and to welcome our other syndicate partners, Nashville Capital Network and the Marshfield Clinic Health System,” said Travis Messina, founder and Chief Executive Officer of Contessa Health. “The success that each of these groups have had supporting transformative health care models underscores the value that Contessa Health is bringing to market.”