AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Cox Enterprises Invests in Aver’s $27M Series C to Accelerate Implementation and Execution of Value-based and Bundled Payments Programs

January 9, 2020 GMT

COLUMBUS, Ohio--(BUSINESS WIRE)--Jan 9, 2020--

Aver, the healthcare industry’s leading platform for bundled payment and value-based healthcare solutions, today announced the closing of the company’s $27 million Series C. In addition to major investment from Cox Enterprises, the round included participation from current investors Drive Capital, Heritage Group, Hearst Ventures and NCT Ventures. This investment will allow Aver to scale operations and grow platform capabilities with the focus of supporting customer needs in the execution of bundled payment and value-based programs.

As healthcare costs continue to rise, the move towards value-based reimbursement has become a key focus for the industry. The need for cost reductions and price transparency are both achieved through bundled payment programs.

Over the past 24 months, Aver has been the industry’s fastest growing platform provider helping health plans execute the implementation of bundled contracts. Current customers using Aver’s services have seen proven medical spend savings of more than 20% across a wide range of procedural and medical-based bundle programs.

Aver provides payers and large health systems with a platform to design, analyze, and implement episode-based contracts in a strategic effort to enhance quality, eliminate redundant costs, and improve clinical outcomes.

Aver’s value-based and bundled payment platform offers distinctive features allowing clients to effectively and efficiently deploy and operate value-based arrangements, including:

“Our goal in deploying this capital will be to help our large commercial payer customers execute the design, implementation, and administration of bundled payment programs,” said Bill Nordmark, Aver’s president and CEO. “We are also proud to welcome Cox Enterprises to the Aver family. As a $21 billion innovative company, Cox Enterprises will bring a critical lens for the innovation and adoption of value-based programs. This view will allow Aver to bring more value to our payer customers as they launch and expand bundle programs.”

“It’s been exciting to watch Bill and his team innovate as they built Aver into the impactful company it is today. We believe Aver will continue to grow into the market-defining company for bundled payments,” said Mark Kvamme, co-founder and partner of Drive Capital.

“Aver’s products and services are making healthcare more consumer-centric by enabling payers and healthcare providers to more effectively participate in value-based care arrangements,” said Tim Howe, senior director of Strategy and Corporate Development for Cox Enterprises. “We are excited to be a part of the Aver team and to support solutions that enable price transparency and ultimately better health outcomes.”

About Aver Inc.

Aver has been providing a comprehensive tech enabled service for the design, implementation, and operationalization of value-based programs since 2010. Aver’s sole focus is on value-based healthcare and it is the leading provider of the most comprehensive analytics, network services, and administrative capabilities in the industry. Our core competency at Aver is helping payers and providers to reduce medical costs through enabling the operationalization of value-based healthcare. Our customers have seen a significant reduction in medical costs to trend for their value-based programs, with a significant return on their investments in Aver’s solutions. In bundled programs alone, our customers have seen more than 20% savings in medical spend and over 40% reduction in complications.

Aver’s solution offers health plans the most customization capabilities in the industry, which allows our customers to more rapidly expand their episode of care programs (and other value-based healthcare programs) to cover more markets, more conditions, and more providers. Our experience and singular focus is to ease the transition from fee-for-service to value-based contracts. To learn more about Aver, visit www.aver.io.

About Cox Enterprises

Cox Enterprises is dedicated to building a better future through our leading communications, automotive services and media companies. Our major operating subsidiaries include Cox Communications and Cox Automotive. Headquartered in Atlanta, Georgia, Cox is a global company with over $21 billion in annual revenues and brands that include Autotrader, Kelley Blue Book and Cox Homelife. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business committed to its people, communities and the planet. To learn more about Cox, visit coxenterprises.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200109005738/en/

CONTACT: Aver

Samantha Orons

Sam.Orons@aver.io Cox Enterprises

Leticia McCadden

Leticia.McCadden@coxinc.com

KEYWORD: UNITED STATES NORTH AMERICA OHIO

INDUSTRY KEYWORD: TECHNOLOGY INSURANCE FINANCE PROFESSIONAL SERVICES SOFTWARE MANAGED CARE HEALTH GENERAL HEALTH DATA MANAGEMENT

SOURCE: Aver and Cox Enterprises

Copyright Business Wire 2020.

PUB: 01/09/2020 01:08 PM/DISC: 01/09/2020 01:08 PM

http://www.businesswire.com/news/home/20200109005738/en