The round of funding was led by Heritage Group, a venture-capital firm backed by some of the nation's leading healthcare companies, and with participation from Health Insight Capital, a subsidiary of HCA.

Procured is tackling the healthcare cost crisis by taking a patient-centered, evidenced-based approach. Clinical supplies represent the second largest and fastest growing cost category for hospitals. Further, estimates show that poor decisions on clinical supplies will account for more than $35 billion in wasteful spending in 2016.

Procured's solutions empower the buyers and users of medical products to improve clinical outcomes while also drastically reducing expenditures. This investment will come from Heritage's second Healthcare Innovation Fund, which announced $220 million in committed capital in May. The Heritage Funds are backed by 15 leading healthcare organizations, including Adventist Health System, Community Health Systems, Intermountain Healthcare, Sutter Health, and Tenet Health.

'We are incredibly pleased to be Procured Health's new strategic partner. Our diligence process overwhelmingly validated that Procured's customers reap extraordinary benefit from the company's differentiated solutions,' said Jesse Bland, Principal at Heritage Group. 'Health systems have struggled to manage clinical spend more effectively for years, and the significance of these initiatives is only growing as healthcare transitions to a value-based paradigm. We believe Procured has developed a unique suite of technology solutions that address this critical pain point for providers, and we're excited to see what the company develops next.'

'For HCA, Procured offers much more than a promising concept. Our investment is an expansion of the strong relationship that we've developed by working with their product and team for the last 18 months. The company's IntelligencePRO™ and EvaluationPRO™ solutions have a proven track record of success within our organization and have added a new dimension to our supply chain clinical value analysis process,' said Ravi S. Chari, MD, MBA, Senior Vice President of Clinical Excellence at HCA.

'In healthcare today, hospitals cannot afford any wasteful spending -- and clinical excellence, while still of utmost importance, must be coupled with initiatives to reduce costs and improve efficiency in order to drive value,' explained Hani Elias, JD, MPH, Co-founder and Chief Executive Officer at Procured. 'We are excited by the additional capital because of what it means for both our current clients and those hospitals that we haven't yet begun working with. In addition to expanding our reach, these new resources will be used to advance our solutions and continue innovating at a rapid pace.'

In March of 2014, Procured raised $4 million in Series A funding in an investment led by FCA Venture Partners. The company already works with top-ranked health systems like Stanford Health Care, Vanderbilt University Medical Center, Legacy Health, St. Joseph's Health, and Johns Hopkins.

About Procured Health. Based in Chicago, IL, Procured Health is a leading provider of technology and data-driven solutions that support smarter healthcare, from operating room to negotiating table. Procured Health's solutions impact all aspects of clinical spend management including opportunity identification, clinical decision making, contracting, utilization, and performance management. For more information, visit Procured Health.

About Heritage Group. Heritage Group is a Nashville-based, healthcare-exclusive, venture capital firm with more than 30 years of experience financing and operating healthcare companies at all stages. With $400 million under management, Heritage provides capital and unique growth opportunities to businesses that improve the delivery of healthcare services. The firm's strategic partners operate more than 550 hospitals with 90,000 beds and employ approximately 600,000 people. They cover more than 20 million lives under a number of leading health plans, deliver pharmaceuticals and medical products to more than 100,000 locations daily and generate revenues of almost $300 billion. For more information, visit HeritageGroupUSA.com.