Axial Healthcare Lands $16.5M
NASHVILLE, TN, Axial Healthcare, the nation's leading pain care solutions company, announced today it has closed a $16.5 million Series B round of financing.
Oak HC/FT, a venture growth-equity fund investing in healthcare services, led the funding round, which will be used to further drive expansion of axial's suite of pain management capabilities, including a cloud-based, provider decision-support platform for pain treatment. Previous investors, .406 Ventures, BlueCross BlueShield Venture Partners, and Sandbox Advantage Fund, also participated in this latest round of financing.
'Over the last four years, axial has curated the country's most comprehensive database of evidence-based best practices for pain treatment,' said Nancy Brown, Venture Partner at Oak HC/FT. 'The rate of opioid misuse, abuse or overdose underscores the need for a smarter, information-driven approach to pain treatment that payers, providers and patients can use. axialHealthcare has pioneered evidence-based pain management solutions and is leading the way in addressing barriers to safe and effective pain treatment. I am excited to join their Board of Directors to continue to solve these issues.'
John Donahue, chairman and CEO of axialHealthcare, said, 'We are excited to welcome Oak HC/FT into the axial family and look forward to leveraging their extensive healthcare expertise. Oak HC/FT's funding comes as we build out our operational and clinical teams, continue to innovate and enhance our capabilities, and move to operationalize on our substantial pipeline of clients. We look forward to continuing our mission to mitigate opioid misuse and improve the care and well-being for patients in chronic pain.'
Pain treatment is a $330 billion annual spend category for payers and has escalated into an epidemic as opioid use has increased 400 percent in the last 10 years. In response to this situation, axialHealthcare was founded in 2012 to identify and address the drivers of poor clinical outcomes and escalating costs of pain management. The company has since assembled the nation's largest data repository of patient pain claims and outcomes, as well as created the only evidence-based criteria for pain clinics.
axialHealthcare's suite of pain management capabilities includes: predictive analytics; a decision-support platform that delivers pain population analytics, provider dashboard and content, network performance monitoring, and PharmD consultation for providers; and the nation's only mobile patient app for patients experiencing chronic pain. axialHealthcare's team of physicians, pharmacists, scientists, technologists and healthcare operators are uniquely positioned to ensure that patients in pain are provided with personalized, evidence-based care from informed practitioners. The company began deploying its pain care offerings with industry-leading client partners last year.
axialHealthcare is the leading pain medication and pain care management company and partners with health insurers nationwide. axial's pain management solutions engage physicians, pain clinics and patients with coordinated care by applying advanced analytical insight, unmatched proven clinical evidence and highly effective consumer support. axialHealthcare's solutions optimize pain care outcomes, reduce opioid misuse and materially improve financial performance for those who insure care. For more information, please visit www.axialhealthcare.com.
About Oak HC/FT
Oak HC/FT (http://oakhcft.com/) is the premier venture growth-equity fund investing in Healthcare Information & Services ('HC') and Financial Services Technology ('FT'). Oak HC/FT is focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to an extensive network of industry leaders.
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