Nashville-based health tech venture EvidenceCare has bought local cost transparency company Healthcare Value Analytics.
Terms of the transaction were not disclosed.
Newly launched tech investment firm Caduceus Capital Partners — of which EvidenceCare President and CEO Bo Bartholomew is a venture partner — invested nearly $1.5 million in HVA last December, one of its first portfolio companies.
HVA’s health care pricing tool will be rebranded as CareGauge under EvidenceCare, and adds price transparency capabilities to the company’s existing clinical decision support system.
EvidenceCare’s goal, according to a press release, is to create an integrated platform that optimizes clinical workflow and patient care while reducing costs, as envisioned by co-founder and chief medical officer Brian Fengler.
The transaction comes two years after the company closed a nearly $7 million Series A funding round and since rounded out its C-Suite, including the appointments of Bartholomew, COO Amy Deaton and CFO Britt Groomes.
HVA President and COO Kyle Duke will join the EvidenceCare C-Suite as chief information officer. In a statement about the acquisition, he said: “These two companies combined bring more real-time transparency and workflow optimization to care than exists in the market today.”