- Investment From Healthcare-Focused Capital Partner to Accelerate Company’s Growth, Plus Expansion Into New Markets
83bar, Inc., a specialist in patient journey management and developer of patient activation technology that has successfully supported nearly one hundred pharma, diagnostic and medtech development programs, has achieved a new milestone after a five-year period of start-up growth with a major capital infusion to fuel the next phase of its impact in the medical marketing services industry, as well as in the $60 billion clinical trials sector.
HealthQuest Capital, a healthcare-focused venture growth fund that invests in and accelerates innovative, commercial-stage companies, has made an equity investment in 83bar, according to a joint announcement from Robert Baurys, CEO at 83bar and Anthony Williams, Partner at HealthQuest.
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3The transaction includes the equity investment from HealthQuest, as well as a $20 million debt facility from MidCap Financial Trust. Terms of the investment were not disclosed.
83bar posted bookings growth from 2019 to 2020 of 288%. Its end-to-end data capture platform for both clinical trials and commercial clients provides full campaign reporting, analytics, insights, forecasting, and optimization. Data collected on the platform has resulted in a proprietary database of over one million patients that can be specifically targeted for future trials and commercial campaigns across a range of medical indications.
“We were very impressed by the value that 83bar brings to its clients,” said Williams. “The company’s demonstrated ability to identify, locate and direct patients to the care that they most need is truly differentiating, and we believe our partnership with 83bar will help us achieve our mission of improving patient outcomes and reducing healthcare costs,” said Williams, who along with HealthQuest Partner Randy Scott, will join the 83bar board of directors.
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83bar has garnered recognition for its Patient Journey and Activation Technology platform that generates patient demand, provides guided education and navigation, then ultimately delivers an appropriate, decision-ready patient to the correct health care solution.
“We now have a solid, proven system that has scheduled 130,000 appointments, facilitated 6.8 million communications, and captured 840,000 completed surveys,” said Dan Maynard, President of 83bar. “We are excited that HealthQuest saw our potential to further expand our capacity and capabilities. We were attracted to HealthQuest’s investment focus improving patient outcomes and increasing efficiency of delivery. We are excited to be part of their deep healthcare ecosystem.”
“Our technology-enabled distributed contact center of patient education specialists differentiates us as a unique player in the patient journey management space through a more patient-centric approach,” added Sue Hrim, 83bar Chief Clinical Officer.
By becoming part of the HealthQuest portfolio, 83bar can provide support to other commercial stage companies across the healthcare spectrum, including medical devices and technologies, biopharma, diagnostics, digital health, healthcare IT, and services.
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