As published in the Nashville Business Journal, October 31st, 2018
By Joel Stinnett, Reporter, Nashville Business Journal
A Charlie Martin-founded physician network has closed on a $4.5 million round of funding.
Nashville-based Wellvana is financed by Martin, founder of Martin Ventures, and several San Antonio physicians. Terms were not disclosed in the news release.
Wellvana aligns physicians into an integrated network designed to reduce operating costs and improve patient wellness and care. The company’s first market is San Antonio, with plans to expand to others.
Martin is the former founder and CEO of Vanguard Health Systems, which owned San Antonio’s Baptist Health System, before Tenet Healthcare Corp. bought the company in 2013 for more than $4.3 billion
“The current health care system works just as designed, but there is a basic design flaw: The financial incentives are not directly tied to providing patient care only when it’s clinically appropriate, integrated and of the highest quality. We are simply nibbling around the edges of care transformation until we align convenience, outcomes and cost for the user,” Martin said in the release. “Wellvana does exactly that. Wellvana focuses on aligning all its providers to deliver high-quality care to the patient, when care is needed.”
Wellvana’s network will be offered to self-insured employers as an avenue to reduce health care costs.