OurHealth Raises $37 Million to Accelerate Delivery of Better, More Affordable Healthcare
Investment will fund market expansion, sales and marketing growth
INDIANAPOLIS (May 17, 2017) – OurHealth, a leading provider of employer-based on-site and near-site clinics, announces today it has raised $37 million to fund market expansion and further growth in sales, marketing and technology. San Francisco-based White Oak leads the financing which also includes participation from individual private investors. The funding raise follows a sequential run of double-digit year-over-year growth.
“We’re thrilled about the raise and feel lucky to have found such a great strategic partner in White Oak,” said Ben Evans, CEO and co-founder of OurHealth. “Our mission is to radically improve the healthcare experience through greater access, reduced costs for employees and employers and make a meaningful impact on people’s health. We have 295 of the brightest minds in healthcare working passionately to address those gaps and this investment allows us to accelerate the charge.”
OurHealth’s unique offering has attracted a growing list of customers, including City of Charlotte, NC, Centier Bank, CNO Financial Group, and OneAmerica. Its on-site and near-site employer-sponsored clinics have been shown to deliver an increase in talent retention, increased employee well-being, and meaningful savings on healthcare costs.
“OurHealth has delivered impressive growth over the last few years, and we’re confident that with this incremental capital they are poised for even greater disruption” said White Oak Healthcare Managing Director and Partner, Isaac Solemani. “OurHealth’s innovative technology continues to improve the consumer experience with both clinical and non-clinical services and offers products that support patient needs.”
OurHealth will use the funds to achieve key goals over the next five years including:
- Expanding its MyClinic network into eight new markets
- Developing 11 new MyClinics in Indianapolis and Charlotte, N.C.
- Hiring 480 new employees
- Investing in sales, marketing, technology and data security
- Launching a direct-to-consumer healthcare experience
Access to OurHealth’s on-site and near-site MyClinic also provides ample benefits for employees who enjoy shorter wait times and longer, one-on-one appointments with clinic staff. At MyClinics employees spend between 20-40 minutes with their provider (based on the appointment type) compared to the average 6.7 minutes that individuals spend nationwide. In addition, 99 percent of OurHealth patients rate their experience as good or excellent.
For more information about OurHealth, please visit www.ourhealth.org.
Indianapolis-based OurHealth is a provider of on-site and near-site wellness clinics and services focused on enhancing the patient experience and lowering healthcare costs for businesses of all sizes. OurHealth offers a comprehensive healthcare approach to its clients and their employees, which includes primary and urgent care services, wellness services, on-site laboratory and medication dispensing services and referral guidance. OurHealth has healthcare clinics in Indiana, North Carolina, Illinois, Pennsylvania and Tennessee. To learn more about OurHealth, visit www.ourhealth.org.
About White Oak Healthcare Finance
White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak Global Advisors, LLC is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical device, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare which enables it to provide flexible and creative solutions with certainty of execution. WOHCF offers a differentiated product set including cash flow term loans, ABL and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments. As a lender with large pools of capital to deploy, WOHCF generally holds its full loan positions to maturity.
About White Oak Global Advisors
White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Since its inception in 2007, White Oak’s disciplined investment process focuses on delivering risk-adjusted investment returns and establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
Dittoe PR on behalf of OurHealth
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