HCAP Partners Leads Investment in Apprio

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Jan 16, 2024, 08:33 ET

Strategic Investment to Fuel Rapid Growth and Facilitate Product Expansion to Reduce Healthcare Costs

SAN DIEGO, Jan. 16, 2024 /PRNewswire/ -- HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced its investment in Apprio, a provider of specialized healthcare technology solutions and services for hospitals and health systems with a focus on automized solutions. Terms of the investment were not disclosed.

Apprio's solutions are especially vital in today's environment. Following the end of the Covid-19 public health emergency and the end of Medicaid continuous enrollment, millions of people stand to lose Medicaid coverage. Apprio's next-generation patient enrollment platform assists hospitals in securing medical insurance coverage for uninsured patients so individuals can access the care they need. In addition, Apprio's robotic process automation (RPA) platforms support critical revenue cycle functions that health systems depend on to increase efficiency and reduce costs. Apprio delivers value for healthcare organizations by increasing revenue, reducing operational costs, and optimizing care delivery.

Led by Hope Mago and Jessica Kim at HCAP, the investment reflects HCAP's ongoing commitment to fostering innovation in the healthcare sector and supporting diverse-owned and diverse-led companies. HCAP's capital will help scale and support the evolution of Apprio's offerings to drive greater access to care through its patient enrollment software EnrollmentMax^™ and lowering healthcare costs in hospitals and healthcare systems by deploying its RPA platform RpaMax^™.

"We're looking forward to the potential impact of Apprio's advancements as they not only drive operational efficiency for hospitals but also address the critical issue of uninsured patients and contribute to substantial cost savings for healthcare institutions," said Hope Mago, Partner at HCAP. "We're grateful for the opportunity to invest in Apprio. This is an exciting time to support a pioneer in healthcare who is driving greater access to care."

"Apprio is excited to partner with HCAP to begin this next stage in our company's growth. As a leader in healthcare IT automation and advanced eligibility and enrollment, Apprio is committed to helping the entire industry advance to reduce healthcare costs and enhance the quality of care," said Darryl Britt, CEO of Apprio.

About HCAP Partners
HCAP Partners is a diversely owned private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been an ImpactAssets 50 fund since 2014 and, through its Gainful Jobs Approach^™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit http://www.hcap.com/.

About Apprio
Apprio provides specialized healthcare technology and service solutions to commercial hospitals, health systems and federal/defense agencies. With over 20+ years of experience implementing transformative solutions in healthcare and technology, Apprio delivers value by increasing revenue, reducing operational costs, and optimizing care delivery. Founded in 1998, Apprio has completed automation projects and technology implementations for America's largest federal healthcare agencies and more than 45 private hospitals.

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SOURCE HCAP Partners