Mangrove Management Partners (Mangrove), a platform management company focused on optimising the delivery of vascular care, has closed a Series B equity financing round led by Wells Fargo Strategic Capital (WFSC), along with NewSpring Capital (NewSpring) and Dr Robert Bessler, the founder and CEO of Sound Physicians.
Proceeds will fuel Mangrove’s expansion throughout the Northeast as the rapidly growing epidemic of peripheral artery disease continues to drive demand for high-quality vascular care.
“Mangrove partners with leading physicians to change the paradigm of the delivery of vascular care with the aim of improving clinical outcomes and patient experiences at a lower cost of care,” says Mark Rowe, CEO of Mangrove. “With a rapidly changing healthcare environment and a growing epidemic of vascular disease, we align interests among physicians and all stakeholders with the best interests of patients as our guiding principle. With our new investment partners, we are eager to continue to drive innovation and to expand our reach.”
Mangrove’s innovative practice management model brings together state-of-the-art technology, data analytics, and highly skilled personnel to support physicians and to help develop leading private surgical practices. In doing so, the company optimises the delivery of vascular care in ways that provide access to these critical, life-saving services to vulnerable patient populations. Mangrove’s affiliated physician practices collaborate with health systems and hospitals in order to support local vascular services, particularly at community-based hospitals outside of major metropolitan areas.
“As a practicing physician and healthcare investor, I recognise the challenges faced by patients, doctors, hospitals, and payers in delivering quality care for patients at sustainable costs,” says Dr Rodney Altman, Managing Director for Wells Fargo Strategic Capital. “Mangrove’s unique model optimises the value in vascular care while prioritising patient outcomes and creating a fundamentally better experience. We are excited to play a role in this paradigm shift and look forward to seeing the many healthcare stakeholders that will benefit from Mangrove’s platform.”
“Mangrove has redesigned innovative pathways to optimise patient care, cost, and access with respect to critical vascular procedures. This constructive dislocation of the current system seeks to bend the cost curve with new business models in traditional segments of healthcare, a key tenet to NewSpring Healthcare’s investment thesis,” says Brian G Murphy, NewSpring General Partner. “The model also seeks to create a more clinically exciting and dynamic workplace for vascular surgeons as office-based labs continue to be a preferred site for selected procedures.”
