HCAP Partners, a California-based private equity firm and nationally recognised impact investor, has invested in 83bar, an Austin, Texas-based specialist in patient journey management for both clinical trials and commercial clients across pharma, medical device, and diagnostic industries.
The mezzanine debt infusion will be used to restructure existing debt, provide share redemption for a small group of existing investors, and provide supplemental growth capital. Terms of the investment were not disclosed.
Founded in 2015, 83bar provides a cost-effective patient activation platform to find and retain qualified individuals for clinical trials and commercial clients. The company locates patients on behalf of its clients, evaluates them using online screeners, and activates patients who are then ready to act with medical providers. 83bar’s distributed contact centre of patient education specialists differentiates the company as a unique player in the patient journey management market through a patient-centric approach. Its end-to-end data capture platform provides full campaign reporting, analytics, insights, forecasting, and optimisation. Data collected on the platform has resulted in a proprietary database of over one million patients that can be specifically targeted for future trials. 83bar posted sales/bookings growth from 2019 to 2020 of 300 per cent. As of December 2020, the platform has successfully scheduled 130,000 appointments, facilitated 6.8 million communications, and captured 840,000 completed surveys.
“We look forward to our growing partnership with HCAP Partners. Their investment will help us continue our rapid growth as we help more healthcare companies manage their patients’ journeys,” says 83bar Managing Partner Dan Maynard. “Given their experience in the healthcare industry, we are pleased to make them our partner of choice.”
Nicolas Lopez, Principal at HCAP Partners, says: “As a leader in patient journey management, we are bullish on 83bar’s ambitious growth plans. Its unique approach in the marketplace to educate and activate patients via its contact centre of registered nurses is a game changer. We look forward to their continued growth and success as they scale operations.”