Boston-based Advanced Practice Strategies Inc, an e-learning and talent management platform provider for clinicians, has closed $12 million in Series C funding. River Cities Capital Funds led the round with participation from Ascension Ventures.
BOSTON – March 30, 2015 – Advanced Practice Strategies, Inc. (APS), provider of an e-learning and talent management platform for clinicians, announced today the completion of a $12M Preferred Series C capital raise led by River Cities Capital Funds, a growth equity firm investing in healthcare and IT companies. Incumbent investor Ascension Ventures also participated.
“APS helps health systems deliver superior outcomes by personalizing the education that each caregiver receives,” says Rik Vandevenne, Director at River Cities Capital Funds, who joins the APS Board of Directors. “The stellar management team, unique provider-specific data and blue chip customer list combined with rapid growth attracted us to the company. We’re honored to partner with APS.”
The company’s e-learning platform, GNOSIS, engages all clinicians through a first-of-its-kind assessment measuring clinical knowledge and judgment and then deploys an individualized “Learning Path.” The Learning Path then delivers prioritized, five-minute content segments, targeting each clinician’s specific needs. This customized approach maximizes the clinician’s time, effort and value to improve patient outcomes, reduce system risk and also provide CE credits. With over 30,000 assessments completed, GNOSIS provides extensive and actionable data at the individual clinician, department, hospital and system levels. This unique data gives insight into high-risk areas and enables targeted remediation pathways.
“Serving more than 100 major health systems in the US, the APS database of physician and nurse assessments provides unique benchmarking metrics, prospective views of clinical risk and identifies specific opportunities for practice improvement,” says Russell Richmond, MD, CEO of APS. “This financing further validates the opportunity we have ahead of us to change the way hospitals hire, assess and educate physicians and nurses. We’re excited that River Cities and Ascension Ventures share our vision and are thrilled to partner with such experienced healthcare investors.”
Proceeds from the financing will be used to enhance sales and marketing efforts as well as to expand the platform into other critical specialties.
About Advanced Practice Strategies (APS)
Advanced Practice Strategies (APS) is a software platform company committed to helping medical professionals take their craft to higher levels of mastery. The company was founded 20 years ago by a team of medical illustrators with deep experience understanding and elucidating complex clinical events in medical malpractice cases. The platform, GNOSIS, engages physicians, nurses and other clinicians through a first-of-its-kind assessment that measures clinical knowledge and judgment and then deploys an individualized Learning Path. The Learning Path delivers prioritized content, targeting each clinician’s specific needs. GNOSIS then uses the data from the over 30,000 assessments completed to provide actionable insight into high risk areas across multiple levels of care. For more information regarding APS, please visit www.aps-web.com.
About River Cities Capital Funds
River Cities invests in world class management teams − backing progressive, proven leaders in the markets of healthcare and information technology. River Cities participates as a trusted partner side-by-side with company executives, investing significant human capital to leverage what we’ve learned from our successes, as well as our mistakes during the course of more than 100 investments. With over $500 million of capital raised and a 20-year track record of success, River Cities has established itself as a preferred source of growth capital. The Firm, located in Cincinnati, OH and Raleigh, NC, is actively seeking new investments for its $200M Fund V. For more information regarding River Cities, please visit www.rccf.com.