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Novo Holdings invests in healthcare IT venture Availity

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International healthcare investor Novo Holdings has invested in Availity, one of the largest healthcare data and administrative networks connecting payers and providers throughout the United States.

Availity connects over two million providers to every health plan in the United States. Through its multi-payer platform, it facilitates over 13 billion electronic transactions annually. 

Now, Novo Holdings has made a strategic minority investment in the business to help advance its work further. It marks Novo Holdings’ largest investment into healthcare IT to date.

Availity, founded in 2001, provides a critical infrastructure that connects hospitals and physicians with health plans while removing administrative burden and cost from the healthcare system. The company’s service offerings allow healthcare professionals to manage the administrative, clinical, and financial data needed to fuel real-time coordination among providers, health plans, and their patients, thereby increasing efficiency in the delivery of healthcare. 

“We are delighted to welcome Novo Holdings as our newest partner,” says Russ Thomas, CEO, Availity. 

Novo Holdings brings new and exciting perspectives to our organisation. Their deep experience in global healthcare and commitment to build a stronger, more sustainable healthcare system will help us take payer-provider collaboration, and the tangible benefits of that collaboration, to the next level.” 

Novo Holdings is an international healthcare and life sciences investor with a portfolio of more than 120 healthcare and life sciences companies and total assets of more than EUR 60 billion at the end of 2020. Healthcare IT is a strategic focus area for Novo Holdings, with the investor saying Availity represents a strategic platform investment where it is eager to deploy more capital. 

“We are looking forward to becoming a strategic partner to Availity and joining the board. Healthcare IT and tech-enabled healthcare services are areas where we have robust experience and a strong network. As a long-term investor in healthcare and life sciences, we believe we can contribute valuable knowledge and perspectives to the company,” says Abhijeet Lele, senior partner and head of US Principal Investments, Novo Holdings A/S. 

Abhijeet Lele and Jonathan Levy will join the board of directors at Availity. 

“The partnership with Novo Holdings reflects an important milestone in the growth of Availity. Novo Holdings brings a unique perspective and approach to the organisation and a broad view of ways to positively impact health care,” says Chuck Divita, board Chair of Availity and GuideWell’s Executive Vice President of Commercial Markets.

“We welcome Abhijeet and Jonathan to the Board and look forward to advancing Availity with Novo Holdings.”

Novo Holdings acquired its stake in Availity from Francisco Partners, a global investment firm that specialises in partnering with technology businesses, which had been an investor in Availity since 2017.

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