Published on March 9, 2010 at 5:39 AM
Implantable Provider Group (IPG), a leading provider of implantable device management, announced today that it has secured an investment from Sequoia Capital. The funding will enable IPG to invest in future growth initiatives.
“Given the current environment, it is critical that commercial insurance companies find ways to reduce costs without compromising patient care. IPG enables payers to do exactly that by reducing the cost of implantable devices without any change in the delivery of care.”
“Our services are directly in line with the needs of the health care industry right now,” said Jay Ethridge, CEO of IPG. “Given the current environment, it is critical that commercial insurance companies find ways to reduce costs without compromising patient care. IPG enables payers to do exactly that by reducing the cost of implantable devices without any change in the delivery of care.”
IPG streamlines the management and delivery of implantable medical devices through its Implantable Device ManagementSM (IDM) solution, ultimately lowering costs for commercial insurance payers. By working directly with commercial payers, clinical providers, and medical device manufacturers, the IDM solution eliminates the complexity and the financial risks associated with the billing and reimbursement processes for providers, while maintaining patient access to innovative medical therapies that use life-saving and life-enhancing medical devices.
Implantable device spending represents approximately 4 percent of total health expenditure in the United States, or about $100 billion annually. This is a complex problem for payers to manage as there are thousands of medical devices used by physicians in the United States. Controlling these costs can help commercial payers hold the line on rising health care expenditures.
“We are excited to be working with IPG,” said Scott Carter, General Partner at Sequoia Capital. “The company is addressing a significant need in the health care industry.”
IPG recently announced an agreement with Blue Cross and Blue Shield of Florida, Inc. (BCBSF) to be the designated implantable device management vendor for its extensive provider network. IPG expects to establish similar partnerships with other commercial insurance payers, moving the industry toward a more efficient and effective model of implantable medical device management.
SOURCE Implantable Provider Group