Innovative value-based care company will use the capital to scale its full-risk medical home for individuals with substance use disorder
NASHVILLE, Tenn., Sept. 28, 2021 — Wayspring, formerly axialHealthcare, announced today its new name and a $75 million investment from Valtruis, Centene Corporation, CareSource, HLM Venture Partners, and other leading investors. Wayspring will use the capital to scale its value-based care solution, a full-risk medical home model for substance use disorder (SUD).
Using data analytics to drive high-touch, high-impact outreach to the most at-risk individuals, Wayspring’s SUD home model delivers community-based peer support, behavioral health services, and primary care. Wayspring also partners with existing provider networks to refer members to high-quality treatment, facilitate care transitions, and improve adherence to evidence-based medicine. Since launching its member-facing SUD management solutions with three health plans in 2020, Wayspring has driven significant savings through the reduction of inpatient treatment readmissions, hospital admissions and emergency department visits.
“We are extremely excited to announce this important investment by some of the leading investors in healthcare,” said Carter Paine, Chief Executive Officer of Wayspring. “The team at Valtruis has a strong track record of investing in and scaling transformational healthcare companies. Together, we are building an innovative solution that holistically addresses the complex and heartbreaking challenges that individuals with SUD and their families face daily.”
Valtruis, the newly formed value-based care portfolio company of Welsh, Carson, Anderson, and Stowe (WCAS), led the $75 million investment alongside Centene Corporation, CareSource and HLM Venture Partners. The funding also includes existing investors Highmark Ventures, .406 Ventures, the Blue Venture Fund, and Oak HC/FT.
Karey Witty, Managing Director with Valtruis and an Operating Partner at WCAS added, “We are thrilled to back the Wayspring team to help solve the enormous issues confronting the SUD community. This investment marks the second time that Carter and I have partnered with Welsh Carson to build a value-based care platform to tackle a pervasive and growing healthcare issue, in this case substance use disorder. Incredibly, more than $90 billion is spent annually on the SUD population by Medicaid and Medicare Advantage managed care organizations and other risk-based, delegated entities. And, unfortunately, only 10 percent of the population receives treatment.”
About Wayspring’s New Name
The new company name and visual identity reflect Wayspring’s commitment to meeting members where they are and providing stigma-free medical, behavioral, and social support. A patient-focused brand, Wayspring represents the many different approaches to recovery. The company will continue to operate its market leading prescriber risk mitigation services under the axialHealthcare brand underneath the Wayspring umbrella.
About Valtruis
Valtruis, a WCAS portfolio company, provides a unique platform that invests in and partners with disruptive leaders whose mission is to align and transform healthcare through what is truly value-based care. Founded on a commitment to accelerate meaningful change, Valtruis brings the functional expertise, access to capital and an expansive network that advance our partners’ evolution from early-stage development to industry-leading enterprises. Together, Valtruis and its partner companies will break through the systemic barriers in the healthcare industry to reduce costs, expand access, increase quality and radically improve the patient experience. Learn more at www.valtruis.com.
About Centene Corporation
Centene Corporation, a Fortune 25 company, is a leading multi-national healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace, the TRICARE program, and individuals in correctional facilities. The Company also serves several international markets, and contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. Centene focuses on long-term growth and the development of its people, systems and capabilities so that it can better serve its members, providers, local communities, and government partners. Learn more at www.centene.com.
About CareSource
CareSource is a multi-state health plan recognized as a national leader in managed care. Founded in 1989, CareSource administers one of the nation’s largest Medicaid managed care plans and offers a lifetime of access to care through health insurance, including Medicaid, Health Insurance Marketplace, Medicare Advantage, and dual-eligible programs. Headquartered in Dayton, Ohio, CareSource serves 2 million members nationwide. CareSource understands the challenges consumers face navigating the health system and is transforming health care with industry-leading programs that improve the health and well-being of our members. For more information, visit www.caresource.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture capital firm and one of the nation’s oldest and most experienced in the tech-enabled healthcare services, healthcare information technology, and medical device and diagnostics sectors. Seeking dynamic, emerging-growth companies, HLM invests in the industry’s most innovative companies, including Phreesia, Teladoc, AbleTo, Regroup Therapy, Nordic Consulting, meQuilibrium and ClearDATA. Learn more at www.hlmvp.com.
About Wayspring
Wayspring is a value-based care entity exclusively focused on substance use disorder. The company leverages data analytics to outreach to the highest-risk individuals and deliver high-touch, community-based peer support, behavioral health, and primary care. Wayspring also partners with existing provider networks to refer members to high-quality treatment, facilitate care transitions, and improve adherence to evidence-based medicine. For more information, visit www.wayspring.com.