MORGANTOWN--MedExpress Urgent Care ("MedExpress"), a national leader in delivering fast, affordable, high-quality care to those seeking non-emergency medical treatment, welcomed an investment from global growth equity firms General Atlantic LLC ("General Atlantic") and Sequoia Capital ("Sequoia") today. Financial details of the transaction are not being disclosed.
"This partnership with General Atlantic and Sequoia comes at a very important time for our company," said Dr. Frank Alderman, Co-Founder and CEO of MedExpress. "Both firms bring a deep knowledge and understanding of the healthcare industry and offer unrivaled global resources and capabilities that will prove invaluable as we expand our national footprint, scale our operations, and continue to provide the highest quality care to all of our patients."
Founded in Morgantown, West Virginia in 2001, MedExpress is committed to revolutionizing the delivery of healthcare by putting patients first and targeting two of the largest problems facing the United States healthcare system - access and affordability. Patients overwhelmingly support the high quality of care and the fast, friendly service that they consistently receive at MedExpress. In addition, given that a significant portion of non-emergency cases can be appropriately handled in a high-quality, lower-cost environment outside of hospital emergency departments, MedExpress Urgent Care centers help alleviate the unsustainable burden placed on the United States healthcare system by improving access to quality care at a fundamentally lower cost.
"MedExpress offers patients increased convenience and payors significant savings, all without any sacrifice in quality" said Jonathan Korngold, Managing Director at General Atlantic and head of the firm's Healthcare sector. "Given the current capacity constraints in the healthcare delivery system, and the expected increase in demand on the system coming out of healthcare reform, we believe that MedExpress is well positioned to enjoy substantial growth in the coming years. We are thrilled to partner with Dr. Alderman and the MedExpress team to support that growth."
"Patients are seen quickly, a physician is always on staff, prescriptions are conveniently filled onsite at most locations, and over 90% of patients are likely to recommend MedExpress to their friends and families," noted Doug Leone, Partner at Sequoia. "This is a new delivery model with a strong value proposition to patients, physicians and payors alike. We are excited about the potential such an alignment of interests offers, and we are delighted to back MedExpress as an innovator and leader in the urgent care sector."
About MedExpress Urgent Care
MedExpress operates multiple full-service, walk-in urgent care facilities offering timely medical treatment to non-life threatening injuries and illnesses in Colorado, Florida, Pennsylvania and West Virginia. No appointments are necessary, most types of insurance are accepted (but not required), and centers are open 12 hours a day, 7 days week. MedExpress facilities are always staffed by a physician and supported by a full medical team. Founded in 2001, MedExpress is headquartered in Morgantown, West Virginia.
About General Atlantic
General Atlantic ("GA") is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon, and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA manages approximately $15 billion in capital and has more than 75 investment professionals based in Greenwich, New York, Palo Alto, London, Düsseldorf, Hong Kong, Beijing, Mumbai and São Paulo. For further information and a listing of GA's public and private portfolio companies, please visit www.generalatlantic.com.
About Sequoia Capital
Since 1972, Sequoia Capital has provided early stage and growth stage venture capital for gifted entrepreneurs and executives who have turned great ideas into sustainable companies of enduring value. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with accomplished innovators and operators who have built great franchises such as Amylin Pharmaceuticals, Ameritox, Apple Computer, Cisco Systems, CV Therapeutics, eCardio Diagnostics, Google, Green Dot, Network Appliance, nVidia, Oracle, Oxford Health Plans, PayPal, Yahoo!, YouTube, and Zappos. To learn more about Sequoia Capital, please visit www.sequoiacap.com/growth.
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