Peloton Equity, LLC (“Peloton”), a Connecticut-based private equity firm that seeks to invest growth capital in innovative healthcare companies, announced today that it has closed an investment in OnPoint Healthcare Partners, Inc. (“OnPoint” or the “Company”), a fast-growing AI-enabled technology services provider that offers a suite of solutions to hospitals and medical groups designed to reduce physician burnout and improve administrative efficiencies. The investment is led by Peloton Equity, alongside participation from Fort Maitland Capital. The investment will be used to enable OnPoint to accelerate its product development roadmap, bolster its sales and marketing efforts, and strengthen the Company’s plauded customer service.
Founded in 2020 by Jim Boswell (CEO) and Rodney Haynes (COO), OnPoint leverages proprietary AI-enabled technology, a global team of physicians and change management guidance to deliver solutions that reduce the administrative burden of “desktop medicine” facing healthcare practitioners across the country. OnPoint equips providers with tools to maximize and optimize the time they spend caring for their patients.
“We are thrilled to be partnering with Peloton to help OnPoint capitalize on the massive and unmet need to support providers in an increasingly complicated environment,” said CEO Jim Boswell. “Peloton’s expertise and network will help us expand our reach while maintaining the level of quality and partnership that we pride ourselves on.”
“Peloton seeks to partner with innovative companies like OnPoint that make a business out of improving healthcare,” said Justin Yang, Partner at Peloton Equity. “We view the growth of the administrative burden on today’s doctors and their employers as an unsustainable trend and a primary driver of cost and provider burnout.”
Sean Carroll, Operating Partner at Peloton added, “We believe OnPoint’s proprietary AI-enabled technology, unique service approach and operational ‘know-how’ position them to tackle this issue head-on. We are very excited to work with Jim, Rodney and the rest of the management team to support OnPoint’s next phase of growth.”
With this funding round, Sean Carroll and Justin Yang with Peloton and Michael Clark, President of RAAPID.AI will join the board of directors.
Goodwin Procter LLP acted as legal advisor to Peloton and Withers Bergman LLP acted as legal advisor to the Company. Hyde Park Capital Advisors, LLC served as the exclusive financial advisor to OnPoint with respect to this transaction.
About OnPoint
Founded in 2020, OnPoint Healthcare Partners is a fast-growing tech-enabled services provider that offers a suite of solutions that address physician burnout and optimize the financial and operational efficiency of provider organizations. OnPoint’s mission is to improve the quality of care by allowing providers to focus on delivering care to their patients. OnPoint’s solutions include the preparation for and documentation of patient visits, follow-up management, coding and RCM, among others. The Company’s unique workforce is empowered by its proprietary cloud-based technology ecosystem (“IRIS Cloud”), which includes Remote Process Automation and Artificial Intelligence capabilities. This combination of technology and people enables OnPoint to partner with their customers at the point of highest-need, while managing the roll-out of new products and processes. For more information, visit OnPoint.
About Peloton Equity
Peloton Equity, LLC (pelotonequity.com) is a private equity firm focused exclusively on growth capital investments in the healthcare industry. Peloton was formed in 2014 as the successor firm to Ferrer Freeman & Company (“FFC”) and invests in companies with between $10 million and $200 million of revenue that have the management team, market opportunity and business model to grow revenues significantly over the life of its investment. Peloton seeks to be a significant investor in companies with high-growth potential, driven by a clear value proposition to the healthcare industry. Peloton’s investment team has invested in over 35 unique healthcare companies and has deployed over $800 million in capital. Recent investments include AeroSafe Global, ClearSky Health, Arcadia and AeroCare Holdings.
About Fort Maitland Capital
Formed in 2022 by Stephen Griggs, Fort Maitland Capital is a private equity firm focused on making investments in healthcare companies, and Central Florida-based real estate. Steve Griggs is an accomplished entrepreneur and executive with 30+ years experience in the healthcare industry. He is the founder and former CEO of AeroCare Holdings, a home medical equipment and respiratory therapy services company that was sold to AdaptHealth (NASDAQ: AHCO) in 2021 for over $1.5Bn. Steve also served as CEO of AdaptHealth from 2021-2023.
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