Addison-based HealthMark Group has received a strategic growth investment from Boston-based global private equity firm TA Associates. The investment is aimed at accelerating HealthMark’s growth as it advances its mission to optimize the exchange of healthcare data via “cutting-edge technology,” the company said.

HealthMark, a provider of clinical information exchange solutions for healthcare providers, said that as part of the transaction, HealthMark management and existing investor Ridgemont Equity Partners will both roll “meaningful ownership stakes,” welcoming TA as the new lead investor.

Financial details of TA’s investment were not disclosed.

“TA’s belief in our vision has been evident for years, as they’ve closely followed our progress and laid the groundwork for this collaboration,” HealthMark CEO Bart Howe said in a statement. “With deep expertise in scaling healthcare technology businesses, their partnership, along with the continued support from Ridgemont, marks a pivotal moment for our company, positioning us to expand our capabilities and broaden our market reach.”

“Together, we’ll continue transforming the patient information journey by driving efficiency, interoperability, and compliance to increase quality of care across the healthcare industry,” Howe added.

‘More than 20 million’ clinical data requests processed

Founded in 2006, HealthMark said its platform enables healthcare providers to outsource clinical information requests from health plans, law firms, insurance companies, patients, and other requestors.

Through a network of over 60,000 providers and 5,000 facilities nationwide, HealthMark said it integrates with a disparate set of data sources and over 100 electronic medical record systems. That allows clinical information to be exchanged on an ongoing basis to meet compliance requirements, the company said.

To date, HealthMark said it has processed more than 20 million clinical data requests, helping thousands of hospitals and clinics transform manual administrative processes into “seamless digital encounters.”

Investor excited to ‘drive better outcomes for patients’

“HealthMark’s technology offers a compelling value proposition for providers and requestors alike,” said Ethan Liebermann, managing director and head of the North America Healthcare Group at TA. “By streamlining clinical information exchange, requestors benefit from lower costs and faster access to fragmented clinical data. At the same time, providers gain meaningful administrative efficiencies, reduced compliance risk, and stronger patient satisfaction.”

“We’re proud to support HealthMark’s mission to further automate a mission-critical healthcare information workflow and ultimately drive better outcomes for patients across the healthcare ecosystem,” Liebermann added.

TA SVP Eric Zagorski said the investment comes after TA examined its advantages.

“We’ve spent considerable time assessing the broader healthcare interoperability landscape, focusing on scalable solutions that solve the complexities of structuring and exchanging fragmented healthcare data,” Zagorski said in a statement. “We’re thrilled to partner with Bart, Ridgemont, and the exceptional HealthMark team as they continue to lead innovation in this critical area of healthcare infrastructure.”

Anthony Cassano, partner at Ridgemont Equity Partners, extolled the potential the investment allows.

“Since our investment, HealthMark’s footprint has expanded from three to 49 states, and its technological capabilities have advanced significantly,” said Anthony Cassano, Partner at Ridgemont Equity Partners. “We’re immensely proud of our partnership with Bart and the entire management team, and by partnering with TA, we’re even more excited to deepen interoperability, unlock new efficiencies for providers, and elevate patient care in the years ahead.”

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