SpendMend, a provider of solutions to optimize the cost-cycle for the healthcare industry, announced they have closed on a round of strategic investments from Spectrum Health Ventures as well as Memorial Hermann Health System. The amount was not disclosed.
The new venture activity follows closely in the wake of the strategic investment into SpendMend by investment funds managed by Morgan Stanley Capital Partners, the middle-market-focused private equity team at Morgan Stanley Investment Management.
“Controlling costs is arguably the biggest challenge facing health systems across the country today,” says Scott McLean, Managing Director at Spectrum Health Ventures. “Simply put, SpendMend’s suite of cost-cycle solutions helps hospitals reduce costs and optimize future savings. SpendMend is a perfect fit for the Spectrum portfolio, and they are fast becoming an indispensable partner for U.S. Health Systems.” Read more.
