Nashville, Tenn.-based Heritage Group, a healthcare venture capital firm, has closed its second healthcare innovation fund at $220 million, exceeding its prior fund by more than $50 million.
Heritage invests in innovative healthcare companies to address the challenges in the industry. The firm is backed by a diversified group of organizations, including major for-profit hospital operators such as Franklin, Tenn.-based Community Health Systems, Brentwood, Tenn.-based LifePoint Health and Dallas-based Tenet Healthcare.
Houston-based Memorial Hermann Health System is another one of Heritage's backers, and CFO Dennis Laraway said the firm has worked with the system's executives to identify areas of innovation with solution-oriented companies.
Overall, the strategic investors operate more than 550 hospitals, cover more than 20 million lives under health plans and generate revenues of nearly $300 billion.
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