Spectrum Health, Memorial Hermann invest in cost-cycle company SpendMend

Spectrum Health Ventures, part of Grand Rapids, Mich.-based Spectrum Health, and Houston-based Memorial Hermann Health System have invested in tech-based cost-cycle company SpendMend, the firm said Sept. 22.

"Controlling costs is arguably the biggest challenge facing health systems across the country today," Scott McLean, managing director at Spectrum Health Ventures, said in the news release.

SpendMend uses data, analytics and other technologies to help healthcare companies save money.

"This investment is one of several we have implemented that demonstrate a track record of meaningful solutions to bend the cost curve and support our ability to invest in healthier communities," stated Feby Abraham, executive vice president and chief strategy officer for Memorial Hermann Health System.

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