Corewell Health Ventures invested in $390 million cost-cycle tech company SpendMend after it helped the health system cut costs, MiBiz reported.
"I like their mission because right now every health system is trying to figure out how to save more money," Scott McLean, managing director of Corewell Health Ventures, told the news outlet. "Year in and year out, we have saved millions of dollars working with them."
The health system, which has dual headquarters in Grand Rapids and Southfield, Mich., had used the vendor for years before deciding to invest in it, according to the Feb. 26 story. Houston-based Memorial Hermann Health System has also backed the company.
SpendMend, which offers a tech platform for healthcare audit and recovery services, works with about 130 health systems, MiBiz reported. It was valued at $390 million after Morgan Stanley Capital Partners acquired a majority stake last year.