Precedent Health Secures Equity Financing to Align Service Offerings and Support Growth
$2 million Series B Equity Financing
Growth Capital to Support Geographical and Service Line Expansion
Brian McCollum Appointed President and Chief Executive Officer
Nashville, TN – September 6, 2016 – Precedent Health, a privately held health care services company focused on supporting physicians and hospitals announced today the close of a $2.0 million Series B equity financing along with the appointment of Brian McCollum as its President and Chief Executive Officer.
The Series B was completed amongst current shareholders and management. Claritas Capital, a Nashville based firm experienced in investing in health care companies, led the additional investment.
A portion of the proceeds from this financing was used to acquire the remaining shares of Precedent Spine, LLC, making it a wholly owned subsidiary of Precedent Health. Precedent Spine is the operating segment focused on intraoperative neuromonitoring and patient registry services. This segment primarily supports neurosurgeons and orthopedic spine surgeons in seven markets throughout the United States and will focus on expanding its service offering both procedurally and geographically.
Glen Marconcini, Chairman of Precedent Health, commented, “I am excited to bring all operating activities of Precedent Health under one leadership team. Brian joined Precedent Spine in January 2014 and has built a foundation that will allow us to further expand our strategy of investing in services that support physicians, hospitals and payers.”
Brian McCollum, CEO of Precedent Health said, “This equity financing affirms the confidence our shareholders have in the strategic importance of providing clinical services that align physicians, hospitals and payers in today’s health care environment.” McCollum continued, “I look forward to working with our employees and local market partners to leverage both our clinical competencies and financial resources to improve safety and quality that leads to better patient outcomes and significant savings to our healthcare system.”
About Precedent Health
Precedent Health was founded by health care veterans with a passion for helping physicians, hospitals and payers provide patient care in a quality, cost-effective manner. Its primary operating segment specializes in Intraoperative Neurophysiological Monitoring (IONM) and patient registries by partnering with surgeons and hospitals across the country to provide patients with optimal care during complex surgeries involving the neural structures. IONM is designed to warn the surgeon of any issues within the nervous system before they lead to permanent neurological injury. The use of IONM can reduce length of stay, allow for a faster recovery, and reduce the potential for corrective procedures.
Precedent Spine Health to Present at the World Congress of Minimally Invasive Spine Surgery and Techniques
Nashville, TN, June 4, 2014 – Precedent Spine Health will present at the 2014 Fourth World Congress of Minimally Invasive Spine Surgery and Techniques on Thursday, June 12, at the Hotel Marriott Rive Gauche & Conference Center in Paris, France. Shashivadan Kerai, CNIM, Clinical Honorary Research Fellow Neurosurgery & Neurophysiology, Director of Clinical Research and Development, will present a research survey analysis that investigates the use of intraoperative neuromonitoring in surgery. The survey has served as a baseline questionnaire that has been used to develop numerous research projects that focus on the quality and cost of IOM in surgery, as well as in the research of the efficacy and safety of IOM in spine surgeries. The presentation is scheduled for 4:00pm local time.
Christina Cook, M.S. Ph.D and Shashivadan Kerai, CNIM author the research.
Precedent Spine Health Names Brian McCollum as President and Chief Executive Officer
Experienced Executive to Lead Growth Strategy
Nashville, TN, February 27, 2014 — Precedent Spine Health, a healthcare company focused on delivering improved intraoperative monitoring services with a focus on safety and quality, today announced the appointment of Brian McCollum as President and Chief Executive Officer, effective immediately. Mr. McCollum brings over 12 years of operational and financial healthcare leadership experience to Precedent Spine Health.
“Precedent Spine Health is fortunate to have an industry veteran like Brian join this company at such an exciting time. His strong healthcare industry experience as both a chief financial officer and a global business unit president make him well suited to lead us during this growth phase”, stated Glen Marconcini, Chairman of the Precedent Health Group. “Additionally, his experience in the spine industry will allow him to position the company to partner with clinicians, hospitals and local marketing partners, who are all extremely valuable to our company.”
Mr. McCollum most recently served as President of the Spine Global Business Unit at Orthofix International NV (NASDAQ: OFIX) where he had full profit and loss accountability of its largest business unit. Mr. McCollum was responsible for expanding distribution globally, fostering new business partnerships, and overseeing the business development strategy in spine.
Mr. McCollum further served as Chief Financial Officer of Orthofix International NV where he played an instrumental role in reorganizing the company to leverage and focus its resources by business unit, which resulted in significant operating margin expansion. Additionally, Mr. McCollum led the carve-out divesture of one of the business units, which along with improved cash flow from the operating margin expansion led to complete deleveraging of the company’s debt position. “I am thrilled to lead the team at Precedent Spine Health during a time when the spine industry needs to embrace strong safety and quality initiatives. We have an opportunity to add value during the intraoperative monitoring service by providing a comprehensive solution that improves the experience for patients and physicians”, stated Mr. McCollum. “Additionally, we will focus on expanding our geographical footprint while assessing additional service offerings within the operating room.”
About Precedent Spine Health: Precedent Spine Health specializes in Intraoperative Neurophysiological Monitoring (IONM). The company has partnered with surgeons and hospitals across the country to provide patients with optimal care during complex surgeries involving the neural structures. IONM is designed to warn the surgeon of any issues within the nervous system before they lead to permanent neurological injury. The use of IONM can reduce hospital stay time, allow a faster recovery, and reduce the potential for corrective procedures.