Implantable Provider Group (IPG), a provider of implantable device management, has secured an investment from Sequoia Capital to invest in future growth initiatives.
Implantable device spending represents approximately 4% of total health expenditure in the US, or about $100bn annually. This is a complex problem for payers to manage as there are thousands of medical devices used by physicians in the US. Controlling these costs can help commercial payers hold the line on rising health care expenditures.
IPG has recently entered into an agreement with Blue Cross and Blue Shield of Florida (BCBSF) for being the designated implantable device management vendor for its extensive provider network. IPG expects to establish similar partnerships with other commercial insurance payers, moving the industry toward a more efficient and effective model of implantable medical device management.
IPG streamlines the management and delivery of implantable medical devices through its Implantable Device ManagementSM (IDM) solution, lowering costs for commercial insurance payers.
By working directly with commercial payers, clinical providers and medical device manufacturers, the IDM solution eliminates the complexity and the financial risks associated with the billing and reimbursement processes for providers, while maintaining patient access to medical therapies that use life-saving and life-enhancing medical devices.
Jay Ethridge, CEO of IPG, said: “Our services are directly in line with the needs of the health care industry right now. Given the current environment, it is critical that commercial insurance companies find ways to reduce costs without compromising patient care. IPG enables payers to do exactly that by reducing the cost of implantable devices without any change in the delivery of care.”
Scott Carter, general partner of Sequoia Capital, said: “We are excited to be working with IPG. The company is addressing a significant need in the health care industry.”