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PE Fund invests in Wellspring Healthcare

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Venture capital firms Catamaran, the Anil Ambani Group’s Reliance Venture Asset Management and some foreign investors have invested in Mumbai-based healthcare services provider Wellspring Healthcare. Catamaran is NR Narayana Murthy’s $129-million Venture capital firm. Venture capital and private equity investments in the healthcare industry have increased in recent years as existing hospitals struggle to meet the requirements of people and an increasingly affluent middle-class demand quality healthcare. Catamaran, Reliance Venture Asset Management, US-based BlueCross BlueShield Venture Partners and few angel investors have invested 20.5 crore in Wellspring’s first round funding. Mumbai-based Wellspring will use the money to create a chain of clinics under the brand name of Healthspring Community Medical centres’ in Mumbai and roll it out nationally later. Wellspring has adopted the model of US-based medical centres such as the Cleveland Clinic and Mayo Clinic which employ their own physicians, creating teams of specialists that collaborate in treating each patient. By contrast, at most traditional hospitals, doctors remain independent, private practitioners. This clinic model makes it easier to coordinate care, implement evidence-based treatment and reduce the red tape of referrals. Doctors will not order unnecessary tests or procedures. A small pharmacy, treatment room and diagnostic unit for pathology and basic radiology will be a part of the Wellspring centres. This will be supported by a 24/7 emergency response system. Electronic medical records, such as weight-loss or blood-sugar data of the customers will help doctors track patients better.

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