New health care investment firm launches
By Tim Zink | Greater Fort Wayne Business Weekly
Fort Wayne-based philanthropic equity firm Ambassador Enterprises is looking to “heal health care” with the launch of its new wholly owned health care investment firm.
Mend Medical plans to address systemic challenges in the health care industry by investing in post-revenue companies that focus on improving accessible, affordable patient care.
“In the U.S. in particular, we recognize we are part of a great health care system that provides access to providers and technologies and a number of other things,” Ben Joseph, president of Mend Medical, said. “We know there are frustrations and things that we think are broken in the health care system.”
The firm manages a group of legacy medical technology investments on behalf of Ambassador with plans for future investments in operating and early stage companies in the works. The investments include AssessMD, SpeechVive and Theratome Bio located across the U.S.
“Ambassador Enterprises invests in innovative solutions to systemic problems driven by strategic leaders,” Arlan Friesen, president of Ambassador Enterprises said in a statement. “Mend Medical is an opportunity for Ambassador to focus on accelerating progress with significant potential to change the lives of families and communities throughout the country and around the world.”
Mend Medical plans to invest in companies that address inefficiencies, waste or situations where profits are put ahead of patients in the health care system. The company also wants to partner with medical professionals, health systems, patients and others throughout the value chain in the health system.
The firm cites increases in health care spending, the over-prescription of antibiotic courses and the misdiagnosis of patients as examples of deficiencies in the health care system.
Addressing these issues is an important part of measuring the success of investments.
“We are an investment company, so obviously financial returns are important,” Joseph said.
In addition to financials, Mend Medical will evaluate how the companies it invests in affect people in health care to measure success.
“Are we driving meaningful improvement in some of those areas of brokenness?” Joseph said.
Joseph believes the local economy and the university system in Indiana will be important parts of the firm’s success.
“[This region] is a leading area for musculoskeletal health in the world,” Joseph said. “I think there’s a unique opportunity here to build a company and talent attraction is going to be a key for us.”
Joseph said there is excitement about what can be done here in the region with universities educating people who are passionate about doing something in healthcare.
“We’re excited to do this in northeast Indiana and Fort Wayne,” Joseph said. “This is home. This is where we live and work and we’re excited to do it.”
In the future, Joseph hopes Mend Medical will be a leading firm in the area. Now, raising awareness and finding companies that are the right fit to invest in are top challenges.
“We think this type of investment firm is long overdue,” Joseph said.
Mend Medical has four members on its leadership team with backgrounds in the orthopedic industry in northern Indiana. For more information on Mend Medical, call (260) 333-9004 or email info@mendmedical.com.
