Illinois- and Wisconsin-based Advocate Aurora health system has a new investment arm and recently made some of its first bets in healthcare.
Advocate Aurora Enterprises (AAE), a wholly owned subsidiary of Advocate Aurora Health Inc., announced last week it acquired Maryland-based senior home care company Senior Helpers in a deal worth a reported $180 million.
The deal came just days after the group led a $25 million funding round in a telenutrition platform called Foodsmart.
AAE was created to focus on the consumer health and wellness space, Advocate Aurora Enterprises President Scott Powder told Fierce Healthcare.
“We realize there are so many other things beyond great medical care that impact a person’s health—everything from their genetics to their lifestyle and behaviors and what we call social determinants,” Powder said. “Often, those things impact a person’s overall health even more than medical care. We said if we are going to fulfill our overall purpose of helping people live well, this idea of participating in and having a much bigger footprint in the consumer health and wellness space is very much aligned with that strategy.”
Here are three top details from our conversation about how Powder described Advocate Aurora’s investment ambitions.
1. They’re focusing investments in three sectors. While the broader goal is to invest in companies in the consumer wellness space, Powder said AAE is targeting investments in three sectors to start: companies geared toward independent aging, parenthood and improving personal performance through the integration of mind, body and nutrition, he said.