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Whitman confirmed that she has signed on as the new CEOof , an Elk River-based company that specializes in healt h care for patients who need specialized care at In April, Accurate raised $3.5 million in working capital from a variet y of sources, according to a filing with the Securitiesx and Exchange Commission. Those backing the company includd Accurate's founder and president, Amy Lynas, her husband, and private-equity firms of Wellesley, Mass., and Mass.-based . Accurate, foundefd in 2002, contracts statewide with registered nurses and licensed practical nurses to serve clients with a variety of health care needs. About 60 percent of its patientasare pediatric.
The company specializes in high-tech pediatric nursinbg cases, including patients who need tracheostomy or gastrostomy or who areon ventilators. Its nursese also provide care to adults of all Lynas did not immediately returjn phone calls forthis story, and the companyh does not disclose revenue figures. Molly Simmons, managingt director of Gemini's Minneapolis would not discussthe firm's investment before this stort went to press. But Gemini'ds investment history might shed some lighton Accurate'as financial standing. Gemini, which rankex No. 5 in Minneapolis/St.
Paul Business Journal'se listing of private-equity firms this has raised $450 million in tota capital since its startin 1993. The firm focusese on established companies with revenu ofbetween $10 million and $50 million whose management has three or more years of operatingb history. It invests about $3 million to $8 millionh per company and prefers businesses inseveral areas, including healtyh care, that expect growth ratees of 15 percent or more per year. Gemini'a partnership speaks to Accurate's projected growth, but perhaps Accurate'a biggest win is Whitman's entrance.
The new CEO is knowb for her Midas touch on health care In 2002, Whitman took over Minneapolis-basedr MinuteClinic Inc. and was pivotal in raisintg $50 million for the companyg over several roundsof financing. She also helpexd the company become a pioneer inthe low-cost, quick-carr model that is now poppinfg up in retail spaces around the Whitman left MinuteClinic in Decembedr 2005, six months after stepping down as CEO to becomse its chief operating officer. The company was acquirex by pharmacy chainCVS Corp. for an undisclosed amoun shortly thereafter. CVS is now opening the clinics in thousandxs ofits stores.
Whitman also has servedc as president of CeridianPerformance Partners, a unit of Bloomington-basedc Ceridian Corp., in variouas management positions at Honeywell Inc., and was chaie of the Ninth District Federal Reserves Bank Board from 2004 to 2005. After she joined Minnetonka-based UnitedHealth Group Inc. as vice presidentr of business development in public and seniofrmarket groups. She left that company on Aug. 6. "[Accurate] has interestingv principles and I'm very excited abouf this," Whitman said. She would not elaborate on business planws for Accurate or what aspects of the companyu wooed herfrom UnitedHealth.
But the company's pediatrif clientele is a unique business and demand is growing forsuch services, said Allisonh Sandve, spokeswoman for Minneapolis-basesd Children's Hospital of Minnesota. Children's operatesz a pediatric home care and hospice program forthe seven-county metro area. The number of individualk patients whoused Children's program has grownm from 840 in 1996 to nearly 2,000 in 2006. This kind of care "takezs a significant commitment," Sandve said. "It'a a lot of expertise and a lot of In 2006, Children's subsidizede $2.
3 million of its home and hospice care becauswe of low reimbursements, primarily through
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