Spark Pediatrics Earns New Investment to Transform Pediatric Access to Skilled Nursing Through PPEC

‍Spark Pediatrics’ Funding Round Tops $15 Million Led by Leading Health Systems and Health Plans Including UPMC Enterprises and Memorial Hermann Health System

Miami Lakes, FL -January X, 2024- There are more than three million children in the United States who are defined as “medically complex,” meaning they have life-threatening conditions that affect two or more organ systems, with this number expected to double over the next decade. Two-thirds of these children are covered by Medicaid and struggle to access the skilled nursing services needed to thrive. In addition, these children, because of inadequate access to high-quality nursing care, generate over 40 percent of the overall costs for pediatric care.

Today, Spark Pediatrics is announcing a significant new capital investment of $15 million that will help provide access to care for children with medical complexities while giving them the childhood they deserve. This round includes new strategic investments and relationships with UPMC Enterprises, Memorial Hermann Health System, and other leading health plans, health systems, and financial investors.

Spark Pediatrics is a leading operator of Prescribed Pediatric Extended Care (PPEC), a center-based, team-orientated care delivery model that is staffed by pediatrics skilled nurses and other care providers, as covered recently by NBC News. This team- and center-based approach allows for an improvement in health and social determinants of health outcomes, such as reducing length of stay in the NICU and 30-day readmissions, as well as increasing socialization and respite for children and their families. The company is at an inflection point, with a 96% satisfaction rate and plans to aggressively expand across the country.

“Spark Pediatrics’ mission is that ‘Every Child Deserves A Childhood.’ For far too long, the patient journeys for children with medical complexities and their families have been marred by difficulties and numerous insurmountable challenges. We are changing that through our innovative care delivery approach,” said Jeff Soffen, CEO of Spark Pediatrics. “Our mission is to create a world where all children, regardless of their medical condition, have access to the care and support they need to thrive. We are honored to have some of the brightest minds and leaders in healthcare now as our investors, and can’t wait to help even more families in need in the months and years to come.”

The new capital will be used in three key areas. First, to enable growth in new markets outside of Florida, including Texas and Pennsylvania. Second, to increase innovative value-based offerings in partnership with health systems and health plans for medically complex children. And third, to continue to invest in building its world class team, as exemplified by the recruitment of Jeff Soffen as Chief Executive Officer and Melissa Lacy as Chief Nursing Officer, both in 2023.

“Spark is creating a new model of care delivery for children with medical complexities that is aimed at improving quality of care and the family experience for this often-overlooked population,” said Mary Beth Navarra-Sirio, Vice President of Market Development at UPMC Enterprises, the innovation, commercialization, and venture capital arm of health system UPMC. “This aligns well with our focus on creating innovations that impact the lives of patients in meaningful, lasting ways. We are thrilled to support Spark in bringing this innovative option to more children and families.”

“Spark has proven to be a top-flight operator of PPECs, but it is their vision and commitment to innovation that excites us most. As we continue to find ways to enable better care within our growing pediatric footprint, the synergies with Spark Pediatrics were clear from the start, and we are eager to team up to help bring optimism and joy to the lives of many children and families,” said Feby Abraham, EVP, Chief Strategy Officer for Memorial Hermann.

Spark Pediatrics’ care model includes many resources that go above and beyond the current standard of care for children with medical complexities, including:

• Spark Pediatrics’ PPECs are staffed with pediatric-trained nurses who operate as a coordinated team to more effectively care for children in a center-based model, leading to improved access and outcomes for the children.
• Spark Pediatrics is the only PPEC to have a dedicated Case Management team, led by Nurse Navigators, to better onboard, support, and collaborate with families and the provider community.
• Spark Pediatrics is the first PPEC to have signed quality and value-based contracts to drive innovation and change for the industry across multiple states.
• Spark Pediatrics goes the extra mile to collaborate with the existing provider community, including NICU discharge programs as well as innovative data collection and sharing mechanisms, to create a truly coordinated effort to care for these children.

About Spark Pediatrics

Spark Pediatrics is a leading provider of care for children with medical complexities. Spark is one of the country’s largest providers of Prescribed Pediatric Extended Care (“PPEC”) centers. PPEC is an innovative community-based care center that provides a team-based, quality-driven, and empathetic environment for children with medical complexities to receive critical pediatric skilled nursing while promoting socialization. Each clinic is staffed with pediatric-specialized nurses and complex care therapists supporting Physical, Speech, Occupational, and other therapies. Spark Pediatrics currently operates as the largest PPEC operator in Florida with a growing presence in Texas and other states. Spark Pediatrics serves as a strategic partner to hospital systems, health plans, pediatricians, specialists, and community organizations to deliver the best outcomes for children with medical complexities and their families.

Media Contact:

Marketing@sparkpediatrics.com