News | W Squared

W Squared provides retained accounting, payroll and human resources services to Silvercare Solutions.

February 18, 2009

Nashville, TN - Today, Nashville Capital Network Executive Director Sid Chambless announced that Silvercare Solutions, LLC received funding from a consortium of investors that includes NCN Angel Group members and NCN Angel Fund I, LP.

Silvercare Solutions was formed by Frazer Buntin and Chris Hilton in late 2008 to provide on-site medical services to long-term care facilities. Under guidelines established by the Centers for Medicare and Medicaid in 2005, long-term care facilities are required to provide continence evaluations and individualized plans of care for residents. According to management, incidence rates for incontinence are in excess of 55% in these facilities. Silvercare delivers its services through specialized nurse practitioners who provide care on-site at the long-term care facilities. The company launched by acquiring UroHealthcare, a practice that provides services within 14 facilities in Pennsylvania.

Currently, there are over 18,000 long-term care facilities in the United States. Funds raised will be used to hire nurse practitioners to service existing contracts and to expand into additional long-term care facilities. Silvercare’s plan calls for expansion into three states by the end of 2009.

NCN Executive Director Sid Chambless stated, "Silvercare is a unique early stage opportunity. By acquiring the contracts of an existing practice, the company is already generating revenue and cash flow. The management team has relevant experience, there is a huge market opportunity, and many of our health care investors are participating in the transaction. Silvercare was a really good fit for NCN individual investors as well as the NCN Angel Fund."

Silvercare is led by President Frazer Buntin who was previously a Senior Director of Operations for Healthways, Inc. Chris Hilton, Silvercare's Executive Vice President of Business Development, was Director of Operations for Magnolia Mobile, a provider of mobile dental services to long-term care facilities in the state of Tennessee. Silvercare is acquiring the practice of Diane Smith, a nurse practitioner who will become the Senior VP and Clinical Director.

"Silvercare was launched to support long-term care facilities as they strive to provide outstanding care for their residents. Our nurse practitioners are clinical specialists who have experience and expertise in providing continence management for the geriatric patient. The results of our services are healthier residents, higher morale of the facility staff, and better compliance to Medicare continence requirements. We believe this is a great opportunity to become market leaders in the nurse practitioner health care delivery space. In addition, we believe Silvercare can become an important health care provider in the communities where we operate. We are pleased to partner with Nashville Capital Network to build a company that helps long-term care facilities solve this problem," said Frazer Buntin, CEO of Silvercare Solutions.

W Squared provides retained accounting, payroll and human resources services to Silvercare Solutions.