2023 Annual Impact Report
Vintage Year
Total Capital Deployed: $111.2M Debt, $51.7M Equity
Total Investments: 12 Active, 0 Exits
Capital Deployed by Industry
As of Q4 2023, HCAP V has invested across twelve companies, with 57% of the capital invested going into traditionally underserved businesses, i.e. businesses that are either located in a low- to moderate-income census tract or employ a majority low- to moderate-income workforce.
The impact metrics highlighted on this page and the next illustrate the composition of the portfolio as well as job quality results for 2023.
We are pleased to report that 88% of the jobs in the portfolio were classified as quality jobs under the Gainful Jobs Approach™.
* Percentage of companies with an owner or CEO who is a woman, non-binary individual, or person of color or where the majority of the company management team is comprised of women, non-binary individuals, or people of color.
** Percentage of directors of portfolio company boards who are women, non-binary individuals, or people of color.
*** Race and ethnicity data is unavailable for 26% of employees portfolio-wide. HCAP is working with portfolio companies to enhance data collection.
Diverse Ownership/ Leadership*
Female Workforce
Board Diversity**
Diverse Workforce***
* 2023 annual portfolio-wide turnover rate among active companies. In comparison, the average monthly U.S. turnover rate in 2023 was 3.6% or
43.2% annualized. See: https://www.bls.gov/news.release/pdf/jolts.pdf
Total Jobs
Annual Employee Turnover Rate**
Total Jobs Created Since Investment
Employee Median Tenure
Quality Jobs
88% of Jobs in the Portfolio
Increase in Quality Jobs Since Investment
of 2023 Gainful Jobs Approach™ Goals Completed
Apprio is a healthcare technology company that aims to reduce healthcare costs while increasing revenue sources for hospitals, health systems, and federal agencies. The company specializes in automation & revenue cycle management, patient eligibility & enrollment, specialized medical claims administration, healthcare analytics, and healthcare preparedness & response.
Following the end of the COVID-19 public health emergency and the end of Medicaid continuous enrollment, millions of people stand to lose Medicaid coverage. Apprio’s next-generation patient enrollment platform assists hospitals in securing medical insurance coverage for uninsured patients so individuals can access the care they need. In addition, Apprio’s robotic process automation (RPA) platforms support critical revenue cycle functions that health systems depend on to increase efficiency and reduce costs.
In November 2023, HCAP invested in Apprio to support the expansion of the company’s patient enrollment software, EnrollmentMax™, and its RPA platform, RpaMax™. Apprio’s focus on healthcare IT automation aligns with HCAP’s healthcare impact thesis and focus on expanding access to care, reducing cost of care, and improving quality of care, particularly for uninsured individuals. The investment reflects HCAP’s commitment to fostering innovation and quality jobs in the healthcare sector and supporting diverse-owned and diverse-led companies.
Darryl was recognized with a Patriot Award in August 2023 for his contributions supporting Apprio employees serving in the National Guard and Reserve. Apprio COO Todd Traver, a brigadier general in the U.S. Army Reserve nominated Darryl for his continuing support of his reservist duties.
Patriot Awards are presented by the Office of the Secretary of Defense Employer Support of the Guard and Reserves (ESGR) to individuals who have shown significant commitment to supporting employees called out of the office to fulfill their service in the National Guard or Reserve.
Darryl Britt
Founder & CEO, Apprio
What was the purpose of seeking investment?
“Coming out of COVID-19, Apprio saw an opportunity to further lower healthcare costs across health systems, particularly in response to workforce changes. We sought growth capital and investment to realize this opportunity.”
Why did you choose HCAP?
“Apprio chose HCAP because of its ability to provide growth capital while also making a significant social impact.”
What are some of the ways HCAP has engaged with you and your team and supported value creation at your company?
“HCAP and its operating advisor, Larry Lien, have helped us to crystallize our areas of investment. One particular area of emphasis has been the development of a sales capability tailored to our primary product lines.”
How has HCAP supported your company through the Gainful Jobs Approach™?
“HCAP’s Gainful Jobs Approach™ has allowed us to focus on enhancing the workforce within our healthcare services division, transforming specific activities into higher-value tasks that contribute more significantly to our company’s success.”
Is there any feedback you would like to share?
“We’re very happy with the process we’ve undertaken with HCAP to secure growth capital. In hindsight, I may have spent a bit more time working with the HCAP team to value the specific size of our investment so that the management team didn’t underestimate what we would really need.”
Looking forward, how else can HCAP support you?
“Moving forward, I believe there will be several areas where HCAP can continue to support us. Specifically, I foresee opportunities for acquisitions to rapidly bolster our presence in the marketplace and enhance our execution capabilities, whether through additional acquisitions or strategic hires.”
How would you characterize your experience working with HCAP?
“Thus far, working with HCAP has been thought-provoking, professional, and collaborative.”
How would you rate HCAP?
“I would actually rate HCAP an eleven out of ten. I say this because I probably should have considered growth capital earlier. I was hesitant and didn’t expect to find a firm with such a similar set of values, especially from an impact perspective with supporting employees and improving healthcare.”
In a recent interview with HCAP, Apprio Founder & CEO Darryl Britt noted key areas where HCAP’s support has been instrumental.
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