Nashville-based Bernard Health announced today a capital raise of $1.9 million, with the money to be used to open five health care retail stores.
Two stores will open in Nashville this year, one on March 19 at 4501 Harding Pike and the other in August. A yet-to-be-determined city will also see a new store this summer, while Indianapolis and Cleveland — in which Bernard operates offices — will both see additional stores in early 2014.
McNamara Family Ventures, led by former HealthSpring CFO Kevin McNamara, was the lead investor in the effort.
“This raise is huge for us. It allows us to take what we’ve learned operating our stores for the last three years and reach more Americans with solutions that give clients over $2,000 in savings on average, a lot less hassle, and more peace of mind,” Alex Tolbert, founder of Bernard Health, said in a release.
In addition to opening more retail stores, Bernard is investing further in the development and marketing of its SaaS-based health benefits administration platform, BerniePortal. Bernard operates three business units: retail advisory, employer advisory and web services.