Heritage Health Systems is created as a managed-care organization, focusing mainly on Medicare. The founding comes via a $20-million investment by New York-based Sprout Group.
Eventually, co-founders Rock Morphis and David McClellan will sell their organization to Universal American Financial Corp. for $98 million in 2004.
After selling, entrepreneurs Morphis and McClellan go on to create a series of other startups and investment funds focused on health care.
