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New Mountain Capital announces partnership between Signify Health and Remedy Partners
By Signify Health News on 1/17/19 6:12 AM
NEW YORK--(BUSINESS WIRE)--New Mountain Capital, LLC, a growth-oriented investment firm that currently manages more than $20 billion in assets, announced an exclusive commercial partnership between Signify Health and Remedy Partners, two of the firm’s portfolio companies.
Signify Health delivers health care services in the home for more than one million unique Medicare Advantage members through its national network of 4,000 doctors and nurse practitioners. Remedy develops and operates bundled payment networks that manage more than $9 billion of spending in Medicare and private insurance programs. The joint offering will leverage Signify’s national network to support Remedy’s episode of care programs for patients transitioning from inpatient to home settings.
“We are true believers in the Remedy mission to radically refocus how health care is financed and managed around the experience of the patient and believe this joint offering will prevent unnecessary readmissions, allowing patients to remain at home and out of the hospital,” said Matt Holt, Managing Director at New Mountain. “As we refine this joint offering, we expect to deliver integrated capabilities to lower costs and improve outcomes for Medicare Advantage Plans and Commercial Insurance Plans. There’s simply no other company in the country other than Signify that could bring such a valuable offering to Remedy’s already strong foundation.”
“This partnership will enable the hospitals and physician groups we serve to achieve sustainable savings while improving the lives of patients,” said Steve Wiggins, founder of Remedy. “Signify complements the services delivered by our networks and fills important gaps that help us identify social determinants of need and other barriers to a successful recovery.”
“I have admired Remedy’s bold undertaking for years – they are truly transforming the way care is paid for, measured and organized,” said Kyle Armbrester, Signify’s CEO. “We are thrilled at the chance to use our highly personalized service to positively impact the lives of so many patients. We are in the midst of a generational opportunity to transform health care delivery and Remedy is the ideal partner for this endeavor.”
The partnership will begin offering a collaborative Care Transitions Program (CTP) in the first quarter of 2019, with plans to introduce additional programs serving providers, payers, employers, veterans and the government in the years to come.
About Signify Health
Signify Health partners with leading health plans, healthcare providers, biotechnology and pharmaceutical companies, and technology companies to improve quality of life by providing comprehensive care where and when it's needed most. With an innovative logistics and clinical workflow technology platform, exhaustive data set, and an unparalleled national clinical network, the company provides tech-enabled care services to vulnerable populations within the routine of their daily lives to improve health and quality of life. Signify Health serves well over one million health plan members each year, providing health risk evaluations, complex care management, outcomes-based pharma services, and specialized medical services in the home and other convenient locations. Signify Health is headquartered in Dallas, Texas, with locations in Virginia and South Dakota. To learn more, please visit www.signifyhealth.com.
About Remedy Partners
Remedy Partners delivers software and services that enable payers, employers and at-risk providers to organize and finance healthcare delivery around a patient’s episode of care. For healthcare providers, Remedy Partners’ software, analytics and administrative services support bundled payment contracts with Medicare and commercial insurers, often through shared-risk partnerships. For payers, Remedy Partners empowers the development of bundled payment contracting programs and guides the development of bundled payment networks. Remedy Partners presently delivers its services to partners at more than 1,000 healthcare locations nationwide. To learn more, please visit www.remedypartners.com.
About New Mountain Capital
New Mountain Capital is a New York based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.