4 min read
Signify Health and Remedy Partners to combine
By Signify Health Team on 8/20/19 1:47 PM
Creates the market leader in value-based care enablement and integrated clinical, behavioral, and social data
Combined revenue of over $600 million with strong double-digit revenue growth; positions combined businesses for accelerated innovation and growth across provider, payer, and life sciences markets
Dallas, TX and Norwalk, CT (USA) – August 20, 2019 –Affiliates of Signify Health and Remedy Partners, both portfolio companies of New Mountain Capital LLC, have signed a definitive agreement to merge. The combination will create the market leading platform delivering value-based care enablement through leveraging clinical, behavioral and social data amidst an accelerating market shift from fee-for-service toward value-based payments and arrangements based on the quality and total cost of care for a patient.
The combination will provide value-based care solutions to organizations across health systems, provider groups, health plans, and life sciences companies; bringing together a powerful platform of technology, data, and network assets focused on enabling the right care for millions of members at scale. With a combined national field force of over 9,000 credentialed providers and a combined nationwide partner network of over 300 provider systems, 2,000 post-acute organizations, and over 200 community locations, the businesses see over 1 million members annually in the home, have managed over 600,000 episodes of care, and have addressed over 25 million social determinants of health (SDoH) activities for over 3 million members. The businesses equip this network of providers with intelligent mobile and web-based tools to efficiently and effectively deliver care for members, leveraging insights from a data chassis that integrates clinical, social, and behavioral data around a member as they are seen across various sites of care across facilities, the home, and community. With this longitudinal view and holistic engagement across settings, they will focus on improved coordination of care to reduce excess costs and drive a higher quality experience for members.
“A fundamental change is underway in healthcare and patients stand to benefit because their experience is now at the center of reform. Organizing and financing health care around a patient's episode of care lowers costs and improves quality, allowing providers to move toward a value-based approach, but making the shift is challenging without analytic support, workflow and decision support software, and an innovative approach to care delivery. Leveraging Signify’s provider network in the home and community around episodes of care creates new opportunities to truly transform the way healthcare is delivered,” said Kyle Armbrester, who will lead the combined businesses as CEO. Steve Senneff will serve as President & CFO of the combined businesses.
Matt Holt, Deputy Head of Private Equity at New Mountain Capital, said, “Both Signify and Remedy have scaled disruptive approaches to healthcare delivery, achieving impressive growth and penetration in their respective markets. With the convergence of those markets around value-based care delivery, we believe this combination results in a compelling set of complementary assets that are well-positioned to help payer and provider organizations succeed in managing value-based care. We look forward to building out this vision of bringing better coordinated care and improved quality of life to members as we continue our work with management.”
About Signify Health
Based in Dallas, Texas, Signify Health partners with leading health plans, healthcare providers, and life sciences companies to improve quality of life by providing comprehensive clinical and social care where and when it's needed most. With an innovative logistics and clinical workflow technology platform, robust data set, and unparalleled national clinician and social services networks, the company provides evaluative services, complex care management, social determinants of health, and outcomes-based pharma services in the home and community. With an extensible network of up to 9,000 credentialed providers across all states, Signify’s physicians and nurse practitioners perform over 1 million visits in the home annually where they identify clinical and social issues for high-risk individuals enrolled in government-sponsored health programs. For more information, please visit www.signifyhealth.com.
About Remedy Partners
Based in Norwalk, Connecticut, Remedy is the market leader in the rapidly-expanding bundled payment industry, enabling payers, employers and providers to organize and finance healthcare delivery around a patient’s episode of care. Remedy’s proprietary software and advanced analytics platform enable rapid deployment and empower large scale bundled payment programs. For more information, 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.
Phone: (202) 390-2258
New Mountain Capital
Dana Gorman, Abernathy MacGregor
Phone: (212) 371-5999