FUTURE OF HEALTHCARE

ClareMedica Health Partners, a Leading Provider of Value-Based Primary Care, Receives Investment from Revelstoke Capital Partners

Revelstoke | February 25, 2022

Revelstoke Capital Partners ("Revelstoke"), a Denver-based private equity firm focused on investing in healthcare services companies, today announced it has made a significant growth investment in ClareMedica Health Partners, LLC ("ClareMedica" or the "Company"), a leader in value-based primary care serving Medicare Advantage members in Florida. This partnership will accelerate ClareMedica's growth and aid the Company in expanding its BetterCare model into new markets.

ClareMedica will continue to be led by CEO Roberto Palenzuela and the current management team, who will retain significant ownership in the business. BPOC, a Chicago-based healthcare investor, which has been an investor in ClareMedica since 2019, will also retain equity ownership.

"We have always believed in a value-based care model that places a priority on high-quality coordinated care designed to improve health outcomes," said Mr. Palenzuela, who reinvested alongside Revelstoke. "We are delighted to partner with Revelstoke, which has a proven track-record of building prominent healthcare services businesses with this patient centric philosophy. We are excited to use this investment to partner with other physician-led practices, expanding our BetterCare model into new markets throughout Florida and into neighboring states."

Russell Cassella, Managing Partner at Revelstoke, said, "Our investment in ClareMedica reflects Revelstoke's avid support of the industry's transition from fee-for-service to value-based healthcare, resulting in a greater emphasis on improving patient outcomes. ClareMedica's commitment to providing high-quality care has made it a partner of choice for physicians and payors throughout Florida. With our experience in physician practice management and value-based care, we look forward to helping management build a broader regional platform that will increase access to high-quality care."

"We look forward to our continued partnership with Roberto and his team because of their patient-centered approach and focus on improving patient outcomes. As value-based care continues to expand, we see significant long-term growth potential as ClareMedica enters new markets and expands access to high-quality care."

Peter Magas, Partner at BPOC

"After a multi-year outbound search in the value-based primary care sector, we are very pleased to partner with ClareMedica's management team and providers who are dedicated to transforming healthcare," said Cy Barton-Dobenin, Principal at Revelstoke. "Throughout our targeted search process, we have built significant industry knowledge and strategic relationships that we are excited to integrate into ClareMedica's growth plans."

SVB Leerink acted as financial advisor and McGuireWoods LLP acted as legal counsel to Revelstoke.��Houlihan Lokey acted as financial advisor and Kirkland & Ellis LLP and McDermott Will & Emery LLP acted as legal counsel to ClareMedica and BPOC. Terms of the transaction were not disclosed.

About Revelstoke

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare services and healthcare technology sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $4.3 billion of assets under management. Since the firm's inception in 2013, Revelstoke has completed 142 acquisitions, which includes 25 platform companies and 117 add-on acquisitions. 

About ClareMedica Health Partners

ClareMedica is a growing health care company that provides and coordinates comprehensive health care services for Medicare Advantage members and other customers through a network of employed and affiliated physicians. We deliver accountable, value-based care for all health care stakeholders by employing a patient-centric care model that provides better care for our patients and a changing health care industry. 

About BPOC

Founded in 1996, BPOC is a Chicago-based private equity firm that invests exclusively in healthcare companies and is one of the nation's most experienced investors in the industry having raised five funds with total capital commitments of nearly $1.8 billion. BPOC has invested in numerous provider, manufacturing, outsourcing, distribution and information technology companies through growth equity, management buyouts and leveraged recapitalizations. 

Spotlight

Healthcare data is a sensitive one, and security breaches can have serious consequences. This is why it is important to use the right tools to keep your systems safe.

Spotlight

Healthcare data is a sensitive one, and security breaches can have serious consequences. This is why it is important to use the right tools to keep your systems safe.

Related News

FUTURE OF HEALTHCARE

Medimap Partners with Winnipeg Regional Health Authority To Improve Emergency Room Wait Times

Medimap | November 25, 2022

Medimap is pleased to announce it has signed a strategic partnership with the Winnipeg Regional Health Authority to improve patient care and reduce emergency room wait times. The new partnership will make use of Medimap's powerful software technology and its partnerships with a large network of medical clinics in the Winnipeg area by directing Manitobans with low acuity needs to local walk-in clinics. This will help improve Manitobans' access to care by diverting patients with low acuity needs to local medical services that have the capacity to see them, thereby reducing wait times at emergency rooms across the city. "Our new partnership with the Winnipeg Regional Health Authority is a win-win for both patients and the overall healthcare system. Not only will our platform help patients with low acuity needs find the care they need, when they need it, it will also reduce wait times at emergency rooms across the city," Medimap CEO Thomas Jankowski. The partnership means the WRHA will be able to show wait time information at walk-in clinics across the Winnipeg area on hospital screens and its website. The information will allow patients to make informed decisions about where they can get timely access to care. Triage staff will also have immediate access to this information, allowing them to redirect low acuity cases to other healthcare resources. "Every month, approximately 40 percent of people who visit a Winnipeg Urgent Care Centre or emergency department could receive the health care they need, often sooner, through a family doctor or walk-in clinic," said Mike Nader, President and CEO of the Winnipeg Regional Health Authority. "By partnering with Medimap, our goal is to help Manitobans get the timely care they need while reducing the burden on our hospital system. Public-private partnerships like this will help to unlock many of the problems present in our healthcare system." Every month over 250,000 Canadians rely on Medimap as their means of finding same-day, non-urgent access to care. Its software gives clinics the ability to communicate changes in operating hours, or when they are at capacity and also provides the ability for patients to join a waitlist or book an appointment. Patients can quickly check the Medimap website before they travel to a clinic, reducing the length of time they have to wait to see a doctor. Patients can also book appointments with allied health professionals such as physiotherapists, chiropractors, optometrists, mental health services and more. About Medimap Medimap's platform is used by a network of more than 4,200 practices, pharmacies, and walk-in clinics across the country and has helped more than 12 million Canadians find the care they need when they need it. Medimap's platform also provides patients the ability to book appointments with allied health professionals such as physiotherapists, chiropractors, optometrists, mental health services, and more. Not only does this help patients receive timely care, it also helps the healthcare system divert people away from emergency rooms to primary care services that are better suited to their needs, including virtual appointments. About Winnipeg Regional Health Authority The WRHA serves residents of the city of Winnipeg, as well as the northern community of Churchill and the rural municipalities of East and West St. Paul, representing a total population of more than 750,000. The WRHA also provides healthcare support and specialty referral services to nearly half a million Manitobans who live beyond these boundaries, as well as residents of northwestern Ontario and Nunavut, who often require the services and expertise available within the WRHA.

Read More

HEALTHTECH SECURITY, INSURANCE

CrowdHealth Secures $6M Series A for Community-Powered Alternative to Health Insurance

CrowdHealth | December 12, 2022

CrowdHealth recently secured $6 million in Series A funding from Next Coast Ventures and Activate Venture Partners. CrowdHealth plans to reinvest that funding back into the company—growing the CrowdHealth community and providing more tools for members that want to take charge of their healthcare and affordably break free from health insurance. Operating under a monthly membership model, CrowdHealth is a health care technology company that offers a new way to use and pay for health care services outside of health insurance. CrowdHealth harnesses the power of crowdfunding to help their members fund medical bills, keeping them out of medical debt without being exploited by health insurance companies. Instead of paying a high premium for insurance companies to decide what is or isn't covered, CrowdHealth members make a monthly membership payment and others in the Crowd help fund medical bills from their own accounts. In addition to the low monthly membership and the increased autonomy of crowdfunding, CrowdHealth also makes Care Advocates available to members. Care Advocates can coordinate with doctors and hospitals to negotiate lower costs for medical bills on behalf of members which is a far departure from the health insurance model that has existed for decades. "Our health insurance system is broken. Health insurance is cold, oftentimes unreliable, and perversely incentivized. We're changing the game at CrowdHealth. Treating people like real people, like extensions to our family, supporting them in their health journey, and helping get their bills paid at a low cost." Andy Schoonover, CEO of CrowdHealth CrowdHealth also offers a Bitcoin investment option for members who are interested in harnessing the power of Bitcoin. This new innovation, launched in October 2022 in partnership with Swan Bitcoin, will allow members to redirect a portion of their monthly subscription payment to a Swan account. About CrowdHealth CrowdHealth provides people with an opportunity to take control of their healthcare choices. Members are able to combat and overcome the challenges of traditional healthcare models effectively without the need for insurance.

Read More

HEALTHTECH SECURITY, FUTURE OF HEALTHCARE

Magellan Healthcare Teams with Kyo to Improve Autism Outcomes

Magellan Health | December 07, 2022

Magellan Healthcare, Inc., the behavioral health division of Magellan Health, Inc., announced the launch of a first-to-market, value-based collaboration with Kyo Autism Therapy, LLC, a California-based Applied Behavior Analysis provider, to drive meaningful and objectively measurable outcomes for children with autism spectrum disorder. Magellan and Kyo will develop, build and test a value-based model for treatment planning and delivery to continuously improve care for children with ASD and help the families who care for them. Findings will be used to establish evidence-based practices and drive outcomes-based programs across the ABA industry. Magellan manages ABA services through Magellan Autism Connections®, a first-to-market and one-of-a-kind solution that offers individualized care planning to optimize treatment and services. Enhanced care coordination ensures goals are met, with services that include intensive support to caregivers. Magellan Autism Connections® includes a fully vetted and credentialed provider network, of which Kyo is a member, the members of which share the company’s mission to deliver evidence-based ASD treatment that drives positive outcomes. When surveyed, 93% of Magellan Autism Connections® members’ caregivers say service providers work well with them and their child and caregivers have learned how to use ABA techniques to help their child. In addition, 80% of commercial Magellan Autism Connections® members make excellent progress at a cost 40% below the national average, and 75% of Medicaid members make excellent progress at a cost 62% below the national average. “At Magellan, we have deep clinical expertise in ABA that includes strong collaborations with well-respected providers such as Kyo. Together with Kyo’s individualized and customized approach to ABA therapy, we can jointly improve the quality of life for children with autism and their families.” Yagnesh Vadgama, BCBA, vice president, clinical care services for autism, Magellan Healthcare "ABA services have struggled to transition from a fee-for-service to a value-based model," said Colin Davitian, CEO of Kyo. "Our collaboration with Magellan will help change the paradigm and make ABA treatment more individualized and outcomes-driven.” About Magellan Health Magellan Health, Inc. a is a leader in managing the fastest growing, most complex areas of health, including special populations, and other specialty areas of healthcare. Magellan supports innovative ways of accessing better health through technology, while remaining focused on the critical personal relationships that are necessary to achieve a healthy, vibrant life. Magellan's customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. About Magellan Healthcare Magellan Healthcare, Inc., the healthcare business unit of Magellan Health, Inc., offers solutions for complex conditions in the areas of behavioral health and medical specialty treatment. Magellan Healthcare and its subsidiaries serve commercial health plans, employers, state and local governments, and the Federal government, including the Department of Defense. About Kyo Kyo Autism Therapy, LLC is a leader in behavior therapy for individuals with autism. With its staff of highly-educated, expertly trained professionals, Kyo works to advance the lives of individuals and families with autism and other special needs through compassionate, evidence-based treatment. Since being founded in 2005, Kyo has expanded from its San Francisco base to serve families across California and the U.S.

Read More