Health Technology
PR Newswire | October 17, 2023
Home Care Delivered, Inc. a leader in providing medical supplies including diabetes/CGM, incontinence, wound, urological, and ostomy products, is excited to announce the successful acquisition of Medline Industries, LP's DMEPOS supplier business unit.
This strategic move will significantly enhance HCD's market presence, expand its geographical footprint, and provide access to a broader customer base while reinforcing relationships with patients, healthcare plans and providers, and manufacturers.
"The transaction represents a major milestone for HCD by leveraging over 25 years of distinguished expertise in medical supplies," said Gordy Fox, founder and chief executive officer of HCD. "This acquisition aligns with our commitment to delivering personalized and compassionate customer experiences while leveraging Medline's DMEPOS supplier assets, and continuing to provide our industry expertise and best-in-class customer service."
said Brad Mariam, executive vice president, Medline.
With the transition of Medline's DMEPOS supplier assets to HCD, a company that shares in our commitment to exceptional service and patient care, Medline will continue to focus on its core role as an industry leader in the manufacturing and distribution of quality medical supplies.
[Source: PR Newswire]
"By integrating Medline's DMEPOS supplier assets, we are accelerating our growth strategy, delivering an avenue for expanded cost-efficiencies and member adherence," said Lowell Price, senior vice president of business development and chief growth officer of HCD. "This strategic move aligns with our commitment to delivering superior customer service, additional product offerings and ensuring reliable delivery to our members. HCD is well-positioned to continue to elevate customer experiences and reinforce our market presence."
About Home Care Delivered, Inc.
Home Care Delivered is a leading direct-to-consumer provider of insurance-covered medical supplies of diabetes testing, incontinence, urology, ostomy and wound care supplies delivered directly to the patient's home. Founded in 1996 and headquartered in Glen Allen, Virginia, Home Care Delivered is dedicated to providing best-in-class customer support and quality supplies for patients and caregivers nationwide.
Read More
Health Technology
Verily | October 09, 2023
Verily, an Alphabet subsidiary focused on precision health technology, has unveiled Viewpoint Workbench, a new enterprise-grade platform created to consolidate multimodal data and expedite biomedical research.
Workbench offers a secure collaborative setting for data generators, researchers, and biopharmaceutical organizations to oversee and analyze their data. This platform is a component of Verily Viewpoint, a comprehensive suite of solutions that enable the generation of evidence necessary for expediting the availability of safe and effective therapies to individuals in need.
Scott Burke, Chief Technology Officer, Verily, said,
Researchers are gathering more data of more types than ever, but it is challenging to effectively store, access, and analyze it while complying with data governance mandates.
[Source – Business Wire]
Scott Burke added that Workbench can adapt to any organization and helps researchers use data to advance scientific understanding.
Workbench integrates technology and optimal methodologies honed over several years of constructing data infrastructure for extensive research undertakings, including National Institutes of Health's All of Us Research Program, Accelerating Medicines Partnership Parkinson's Disease (AMP PD) program, and Project Baseline Health Study.
Dr. James Lu, MD, Ph.D., CEO and Co-Founder of Helix, emphasized the importance of a platform that can effectively integrate multiple data layers to advance their work significantly. He expressed enthusiasm about integrating Verily's Workbench, which will facilitate collaborative research and yield more informed insights.
Additionally, Manish Raisinghani, MBBS, Ph.D., President and CEO of Target ALS, stressed the need to maintain momentum in accelerating ALS drug discovery. He mentioned that Workbench aligns with their ambitious initiative to create a comprehensive biosample and dataset collection for ALS and to provide unrestricted access to scientists worldwide, thus promoting progress in their research endeavors.
Workbench enables secure collaboration among data generators, research sponsors, and biomedical researchers. Users can analyze multimodal data, ensure data governance through access control, and engage with a growing network of researchers to advance scientific progress and promote reproducible research.
About Verily
Verily, an Alphabet health technology company, specializes in research, healthcare delivery, and health financing. Its mission is to advance precision health and promote healthier lives by operating at the intersection of technology, data science, and healthcare. The company develops tools to accelerate evidence generation, creates products for more personalized care, and introduces approaches to enhance cost predictability.
Read More
Healthcare Analytics
Business Wire | October 04, 2023
AirLife, a leading North American manufacturer and distributor of consumable medical devices for anesthesia and respiratory care formerly known as SunMed, today announced the completion of its acquisition of Avanos Medical, Inc.’s (NYSE: AVNS) (“Avanos”) respiratory health business, including the BALLARD*, MICROCUFF* and endOclear® product lines.
The acquisition adds three complementary brands, the R&D expertise behind them and two manufacturing facilities into AirLife’s growing platform. The transaction advances AirLife’s strategy to enhance its leading portfolio of the most trusted products in anesthesia and respiratory care and serve even more customers as a one-stop source for the highest-quality consumable breathing solutions that support the best patient outcomes.
“We’re thrilled to complete this exciting milestone in AirLife’s evolution as we strengthen our leadership as a premier, completely dedicated consumable breathing products company,”
said Hank Struik, AirLife CEO.
We are especially pleased to welcome the exceptional team that has driven the success of these market leading brands to our company. As some of the most trusted closed suction and endotracheal consumables used to treat patients in critical care, this addition to AirLife unlocks new opportunities to accelerate our growth, serve more healthcare practitioners and drive innovation across our comprehensive portfolio of leading brands.
[Source – Business Wire]
Goodwin Procter LLP is acting as legal counsel to AirLife.
About AirLife
AirLife, formerly known as SunMed and headquartered in Grand Rapids, Michigan with manufacturing and distribution sites in the United States, Mexico, China and Europe, is a leading medical device manufacturer, offering one of the most comprehensive portfolios of consumable anesthesia and respiratory care products. AirLife’s product portfolio spans the continuum of care from first responders to hospitals and home care, with safety, patient comfort and clinical performance in mind. AirLife’s comprehensive portfolio of trusted anesthesia products and respiratory care include premier brands such as Salter Labs®, Ethox Medical™, Ventlab™, Westmed™, AirLife™ and Vital Signs™. Currently, AirLife has over 1 million square feet of manufacturing space, providing comprehensive expertise in all plastics materials and conversion—supported by a world-class Quality Management System. Frazier Healthcare Partners, a leading healthcare investment firm, acquired a majority ownership stake in AirLife in 2021.
Read More
Health Technology, Digital Healthcare
PR Newswire | September 29, 2023
Virgin Pulse, a leading global digital-first health, wellbeing, and navigation company, today announced its intent to merge with HealthComp, a next-generation benefits and analytics platform. The merger will create a technology and data powered health platform-as-a-service organization poised to tackle some of the industry's biggest challenges. The combined entity will aim to improve health outcomes and lower costs for members and employers by empowering better information and decision making. By using an advanced technology and data platform that leverages AI, the combined organization will deploy innovative and flexible health plan designs that drive improved member health outcomes, engagement, and awareness across the most important aspects of a person's healthcare journey.
As the healthcare industry evolves, the desire for an integrated experience in the employer-sponsored benefits ecosystem has grown exponentially. This combination will create a set of assets that will integrate plan design, plan management, payment integrity, health navigation, preventative care, and digital therapeutics through the Homebase for Health® user-centric platform. Together, the combined entity expects these assets will create a better experience and lower costs for members and employers, while providing expanded opportunities for insurers and brokers to continue to partner with the combined entity.
"This combination with HealthComp creates a new category in the health space that will change the way employers address the two-fold challenge of reducing costs and improving member outcomes. Our two companies have a shared mission to improve individual outcomes by engaging users early and often, and making health and wellbeing more accessible, affordable, and personal for all," said Chris Michalak, Virgin Pulse CEO. "Together, we are addressing a problem that has plagued the industry for years – a misaligned, complex benefit structure that results in unmet needs and escalating costs. We are eliminating waste, friction, and preventable risks by putting members and their needs at the center of the ecosystem."
"Self-insured employers pay for almost half of the nation's healthcare expenditures and now require more innovative and affordable solutions,"
said Chad Harris, HealthComp CEO.
"With concierge-level service, rich analytics, and expert medical cost management, HealthComp ensures that employers can make informed benefits decisions that align with the needs of their employees and businesses. Powered by Virgin Pulse's daily wellbeing engagement and data-driven personalization, this transaction creates an end-to-end platform that will radically lower costs and improve member outcomes."
[Source – PRNews Wire]
"The combination of Virgin Pulse and HealthComp creates the first national value-based care platform company focused on employee health and outcomes. We are excited to work with Morgan Health, Blackstone, and Marlin to bring innovation at scale to this market," said Matt Holt, President, Private Equity and Managing Director at New Mountain Capital.
"We have been working to build an innovation platform company in the employer space for more than five years. This transaction represents a significant milestone by forming a leading platform-as-a-service company focused on delivering better outcomes and greater affordability," added Kyle Peterson, Managing Director at New Mountain Capital.
"The employer-employee health landscape is ripe for change and the mission of the combined HealthComp and Virgin Pulse is aligned with Morgan Health's mission to improve the quality, equity, and affordability of employer-sponsored health care," said Dan Mendelson, CEO of Morgan Health.
Upon closing of the transaction, Chris Michalak will serve as CEO of the combined entity, where he will continue building upon the Homebase for Health vision and expanding the value proposition for clients and the market at large. The combined entity will serve more than 20 million members and address costs for more than 1,000 self-insured employers. HealthComp's powerful analytics will also benefit Virgin Pulse's health plan and health system clients by providing closed-loop data on health outcomes and the true ROI of investing in member experience and wellbeing programs.
The merger is expected to close in Q4 2023, subject to regulatory approvals and satisfaction of all closing conditions under the definitive agreement. Financial details of the transaction have not been disclosed. HealthComp is backed by New Mountain Capital and Virgin Pulse is backed by Marlin Equity Partners. New Mountain Capital will be the majority owner of the combined entity. Blackstone Credit has committed to support the deal with strategic financing.
J.P. Morgan Securities LLC acted as financial advisor to HealthComp. HealthComp's legal counsel was Ropes & Gray LLP. Evercore acted as financial advisor to Virgin Pulse, with Kirkland & Ellis LLP and McDermott Will & Emery LLP serving as legal advisors.
About Virgin Pulse
Virgin Pulse is a leading digital-first health, wellbeing, and navigation company that empowers organizations across the globe to activate populations, improve health outcomes, and reduce spend in an era of accelerating cost and complexity. Virgin Pulse's Homebase for Health® connects data, people, and technology to deliver high tech, human touch experiences that engage and reward individual journeys. Virgin Pulse impacts over 100 million people across 190 countries by helping Fortune 500, national health plans, and many other organizations change lives – and businesses – for good.
About HealthComp
HealthComp, a New Mountain Capital company, has a customized and responsive approach to health benefits administration. We advocate for our members to get the best possible care suited for their unique needs. Our next generation benefits and analytics platform brings together concierge-level service, best-in-class operations, powerful analytics, and expert medical cost management. HealthComp integrates seamlessly with any benefits ecosystem to drive a personalized experience that delivers higher clinical outcomes at lower costs. HealthComp has offices in California, Illinois, Kentucky, West Virginia, Louisiana, and Pennsylvania.
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, credit and net lease investment strategies with over $45 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.
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with approximately $9 billion of capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company's outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions.
About Morgan Health
Morgan Health is a JPMorgan Chase business unit focused on improving employer-sponsored health care. Through its investments and the advancement of accountable care, Morgan Health is working to improve the quality, equity and affordability of employer-sponsored health care for JPMorgan Chase employees, their families and the U.S. health system. The business is led by Dan Mendelson, CEO of Morgan Health, reporting to Peter Scher, Vice Chairman of JPMorgan Chase & Co. and a member of the firm's Operating Committee. Morgan Health is headquartered in Washington, D.C.
About Blackstone
Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
Read More