Signify Health and Remedy Partners have signed a definitive agreement to merge to create a market-leading platform delivering value-based care enablement. Together, Signify Health and Remedy Partners both portfolio companies of New Mountain Capital LLC will leverage 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.
Merger Creates Combined Revenue of Over $600M
Remedy Partners is a leader in the rapidly growing field of bundled payments for patient episodes of care, and Signify Health is the leading provider of technology-enabled in-home and post-acute facility care delivery and assessments. With a combined revenue of over $600M with strong double-digit revenue growth, 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.
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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.
As part of the merger, Signify Health’s CEO Kyle Armbrester will lead the combined business as CEO and Remedy Partners CFO Steve Senneff will serve as President & CFO of the combined businesses.
“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, CEO of the combined business.
Date: August 23, 2019
Source: Hit Consultant