IVX Health, a national provider of infusion and injection therapy for patients with complex chronic conditions such as multiple sclerosis, Crohn’s disease, and rheumatoid arthritis, announced today its acquisition of Precision Healthcare, formerly a subsidiary of BAI Healthcare Services, Inc. Based in Nashville, Tenn., Precision operates 12 infusion centers across Tennessee and northern Arkansas. The acquisition financing was led by a preferred equity investment from Linden Capital Partners – a Chicago-based private equity firm focused exclusively on the healthcare sector – and joined by existing institutional investors McKesson Ventures, Health Velocity Capital, and Nueterra Capital.
For over 20 years, Precision has cared for patients with autoimmune disorders and other conditions. Precision employs a team of dedicated and highly skilled nurses, nurse practitioners, and other clinicians who administer a similar formulary of biologic infusion and injection therapies to IVX Health. Through the company’s commitment to high-quality, personalized care, Precision has built a strong reputation with its community of patients and referring specialist physicians.
“The Precision team has built an amazing company that shares the same passion and commitment as IVX Health for caring for those with complex chronic conditions,” said Doug Ghertner, CEO of IVX Health. “Together we have the opportunity to meaningfully impact the lives of even more patients by investing in Precision’s existing footprint in ways that expand patient access and enhance the overall patient experience.”
“Precision plays a pivotal role in the ongoing health and well-being of our patients – providing a safe, trusted place for receiving specialty biologics,” noted Mike Skiera, President and CEO of BAI Healthcare Services. “We are excited about the positive impact IVX Health’s innovative clinical model and patient experience will have for both our patients and referring providers.”
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“As a Nashville-based organization, we’ve long admired the purpose and thoughtfulness that IVX Health shows to create exceptional experiences for patients and referring providers,” said Brian Smith, CFO and COO at BAI Healthcare Services and President of Precision Healthcare. “Precision’s depth of infusion experience and clinical expertise – paired with our physical footprint of centers in Tennessee and northern Arkansas – creates immediate value for our now united organizations. Simply put, IVX and Precision are better together.”
The acquisition of Precision accelerates IVX Health’s national growth strategy, improving access for patients by adding to its already expansive footprint in the Southeast. With the completion of the acquisition, IVX Health is now one of the largest providers of infusion and injection therapy in the nation, operating over 40 ambulatory infusion centers across the United States. IVX Health expects it will continue to complement its de novo strategy with additional acquisitions.
“In addition to putting patients first, IVX Health has a history of expansion and consistently delivering high quality care. As the company has scaled, it has also successfully integrated teams, aligned operating processes, and replicated its exceptional culture across a network of sites,” noted Scott Gallin, a partner at Linden Capital Partners. “We are excited to partner with IVX Health and fully support its vision to become the national destination of choice for infusion therapy for both patients and referring specialist physicians.”
“It’s been a challenging year for the nation, but also a remarkable one for healthcare innovation, particularly for those focused on patient safety in an ever-connected world,” said Dave Schulte, Managing Director of McKesson Ventures. “As care continues to transition away from the hospital, this acquisition enables IVX Health to better support the growing population of patients receiving biologic infusion or injection therapy.”
IVX Health centers are designed to meet the unique needs of its patients, reimagining the traditional infusion experience with amenities such as guaranteed private suites that allow for proper social distancing, convenient locations near where patients live and work, and evening and weekend appointment availability.
“Patients are emerging from the pandemic as more informed, engaged decision makers over their healthcare,” said Marty Felsenthal, Partner at Health Velocity Capital. “Not only does the company offer an innovative solution that maximizes patient safety and dramatically lowers costs, but patients and providers also choose IVX Health because of its world-class service experience. We are excited about how the synergies created by this acquisition can accelerate IVX Health’s already impressive growth strategy.”
Precision’s corporate operations will rebrand as IVX Health immediately, with plans to rebrand designated Precision sites over the next year. For more information regarding this acquisition, please visit the IVX Health website.
Source: Biospace
