DALLAS, CHANTILLY, Va., and NEW YORK – CenseoHealth and Advance Health have announced an investment and recapitalization from New Mountain Capital that will combine the companies to provide technology-enabled in-home health assessments.
The agreement gives New Mountain a majority ownership interest in both Censeo and Advance Health, and enables the new company to provide high acuity health plan members with a range of chronic care management and care coordination services.
“We have been working to establish a new and better platform in the technology-enabled payer services industry, with a focus on enabling low-cost, high quality value-based care,” said Matt Holt, managing director at New Mountain Capital, in a statement. “By offering patients a comprehensive in-home health assessment, coupled with a range of chronic care management and care coordination services, the combined company will enable health plans and providers to reduce member costs, increase care quality and reduce readmissions.”
New Mountain, which invests in carefully selected defensive growth industries and then partners with management in continued business-building efforts, identified Censeo and Advance through its long-standing efforts in technology-enabled payer services.
“Censeo and Advance have a tremendous track-record of delivering value to all constituents of the healthcare system, including patients, payers, and healthcare providers that are facing increasing pressure to improve outcomes and efficiency while reducing costs,” said Vignesh Aier, managing director of New Mountain Capital. “We plan to commit substantial resources behind the combined company to invest in new products, services and technology for the benefit of our customers.”
CenseoHealth and Advance Health are providers of prospective health assessments for health plans and health care delivery organizations.