Ziegler, a specialty investment bank, is pleased to announce it served as the sole advisor to TripleCare on its acquisition by Curavi Health Inc., both providers of telemedicine solutions for the post-acute, long-term care industry, including skilled nursing facilities. This acquisition positions Curavi for rapid growth and will enable it to care for more patients with its innovative services and technology. Together, the combined entity will serve nearly 100 facilities across 14 states.
Similar to Curavi, TripleCare uses a comprehensive telemedicine platform to give residents at post-acute facilities access to physicians at times when they are not readily available, such as on weekends, overnight and on holidays. The technology allows residents to be treated in place, from the comfort of their bedside, often avoiding unnecessary visits to emergency rooms or hospitalizations. Such transfers can be disruptive to residents and sometimes harmful to their health, while costing Medicare and other payers billions of dollars a year.
“By combining the strengths of these two telemedicine leaders in the post-acute care industry, the facilities and residents we serve will have access to the highest-quality care and most innovative telemedicine technology,” said Alissa Meade, Curavi’s president and chief executive officer. “We look forward to growing our services by integrating TripleCare’s strong network and seasoned team into Curavi Health.”
Meade will continue as CEO of the combined company, while TripleCare’s interim CEO, Mary Jo Gorman, M.D., will assume a newly established seat on Curavi’s board of directors. Leslie C. Davis, senior vice president of UPMC and executive vice president and chief operating officer of the Health Services Division, will also be added to the board.
Founded in 2016 after extensive research by renowned UPMC geriatricians, Curavi currently serves more than 40 facilities in three states with general and specialty care, after-hours coverage, geriatric psychiatry consultations and “bring your own provider” solutions that allow nursing homes to use their own attending physicians and nurse practitioners for telemedicine consults. Curavi developed its hardware and software to fit the workflow of the demanding nursing home environment.
As an experienced telemedicine-enabled medical practice since 2011, TripleCare physicians have cared for thousands of patients in 50 facilities and helped skilled nursing homes avoid unnecessary hospital transfers and admissions more than 80 percent of the time.
UPMC, a $19 billion health care provider and insurer affiliated with the University of Pittsburgh, will continue to be the sole investor in Curavi, part of the portfolio of commercialization and innovation arm UPMC Enterprises. The acquisition is effective immediately, and terms of the agreement are not being disclosed.
The Ziegler team, comprised of lead banker Grant Chamberlain with support from Adam Heller, Jenny Poth, Matt Schappell and Danny Coran, advised TripleCare on the sale process, leveraging the bank’s broad experience in the senior living and post-acute markets as well as telehealth.
“Ziegler deeply understood the value of the solution TripleCare brings to the senior living and post-acute environment,” said Dr. Gorman. “They were instrumental in identifying the right partner for TripleCare and guiding us through a successful transaction process. We are now joining an organization where together we can more rapidly achieve our vision of better care for post-acute populations.”
Ziegler’s Corporate Finance team is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals and senior living, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization, equity private placement and strategic partnering services.