Carenet Health Acquires Stericycle Communication Solutions
Carenet Health has acquired Stericycle Communication Solutions. The combined entity provides 1 in 3 Americans with access to Carenet offerings and works with 14 of the top 20 health systems in the United States, as well as 1,000 other healthcare companies. Terms of the deal were not disclosed. Carenet provides healthcare engagement services and 24/7 access to medical care by arranging transportation, organizing home health support and equipment and explaining the benefits of exams and immunizations. Carenet is headquartered in San Antonio, Texas, with additional office locations in New Mexico, Maine and the Philippines. Stericycle Communication Solutions is a provider of patient engagement... Read More »
OrthoAlliance Expands Further Into Ohio With Purchase of Sixth Clinic
Cincinnati, Ohio-based OrthoAlliance announced on December 5 that it acquired Orthopedic Specialists & Sports Medicine. OrthoAlliance, a physician-led management services organization for orthopedic groups, was formed in 2019 in partnership with Beacon Orthopaedics and Revelstoke Capital Partners, a Denver-based private equity firm. Beacon’s management team leads the MSO’s operations. OrthoAlliance’s partner practices feature more than 150 physicians across all orthopedic and sports medicine specialties. It has more than 2,000 employees. Founded in 1976, Orthopedic Specialists & Sports Medicine provides orthopedic care from one location in Granville, Ohio. The practice has... Read More »
Pacific Coast Commercial Brokers Sale of La Mesa, California MOB
Pacific Coast Commercial has negotiated the sale of a medical office building (MOB) in La Mesa, California. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. According to the LevinPro HC database, this marks the 200th MOB acquisition of 2022 and the 18th announced in California year-to-date. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. The price is $324 per square foot. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided... Read More »
JP Recovery Services Merges With RCM Leader Meduit
Meduit, a portfolio company of NexPhase Capital, announced on December 5 that JP Recovery Services (JPRS) has joined the Meduit organization. According to the LevinPro HC database, this marks the 310th eHealth transaction of 2022 and the 65th in the revenue cycle management (RCM) subsector. Meduit is one of the nation’s leading RCM companies with decades of experience in the RCM arena, serving more than 1,000 hospitals and physician practices in 48 states. Founded in 1998, JPRS provides accounts receivables management, billing and extended business office (pre-collect) services to more than 70 hospitals, physicians groups and private practices across the United States. The JPRS... Read More »
PE-Backed CCRM Acquires Second Fertility Clinic of 2022
CCRM Fertility, a portfolio company of Unified Women’s Healthcare, announced its acquisition of RADfertility on December 6. This transaction marks CCRM Fertility’s second transaction of the year, where it previously acquired The Institute for Reproductive Medicine & Science in East Windsor, New Jersey. CCRM Fertility has a network of physicians, embryologists and geneticists who deliver advanced fertility treatments, including in vitro fertilization (IVF), fertility assessment, fertility preservation, genetic testing, third-party reproduction and egg donation. CCRM Fertility has 34 locations across North America, serving patients in 12 major metropolitan areas. CCRM Fertility was... Read More »
PE Firms Must Stomach Higher Acquisition Multiples in 2023
Kevin Moyer didn’t hesitate when asked if there would be a reduction in 2023 regarding healthcare M&A activity due to rising interest rates. “Absolutely,” he said. “The cost of capital is high and it will only get higher as the Fed continues to raise rates. There’s going to be an overall downfall.” Moyer, practice lead, transaction strategy & transformation at Sax Capital Advisors, whose responsibilities include handling healthcare M&A activity, provided the forecast at the December 1st Healthcare Disruptors conference at Sax’s headquarters in Parsippany, New Jersey. Such a development would be a reversal of recent activity. According to data captured in the LevinPro HC... Read More »
Home Health Valuations Steady Despite Crushing Labor Costs: An Interview With Al Veach & Jason Harrison of Agenda Health
Deal activity in the Home Health & Hospice (HH&H) space has slowed dramatically over the course of the year. The break-neck pace set during the first quarter of 2022, when 32 HH&H transactions were announced, didn’t last. During the fourth quarter, HH&H deals are barely trickling in. There have been just 15 deals announced during this quarter as of December 5th, a 62% decrease from Q4’s total in the previous year, when there were 39 deals announced. We will see where we end up on January 1, but a decline seems likely. Despite the slow market, M&A advisors are optimistic. We spoke with Al Veach and Jason Harrison of Agenda Health about their outlook on the home health... Read More »
Bionano Genomics Acquires Purigen Biosystems for up to $64 Million
Bionano Genomics has acquired Purigen Biosystems in a deal valued at up to $64 million. This includes $32 million in cash paid at closing subject to adjustment for, among other things, cash, unpaid indebtedness, unpaid transaction expenses and net working capital relative to a specified target. The remainder of the consideration is contingent on the achievement of certain milestones. The deal is expected to close on or before December 8, 2022. Pleasanton, California-based Purigen Biosystems focuses on redefining nucleic acid sample preparation with a platform based on the isotachophoresis technology. Bionano Genomics, which is located in San Diego, provides genome analysis solutions that... Read More »