24 Mar, 2021, 08:00 ET
AUSTIN, Texas, March 24, 2021 /PRNewswire/ -- Everlywell, a leading digital health company, has acquired PWNHealth and Home Access Health Corporation and formed parent company Everly Health, the company announced today. Together, the combined companies support more than 20 million people annually in all 50 U.S. states, Canada, and Puerto Rico.
Everly Health is committed to transforming lives through high-quality diagnostic care with a user-first digital experience. The acquisition will enable the companies to scale their respective services while maintaining a strong commitment to data privacy and clinician independence. PWNHealth will be rebranded as Everly Health Solutions and will operate as an independent subsidiary of Everly Health. Everly Health Solutions will maintain complete data independence from Everlywell.
Effective immediately, Julia Cheek, Founder & CEO of Everlywell will serve as the CEO of Everly Health, and PWNHealth's CEO Sanjay Pingle will serve in a transitional role to support the integration and also join the board of Everly Health. PWNHealth investors Spectrum Equity, a leading growth equity firm, and the Blue Venture Fund, a Blue Cross and Blue Shield corporate venture fund program, will continue to have an ownership position in Everly Health.
"The pandemic significantly accelerated the growth of consumer-friendly lab testing within the $85 billion testing market, resulting in a watershed moment for all aspects of diagnostics. People now expect affordable, high-quality, and easy diagnostic testing more than ever before," said Julia Cheek, CEO and Founder of Everlywell and Everly Health. "From technology to testing to treatment, Everly Health will transform lives with modern, diagnostics-driven care. Our priority is creating a world-class experience that enables our partners to deliver better care with ease."
Everly Health, headquartered in Austin, Texas, now employs nearly 500 people and has an extensive telehealth network covering all 50 states. The company has over 350 clients, including many of the largest health plans, employers, and labs in the U.S. The new subsidiary, Everly Health Solutions, will be home to best-in-class diagnostics care for the company's large and growing enterprise client base.
"Better care leads to better outcomes," said Sanjay Pingle, board member of Everly Health and outgoing CEO of PWNHealth. "Through our history, we've only chosen to work with partners who uphold exceptionally high standards for clinical quality and rigor because that's what the individuals in our care trust us to provide. As part of Everly Health, PWNHealth will be able to deliver even more value to our community of industry-leading partners as we offer them new ways to provide better experiences for the people they serve."
Industry leaders in their own right, PWNHealth and Home Access Health Corporation have been providing novel ways to reach individuals and close care gaps for over 20 years. PWNHealth, who in addition to operating a national telehealth network is also a leading provider of diagnostic testing solutions, has been Everlywell's partner of record for clinical oversight and telehealth since the company launched to consumers in 2016.
Founded in 2015, Everlywell provides Americans access to more than 35 home collection lab tests, sold online and in major retailers such as Target, CVS, and Walgreens. In May 2020, the company became the first digital health company to receive FDA authorization for a mail-in COVID-19 test and is one of the first companies to receive DTC or "direct to consumer" authorization from the FDA for its COVID-19 Test Home Collection Kit DTC. Everlywell saw over 300% growth in the last year, showing the rising tide of consumer demand for accessible, affordable testing long after doctor's offices and clinics have largely resumed normal services.
J.P. Morgan Securities LLC served as financial advisor to Everlywell and Evercore served as financial advisor to PWNHealth. Wilson Sonsini Goodrich & Rosati and Hyman, Phelps & McNamara, P.C. served as legal advisors to Everlywell, and Choate, Hall and Stewart, LLP and Jones Day served as legal advisors to PWNHealth.
Everlywell believes Americans deserve access to affordable lab tests and insightful, digitally-enabled results with actionable next steps. The company connects individuals to certified labs offering a suite of validated lab tests including Cholesterol, Heart Health, Fertility, STIs, Lyme Disease, Testosterone, Thyroid and more. Everlywell also offers FDA-authorized at-home sample collection test kits for COVID-19, and was the first to provide access to at-home sample collection lab tests for fertility, high-risk HPV, and indoor & outdoor allergies. Prices are straightforward starting at $49 and tests are generally covered by Flexible Spending and Health Savings Accounts. Physician-reviewed, actionable test results from CLIA-certified labs are provided within days of sample receipt. The company also provides testing and engagement programs for health plans, healthcare organizations, and employers, including some of the largest health plans in the nation.
The Austin-based company was founded in 2015 and is advised by a Scientific Advisory Board that includes some of the nation's top scientists from Harvard, MIT, Google and NYU. For more information please visit everlywell.com.
PWNHealth (PWN), now a subsidiary of Everly Health and rebranded as Everly Health Solutions, is a national clinician network working to improve early detection and prevention of disease using advanced diagnostics and telehealth. Our solutions provide the clinical, legal, and technological framework to facilitate population-scale testing across key healthcare markets in all 50 states and Puerto Rico. PWN is supporting more than 45 national COVID-19 testing programs and has managed more than 20 million tests through our platform. We believe that empowering people with convenient access to clinically actionable testing has the power to change lives, improve outcomes, and create a healthier world. PWNHealth is backed by Spectrum Equity and the Blue Venture Fund. Follow us on Twitter, LinkedIn and Medium.
About Home Access Health Corporation
Home Access Health Corporation, now a subsidiary of Everly Health, exists to inform consumers about their health through easy-to-use, self-collected lab tests. For payers, providers, and employers Home Access Health Corporation offers a convenient way for members, patients, and employees to engage in their health, which leads to improved health outcomes, enhances quality and closes critical gaps in care. We believe if all of us work together, we can facilitate the prevention, early detection and management of diseases in more people, especially in underserved or at-risk populations. For more information visit HomeAccess.com.
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