TROY, Mich., Dec. 7, 2021 /PRNewswire/ -- A consortium of investors led by Rubicon Founders has acquired a majority stake in U.S. Medical Management (USMM), a recognized leader in providing high-quality, compassionate healthcare within proven care models that support complex and fragile individuals in the home setting. Centene Corporation (NYSE: CNC) will retain a minority stake in the company.
Rubicon Founders' mission is to build meaningful businesses that create enduring value by impacting people in a measurable way. Rubicon Founders is focused on building businesses that drive transformational change in health care.
"My interest in health care always starts and ends with the patient. This is an incredible opportunity to transform care for the most vulnerable in our society. This is the beginning--I am incredibly excited to work with the entire team at USMM to grow and expand nationwide," said Adam Boehler, CEO of Rubicon Founders.
"We are thrilled to work with Adam Boehler and the entire Rubicon team as we expand the USMM platform enabling the delivery of true value-based care at scale across the country," said Karey Witty, Managing Director of Valtruis.
"USMM brings sophisticated care and the human touch to the most frail and elderly patients literally where they are-in their homes. Combined with this great team that has proven it can reduce mortality, admissions and costs, the company will bring better outcomes to Medicare and Medicaid members nationwide," said Edward Cahill, Partner at HLM Venture Partners.
"At Oak HC/FT, we believe that one of the biggest opportunities for innovation in healthcare is home-based care. We're proud to invest in a team that shares this vision and look forward to partnering with USMM to expand the company's reach, bringing value-based care to more people in the convenience of their homes," said Annie Lamont, Co-Founder and Managing Partner at Oak HC/FT.
"We are pleased to close this transaction, which we are confident will best position USMM for future growth and success," said Sarah London, Vice Chairman of Centene's Board of Directors. "In addition, this is an important step for Centene as we deliver on our value creation plan and initiate our previously announced stock repurchase program."
About Rubicon Founders
Rubicon Founders is an entrepreneurial healthcare investment firm focused on building and growing transformational companies. Located in Nashville, Tennessee, Rubicon brings together a core team of investment, operating, and technology professionals who work to put patients and doctors first. Rubicon invests and partners to build meaningful businesses that create enduring value by transforming the way people receive care.
Adam Boehler is the founder and CEO of Rubicon Founders. Prior to Rubicon, Adam led healthcare innovation for the United States, serving as Senior Advisor to the Secretary of the Department of Health and Human Services (HHS), Deputy Administrator of the Centers for Medicare & Medicaid Services (CMS), and Director of the Innovation Center at CMS (CMMI). Adam was also the founder of Landmark Health, one of the leading providers of in-home medical care in the country. Following HHS, Adam was unanimously confirmed by a bi-partisan U.S. Senate to serve as the first CEO of the $60 billion U.S. International Development Finance Corporation.
Valtruis, a WCAS company, provides a unique platform that invests in and partners with disruptive leaders whose mission is to align and transform healthcare through what is truly value-based care. Founded on a commitment to accelerate meaningful change, Valtruis brings the functional expertise, access to capital and an expansive network that advance our partners' evolution from early-stage development to industry-leading enterprises. Together, Valtruis and its partner companies will break through the systemic barriers in the healthcare industry to reduce costs, expand access, increase quality and radically improve the patient experience.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $3.3 billion in assets under management and is headquartered in Greenwich, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more at oakhcft.com.
About Town Hall Ventures
Town Hall Ventures ("THV") is a healthcare-focused investment firm dedicated to partnering with technology and services businesses that address critical patient needs. THV partners with entrepreneurs and teams passionate about changing the United States health care system, focusing on solutions that use innovation to address health inequities. Leveraging a largely strategic base of limited partners, a deep and broad network, and market expertise, Town Hall works hand-in-hand with companies to transform care delivery and health outcomes. Founded in 2017, Town Hall Ventures currently manages over $350M.
U.S. Medical Management (USMM), along with its affiliated entities (Visiting Physicians Association, Pinnacle Senior Care, and Grace Hospice, among others) is a leading management services organization and provider of home-based primary care services for complex/fragile patients. Based in Troy, Michigan, USMM operates Visiting Physician Association practices in 11 states, constituting a 200 + primary care provider group, providing continuity-based primary care under an integrated, physician-driven model which includes ancillary services such as home health, hospice, radiology, diagnostics, DME and laboratory. USMM also operates a multi-state Medicare Shared Savings Program ACO serving approximately 20,000 complex/fragile Medicare patients.
SOURCE Rubicon Founders