NEW HYDE PARK, N.Y., Jan. 6, 2017 /PRNewswire-USNewswire/ -- Northwell Health, New York State's largest health care provider, and Pamplona Capital Management, a private equity firm, today announced the creation of a new business, Formativ Health, which will offer comprehensive management services to assist physician practices. Formativ's offerings include tailored revenue cycle management solutions, patient access services, physician practice management and advisory services. The business allows health system employed physician groups and independent physicians to improve their financial health, adapt to changing risk-based payment models, increase physician productivity and satisfaction, and positively augment patient experiences.
Formativ enables physicians to leverage a network of the nation's most accomplished physician management, patient access and revenue cycle experts to customize – and continually optimize – unique solutions that drive results specific to their business and operational goals. Through end-to-end revenue cycle management, practice management, advisory services and its suite of technology products that integrate with any existing platforms, Formativ is designed to enhance revenue and operating margins, grow service volume and decrease referral leakage, and improve physician satisfaction.
Formativ's patient access services improve the patient, physician and office staff experience with a single branded contact point for physician groups while also enabling care coordination and disease management activities for patients in risk-based payment programs. The company's offerings increase percentage of collections while lowering time and cost to collect. The business' advisory services are focused on network development, payor contract design and physician alignment.
"We want physicians to focus on what matters most – providing the best patient care," said Dennis Dowling, Formativ CEO. "Formativ does this by relieving administrative burdens, improving the physician experience and ultimately increasing patient engagement."
"Formativ is a best-in-class organization that Northwell Health helped create based on its quarter-century of experience in growing its employed physician group and delivering care to hundreds of thousands of patients annually," said Michael Dowling, president and CEO of Northwell Health. "Formativ will meet the needs and expectations of physicians by combining their thoughtful approach to patient care with high-quality services and agnostic technology that have produced proven results."
Formativ has a commercial and operational relationship with Pamplona-owned nThrive, the leader in Patient-to-PaymentSM revenue cycle management, for the delivery of services to employed physician groups and independent physicians.
Formativ is the latest addition to Pamplona's growing portfolio of health care offerings. "Formativ's comprehensive offerings meet the increasingly complex needs of ambulatory physicians, and the partnership of private equity and health system creates a unique business with a provider heritage and an independent commercial focus," said Pamplona Partner Jeremy Gelber, MD.
Northwell Health and Pamplona invested capital to create Formativ. Northwell Health's employed physician group will be one of more than 400 existing customers of Formativ, which serves over 5,000 physicians.
About Northwell Health
Northwell Health is New York State's largest health care provider and private employer, with 21 hospitals and over 550 outpatient facilities. We care for more than two million people annually in the metro New York area and beyond, thanks to philanthropic support from our communities. Our 61,000 employees – 15,000+ nurses and nearly 3,400 physicians, including nearly 2,700 members of Northwell Health Physician Partners – are working to change health care for the better. We're making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our more than 100 medical specialties, visit Northwell.edu
About Pamplona Capital Management
Pamplona Capital Management is a London and New York-based specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Pamplona Capital Management, LLP manages over USD 10 billion in assets across a number of funds for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations. Please see Pamplonafunds.com for further information.
Formativ Health creates tailored solutions for physicians that redefine the revenue cycle and practice management so that our clients can focus on what matters most — providing the best patient care. Descended from the best-in-class management services organization created at Northwell Health, Formativ provides tailored solutions for our clients' physician revenue cycle management, patient access, physician practice management and advisory service needs. Our comprehensive technology-enabled approach, which serves some 3,400 customer locations in more than 40 states via 11 service centers, integrates with any environment, including existing electronic medical record or practice management systems. Visit Formativhealth.com for more information.
nThrive is built on a legacy of excellence. In the past it was known as MedAssets, Precyse and Equation. Most recently, nThrive acquired Adreima, a provider of patient-centered, clinically integrated revenue cycle services that help patients find coverage and meet their financial obligations, while partnering with health care providers to optimize revenue cycle functions. While each formerly a leader in its own right, the companies have combined talents and capabilities into a single enterprise. From patient-to-payment, nThrive provides all the technology, advisory expertise, services, analytics and education programs health care organizations need to thrive in the communities that they serve. For more information, please visit www.nThrive.com.
SOURCE Northwell Health