LOS ANGELES, CA – July 28, 2021 – Westcove Partners LLC (“Westcove”), an emerging and highly specialized investment bank, announced that it acted as the exclusive financial advisor to R-Health in its sale to Everside Health Group (“Everside” or “Everside Health”). R-Health, based in Elkins Park, Pennsylvania, offers direct-to-employer primary care services in the Mid-Atlantic region through its near-home and on-site clinics, and 24/7 virtual health capabilities. The terms of the transaction, which closed on July 12, 2021, were not disclosed. Westcove’s deal team included Justin Hand, Managing Director, Abe M’Bodj, Vice President, Shan Chawla, Associate, and Dimitrios Michalakis, Associate.
R-Health was founded in 2013 with a focus on direct primary care to employers that is grounded in relationship-based healthcare and population health management. Since its founding, R-Health has focused on integrity, advanced data analytics, robust technological infrastructure, and placing a greater emphasis on positive health outcomes and patient satisfaction. R-Health’s innovative care model positions the company at the nexus of healthcare delivery by partnering with employers and offering a means to lower overall healthcare spending, particularly for employees with chronic conditions.
With the integration, R-Health adds 12 clinics to Everside’s national footprint of health centers across 33 states. Everside, one of the nation’s largest direct primary care providers, improves the health of employees, retirees, and their dependents by providing customized solutions to deliver accessible, high-quality care while lowering healthcare costs. Its tech-driven, value-based business model delivers quality outcomes and cost savings – typically reducing employers’ total healthcare costs by 17% in three years and 31% in five years, respectively.
“Everside Health and R-Health share a common vision of providing a highly differentiated patient experience that delivers exceptional satisfaction, improves clinical outcomes and reduces costs. We are excited to bring our organizations together – we believe this acquisition will position us to strategically increase the number of employers and patients that we can serve, particularly in Pennsylvania and New Jersey.” said Chris Miller, CEO of Everside.
“We are pleased to have found in Everside a partner that will give R-Health clients access to a direct primary care organization with national reach, and which shares our commitment to providing access to better healthcare at lower costs.” said Mason Reiner, CEO of R-Health. Mason continues, “We could not have achieved this without the support of the Westcove team, who helped us navigate every step of the process by offering solutions tailored to the requirements of our innovative direct primary care model.”
Justin Hand comments, “Westcove was excited to advise R-Health in this process. R-Health managed to establish itself as a market leader in direct-to-employer primary care in a key geography and Everside’s significant interest is a testament to the success of the R-Health team. We believe there are many ways in which R-Health can be an asset to Everside’s expansion in the Mid-Atlantic.
R-Health is a direct primary care provider that is working to change the way patients engage with their doctors by removing barriers to care. R-Health provides convenient access to a personal doctor, supports building an enduring and trusting relationship with care providers, and delivers technology to support this partnership every step of the way. R-Health’s unique approach leads to significant cost savings for its partners and improved health outcomes for its patients. R-Health provides care to members in New Jersey and Pennsylvania.
About Everside Health Group
Everside Health, formerly Paladina Health, Activate Healthcare and Healthstat, is one of the largest direct primary care providers in the United States, operating 340+ health clinics in 33 states located at or near the facilities of its employer, union and other benefit sponsor clients. Everside’s patient-focused, care-obsessed, technology-driven healthcare delivery model aims to align incentives to benefit the patient, the physician and the benefit provider, all while reducing the total cost of care. Patients receive convenient, low- or no-cost access to physicians and 24/7 virtual care, reducing the need for costly ER use. Everside Health is based in Denver.
Westcove Partners is a leading healthcare-focused investment bank that specializes in advising its clients through mergers & acquisitions, debt and equity financings, as well as other complex corporate finance transactions. The team focuses on founder operated businesses and seeks to curate its advisory services according to the intricacies that come with these types of businesses.