Middle-market private equity firm BV Investment Partners has made an investment in Health Information Designs (HID).
HID is a leading provider of primarily healthcare-related information technology and data analytics services, which help healthcare organisations improve patient health and reduce operating costs. The company also offers insurance identification and verification services focused on reducing the uninsured motorist rate. The investment in HID was made in partnership with the Gibson family, who founded the business in 1979. The company is headquartered in Auburn, Alabama.
HID’s healthcare offering includes drug utilisation review, prescription drug monitoring, prior authorisation and surveillance utilisation review solutions. The company’s growing client base spans approximately 30 states and includes Medicaid agencies, state health department programs, and several commercial health insurance providers, managed care organisations and pharmacy benefit management organisations.
Andrew C Davis, a Managing Director at BV, says: "We are pleased that the Gibson family has chosen BV as a partner, and we look forward to working with HID’s management team to help lead the company’s future development."
Matthew J Kinsey, a Principal at BV, says: "HID is poised for growth as healthcare agencies and organisations migrate towards service providers that offer sophisticated business intelligence and information based solutions."
Rob DiBenedetto, CEO of HID, says: "I’m excited about partnering with a private equity firm with BV’s experience and strengths. We feel that this transaction will allow our team to continue to grow the business to the next level and be opportunistic with respect to strategic growth initiatives."
Concurrent with the closing of the transaction, Andrew Davis and Matthew Kinsey have joined HID’s Board of Directors.
