Water Street Healthcare Partners, a private equity firm focused exclusively on healthcare, has made a majority investment in New Century Health.
Founded in 2002, New Century Health is a benefit management company focused primarily on oncology and cardiology.
In a privately negotiated transaction, Water Street and its co-investors committed to expanding the company’s services to a broader base of payers, providers and patients across the US.
New Century Health integrates and streamlines all outpatient components of care in the oncology and cardiology specialties. Through its technology platform, New Century connects health plans, physicians and patients to coordinate care and improve quality. In the past three years, New Century Health has grown its revenues more than 200 per cent.
Joseph Perez, the founder and president of New Century Health, says: "Water Street’s team approached us with ideas on a strategic partnership to help us grow and scale our company. As our discussions progressed, it was clear that Water Street’s experience and track record in payer services was unparalleled. Water Street’s industry expertise and relationships with national and regional payers will enable us to achieve our vision of offering payers, specialists and patients comprehensive support on a national scale."
New Century Health is Water Street’s fourth proprietary investment in outsourced payer services. It also owns CareCentrix, a provider of home health care benefit management services; Access MediQuip, the nation’s first and largest provider of surgical implant device management solutions; and HealthPlan Holdings, an outsourcing solution to insurers in the individual, small business, union trust and voluntary benefits markets.
"The leaders in healthcare will be companies that develop solutions to improve quality and patient outcomes in a cost-effective manner. Over the past five years, Water Street’s team has executed a disciplined approach to identify the most attractive opportunities to accomplish these objectives," says Ned Villers, a partner with Water Street. "New Century has already proven its ability to bring tangible value to its customers. In partnership with Joseph, we will invest our expertise and resources to expand New Century’s success on a national level."
Financial terms about the transaction are not being disclosed.
