Premise Health to Acquire Direct Primary Care Company CareHere
Acquisition brings Premise Health’s revenue to approximately $1 billion; Combined company improves access to health care for employers, employees, and dependents across the country
Premise Health, the largest direct health care provider, today announced it has signed a definitive agreement to acquire CareHere, a leading operator of wellness centers for self-funded organizations. The acquisition further solidifies Premise Health as the leading direct health care company and brings a comprehensive suite of innovative, affordable care delivery methods to self-insured employers and their teams across the country. With the addition of CareHere, Premise Health’s annual revenue totals approximately $1 billion.
The CareHere acquisition provides Premise Health with the opportunity to extend its integrated approach to care to additional markets, including municipal and state governments, universities, and Taft-Hartley plans; offer the widest array of health care services to self-funded employers; and advance its digital and physical access models to drive better outcomes and healthier populations for employees and dependents.
“Premise Health has continually evolved our model to deliver unmatched access to high-quality, affordable health care for the nation’s largest employers and their employees and dependents,” said Premise Health CEO Stu Clark. “CareHere is a pioneer in the direct health care space with a shared vision for the future of care focused on access, quality, experience, and value, and the combined capabilities of our two leading organizations will enable Premise Health to transform the health care experience for employers, members, and their families.”
Employers will gain access to extensive benefits as a result of the acquisition. Premise Health’s integrated health care ecosystem includes a robust access model, comprehensive primary care, and data-driven care coordination. This model meets members where they are in their care journey and focuses on the preventive and long-term health of the population.
Premise Health offers more than 30 health care products, the widest array in the industry, through physical (onsite and nearsite health centers, mobile units, and events) and digital (24/7 virtual care, remote monitoring, and connected devices) access models. By combining its extensive product portfolio and unparalleled access with CareHere’s public sector experience and KLAS-rated reporting and analytics capabilities, Premise Health will deliver a more seamless and coordinated care experience to improve outcomes, generate cost savings, and enhance health care for employer populations.
The combined entity will reach over 11 million eligible lives across more than 2,200 clients. In addition, Premise Health will operate more than 850 onsite and nearsite wellness centers in 300 markets across 45 states and Guam.
“Since our founding in 2004, CareHere has been committed to delivering superior health and financial outcomes by challenging traditional conventions of health care for employers across the country,” said CareHere CEO Ernie Clevenger. “By joining forces with Premise Health, that commitment is only intensified, and together we can serve as an invaluable resource for organizations, their teams, and their families and improve the health of populations.”
Effective at close, CareHere will be CareHere, a Premise Health Company to reflect the value the organizations offer together. Brentwood Capital Advisors served as the exclusive financial advisor to CareHere in the transaction, which is scheduled to close on September 30, 2020.