Vatica Health Completes Recapitalization with Great Hill Partners
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NASHVILLE, TN – April 3, 2018 – Vatica Health, a leading provider of physician-integrated risk adjustment and clinical quality solutions to health plans and risk-bearing providers, today announced that it has completed a majority recapitalization with Great Hill Partners, a leading growth-oriented private equity firm. The investment, which was led by Great Hill Partners and the Vatica leadership team, will allow the company to significantly expand its geographic footprint, sales and marketing, and product development efforts.
“Over the last few years, Vatica has emerged as a leader in the provider-centric risk adjustment space,” said Hassan Rifaat, CEO of Vatica. “We are excited to build on our momentum by partnering with Great Hill, who has deep experience working with high-growth healthcare companies. The investment will help us expedite our platform development plans and execute on our rapid geographic expansion.”
Vatica Health has grown substantially in recent years as payers and providers demand solutions to help navigate an increasingly complex process for submitting compliant risk adjustment codes for value-based reimbursement. Vatica’s platform combines proprietary, cloud-based technology with clinical personnel deployed at the point-of-care to drive clinically substantiated risk adjustment codes, improve quality of care, and ensure revenue integrity.
“Due to increasing regulation and competition, there has never been a more important time for payers and providers to evaluate their risk adjustment strategy,” said Mark Taber, Managing Partner at Great Hill. “We believe Vatica is well-positioned for a secular shift to provider-centric prospective risk adjustment solutions, which generate more accurate and clinically-substantiated risk scores compared to legacy models.”
Vatica will join Great Hill Partners’ portfolio of healthcare companies including Quantum Health, PartsSource, RxBenefits, Qualifacts and PlanSource. Prior healthcare investments include Passport Health Communications (acquired by Experian for $850 million), SterilMed (acquired by Johnson & Johnson) and bSwift (acquired by Aetna for $400 million).
As part of the transaction, Mark Taber, Rafael Cofiño and Craig Byrnes will join Hassan Rifaat and Steven Zuckerman on the Vatica Health Board of Directors. Financial terms of the transaction were not disclosed.
TripleTree, LLC served as exclusive financial advisor to Vatica Health. Goodwin Procter LLP served as legal advisor to Great Hill Partners, and Latham & Watkins LLP served as legal advisor to Vatica Health.
About Vatica Health
Based in Nashville, Tennessee, Vatica Health is an innovative healthcare technology company that has developed a unique blend of proprietary technology and clinical teams that enable providers and payers to thrive in value-based care. Vatica’s platform represents the next generation of risk adjustment, quality of care, and quality of coding. Vatica is a fast-growing company solving today’s most complex healthcare problems with a talented team of disruptors, inventors and change agents who are not satisfied with the status quo and strive to make a difference. For more information, visit www.vaticahealth.com.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception to finance the acquisition, recapitalization, or expansion of growth companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.
For Great Hill Partners:
Mary Kate Bertke
For Vatica Health: