NextImage Medical, a portfolio company of Chrysalis Ventures, said Tuesday that it has completed its acquisition of WorkWell. No financial terms were disclosed. The company has also named Liz Griggs, the chairman and CEO of Nextimage, as CEO of the combined company. Based in Duluth, Minnesota, WorkWell is a provider of soft tissue injury prevention and treatment solutions.
SAN DIEGO, CA (March 11, 2014) — NextImage Medical (NextImage), a leading provider of specialized cost containment services to the workers’ compensation industry, today announced that it has completed the purchase of WorkWell, Inc. (WorkWell). The individual company product lines will continue to operate under their respective names. Liz Griggs, Chairman and CEO of NextImage Medical, will become the CEO of the combined entity. The financial terms of the acquisition were not made public.
NextImage Medical is backed by Louisville, KY-based Chrysalis Ventures. The firm’s Managing Partner, Koleman Karleski, sits on the company’s board of directors.
WorkWell is the pre-eminent leader in soft tissue injury prevention and treatment. For 23 years, WorkWell has delivered employer services and solutions that improve workforce wellness, availability, and productivity as well as provided innovative, proactive musculoskeletal wellness solutions. WorkWell’s business model is supported by three distinct service areas: Onboarding/PreWork Screens (PWS) for new hires, On-Site prevention and therapy, and specialized training for Physical Therapists, Occupational Therapists, and other healthcare providers in WorkWell’s proprietary programs.
Liz Griggs, Chairman & CEO of NextImage Medical, commented, “Much of the workers’ compensation marketplace has not yet benefited from the kind of high quality programs that WorkWell offers. WorkWell has been known for very high quality physical and occupational rehabilitation training and producing significant cost savings through providing faster return to work, improving function, and helping employers avoid similar future injuries from specific jobs.”
Ms. Griggs continued, “The acquisition of WorkWell is expected to drive meaningful value for the existing customers of both companies. NextImage has been committed to developing and delivering best-in-class solutions within our areas of expertise. With this acquisition, we will build on that clinical expertise and highly skilled network of local providers to deliver the best possible services – returning injured workers to higher quality life and work.”
Margot Miller, PT, the long-time clinical and operational leader at WorkWell, commented, “We are very excited about the opportunity to now be part of NextImage. We believe our combined product offerings will provide a high quality, comprehensive solution like no other in the marketplace. We will continue to do business as WorkWell Systems due to market recognition. We look forward to the growth opportunities that becoming part of NextImage Medical provides us.”
Chrysalis Ventures Managing Partner, Koleman Karleski commented, “NextImage has long been an innovator in workers’ comp and this acquisition further reinforces NextImage’s leading market position in an industry in which it’s increasingly important for managed care companies to have a multiproduct offering.”
About NextImage Medical:
NextImage Medical provides Workers’ Compensation payers – including insurance carriers, third party administrators, and self-insured employers – with the highest quality, fastest, and most technologically advanced solutions to manage Workers’ Compensation costs. NextImage Medical has developed the industry’s leading scheduling platform known as the NextImage Grid™ which has the ability to expertly capture, transport, and store radiology studies and reports. NextImage Medical and our radiology partners are committed to lowering the cost of radiology services through the entire continuum of care. We believe that our cooperative model of working with patients, payers and providers is the answer to the healthcare industry’s demand for high-quality, low-cost imaging. www.nextimagemedical.com
About Chrysalis Ventures:
Chrysalis Ventures manages one of Mid-America’s largest funds for early-stage and growth investments with approximately $400 million under management. Since 1993, the firm has invested in over 65 companies, primarily in the healthcare and technology sectors. With headquarters in Louisville, Kentucky, Chrysalis has offices in Cleveland, Pittsburgh, and Ann Arbor. The firm seeks to partner with entrepreneurs to build enduring businesses in industries undergoing significant transformation. For more information, please visit www.chrysalisventures.com.
About WorkWell Systems:
Musculoskeletal injuries and illnesses decrease workforce health status and account for more healthcare spending than any other single health condition. Musculoskeletal injuries are the largest single category of workplace injury and significantly contribute to the imbalance between hours paid and hours actually worked resulting in a significant decrease in workforce productivity. WorkWell’s suite of services focuses exclusively on musculoskeletal wellness and augments existing wellness programs, safety initiatives, medical services and offers customized off-site and on-site solutions. WorkWell offers an integrated suite of musculoskeletal wellness services that increases workforce availability by reducing musculoskeletal injury and illness frequency and severity. For more information, visit www.workwell.com