CareCentrix has acquired Philadelphia-based Turn-Key Health, a palliative care company. No financial terms were disclosed. Evercore Inc was financial advisor to Turn-Key Health on the deal. Turn-Key Health was backed by Consonance Capital Partners
HARTFORD, Conn., May 4, 2020 /PRNewswire/ — CareCentrix, the leader in home-based and post-acute care services, today announced it has acquired Turn-Key Health, a leading community-based palliative care company serving health plans, hospitals and physicians. As a result of the acquisition, Turn-Key’s proprietary Palliative Illness Management™ (PIM™) program, which leverages data analytics and artificial intelligence to deliver personalized palliative care plans, will be fully integrated into CareCentrix’s platform. Turn-Key’s home-based palliative care model aligns with CareCentrix’s mission of supporting patients by addressing their clinical and non-clinical needs.
“Health plans and patients are looking for home-based palliative care that honors the hard choices that patients and families need to make as well as gives them the opportunity to remain at home,” said CareCentrix CEO John Driscoll. “The acquisition of Turn-Key is the next step in CareCentrix’s commitment to provide more home-based services for all patients as delivering care at home becomes the new norm.”
According to a 2019 New England Journal of Medicine survey, 60 percent of patients who would benefit from palliative care services do not receive them. Unmanaged care for patients with advanced illnesses can lead to twice the number of unnecessary hospital readmissions compared to patients who receive palliative care.
A 2019 peer-reviewed study published in the Journal of Palliative Medicine highlights Turn-Key’s community based palliative care program that successfully reduced the total cost of care by 20 percent and decreased ICU admissions and hospital admissions by 38 percent and 33 percent, respectively. The Company’s proprietary end-to-end PIM solution identified high-risk members for over-medicalization and supported providers in delivering a highly personalized palliative care plan.
“We share a mission with CareCentrix to care for the whole person, not just to treat the illness. That’s particularly important for people with a serious illness to ensure that care is aligned with their goals, values and preferences,” says Greer Myers, President at Turn-Key Health. “Together with CareCentrix we can bring a personalized and scalable approach to palliative care to more people.”
The acquisition follows a successful partnership with Turn-Key over the last year, and now CareCentrix will integrate the PIM solution into its overall suite of products, enabling CareCentrix to identify patients who could benefit from palliative care and those at risk of over-medicalization and provide them with community-based resources. CareCentrix will also be able to enhance communication and improve care coordination across all involved stakeholders, including the patient’s health plan, provider, and care team ultimately to drive down medical costs associated with palliative care.
Nelson Mullins Riley & Scarborough LLP acted as legal advisor to CareCentrix. Evercore Inc. acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Turn-Key Health.
CareCentrix is committed to making the home the center of patient care. With more than 20 years of experience working with payors and providers to create programs that improve quality and lower costs, CareCentrix allows patients to heal or age where they want to be: at home. CareCentrix manages care for 26 million members through over 8,000 provider locations. Through advanced analytics, CareCentrix helps determine the appropriate site for post-acute care, and provides support and coordination for patients and their families throughout care transitions, including to and from Skilled Nursing Facilities (SNFs) and through Home Health, Home DME, Home Infusion, and Home Sleep services. For more information, please visit www.carecentrix.com.
About Turn-Key Health
Turn-Key Health, a portfolio company of Consonance Capital Partners serves health plans, provider organizations and their members who are experiencing a serious or advanced illness. Its Palliative Illness Management™ (PIM™) model introduces a new, innovative option to improve care quality, address costs and reduce burdens associated with life-limiting illnesses. Visit www.turn-keyhealth.com.
About Consonance Capital Partners
Consonance Capital Partners invests in private companies in the lower and middle markets of the U.S. healthcare industry with an emphasis on businesses driving efficiency, cost containment and high quality care to patients. Consonance Capital Partners participates in growth equity, leveraged buyout, carve-out, recapitalization and special situation transactions. Visit www.consonancecapital.com.