Genuine Health has acquired PreventiMed, a physician-owned and operated management services organization. No financial terms were disclosed. Genuine Health is backed by Crestline Investors.
MIAMI (PRWEB) NOVEMBER 04, 2021
Genuine Health Group (“Genuine Health”), a rapidly growing healthcare services company that partners with primary care physicians to deliver value-based care, announced today that it acquired PreventiMed, a physician-owned and operated management services organization (MSO). This is the first acquisition since Genuine Health received a $160 million investment from international alternative investment firm, Crestline Investors.
PreventiMed’s founders will join Genuine Health’s leadership team.
The PreventiMed acquisition adds a sizeable cohort of primary care physicians to the company’s 200-plus physician network. In addition, the deal brings with it $43 million in annualized revenue for Genuine Health.
“We recognize the value of physician leadership, not only in the context of advancing outcomes-based clinical care, but also as a key to attracting similar, like-minded doctors,” said Genuine Health Group’s CEO, Joe Caruncho. “The physician-founders of PreventiMed understand that value-based care is here for the long haul, that it’s good for patients, and that doctors can benefit financially when they have access to the resources and infrastructure of a company like Genuine Health.”
Founded in 2017, Genuine Health has enjoyed rapid growth with an unconventional strategy. Unlike many companies competing to grow their population of Medicare patients, Genuine Health has demonstrated that growth does not require buying physician practices, but rather developing sustainable models for streamlining care delivery, improving health outcomes, and incentivizing physicians.
“My partners and I wanted to join forces with a healthcare innovator. We weren’t looking to get gobbled up and get out,” said Dr. Charles Yanes, CEO of PreventiMed. “Genuine Health is doing things differently, especially when it comes to providing a single source for managing Medicare patients’ overall care, regardless of whether those patients are enrolled in a Medicare Advantage plan or traditional Medicare.”
Genuine Health is one of only 53 companies nationwide operating a Direct Contracting Entity (DCE), which provides more options and care coordination to patients with traditional, fee-for-service Medicare. This distinction is among the factors that led to the company’s “Excellence in Healthcare” award for CEO Joe Caruncho and ranking among the fastest-growing companies in Florida.
PreventiMed, LLC is a physician-owned and operated management services organization that manages global risk contracts for Medicare Advantage beneficiaries.
About Genuine Health Group
Genuine Health Group, LLC is an analytics-driven healthcare company that assists physicians and health plans in successfully transitioning to value-based payment models for Medicare beneficiaries. For more information, visit http://www.genuinehealthgroup.com.