Revelstoke Capital Partners-backed Fast Pace Health added-on Rural Health Alliance to expand its value-based care service to rural populations. Revelstoke invested in Fast Pace in 2016 and has grown the company’s clinical footprint from 35 clinics in two states to 170 clinics in six states. As part of the add-on, Revelstoke and Fast Pace refinanced the existing debt facility to provide lower cost of capital and incremental capacity to fund further growth.
Fast Pace Health (“Fast Pace”), a leading provider of outpatient healthcare services to rural communities, announced today that it has partnered with Rural Health Alliance (“RHA”) to expand its value-based care service offering to underserved rural populations and increase access to care for many vulnerable Americans.
The combination results in a leading, multi-specialty provider of rural healthcare and value-based care population health management services through a network of 170 clinics and over two million annual patient visits across the states of Tennessee, Mississippi, Kentucky, Louisiana, and Indiana. Fast Pace is a portfolio company of Revelstoke Capital Partners, a private equity firm focused on investing in healthcare services companies.
“We are thrilled to partner with RHA to increase access to high-quality, affordable healthcare in our rural communities,” said Greg Steil, President and CEO of Fast Pace. “RHA’s focus on a high-quality patient experience fits perfectly with Fast Pace’s culture and we are excited about the future – working towards solving America’s rural healthcare problem together through our innovative care coordination model.”
Fast Pace has a track record of reducing avoidable emergency room admissions in the communities it partners with and has multiple value-based and care coordination arrangements with its payor partners. Since Revelstoke’s investment in Fast Pace in August of 2016, its clinical footprint has grown from 35 clinics in two states to 170 clinics in six states, increasing access to healthcare for millions of vulnerable rural Americans.
“Primary care is a critical and undervalued service in our healthcare system. We are excited to further our partnership with Fast Pace and welcome RHA to the Revelstoke family,” said Simon Bachleda, Co-Founder and Managing Partner of Revelstoke. “Together, Fast Pace and RHA are building an innovative solution that addresses the complex and widespread challenges to the rural healthcare system at a lower cost of care to patients and payors.”
The combined company plans to offer robust care coordination and value-based healthcare to its rural patient population utilizing its payor partnerships through the delivery of primary care, orthopedic, mental health, dermatology, urgent care, and other ancillary services. RHA’s 15 primary care focused walk-in clinics in rural western Tennessee are all certified Rural Healthcare Clinics.
“Our rural communities skew older, sicker and poorer than the national average, resulting in higher-cost patients to the healthcare system,” said Rob Benson, President of Population Health at Fast Pace. “Our high-touch, proven clinical model results in long-lasting patient relationships and the ability to drive positive changes in patients’ recurring healthcare behaviors.”
As part of the transaction, Fast Pace and Revelstoke refinanced the existing debt facility to provide lower cost of capital and incremental capacity to fund further growth.
“We are thankful for the support we received from the capital markets community and remain excited about Fast Pace’s future,” said Michael Constantinides, Vice President at Revelstoke.
Paul Hastings LLP and McDermott Will & Emery acted as legal counsel to Fast Pace.
Revelstoke (www.revelstokecapital.com) is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $3.8 billion of assets under management, which includes uncalled capital commitments made to Revelstoke-managed vehicles. Since the firm’s inception in 2013, Revelstoke has completed 122 acquisitions, which includes 21 platform companies and 101 add-on acquisitions.
About Fast Pace Health
Fast Pace Health (www.fastpacehealth.com) provides accessible and cost-effective healthcare to the underserved and uninsured in rural communities throughout Tennessee, Kentucky, Mississippi, Louisiana, and Indiana, with plans for future expansion. Fast Pace Health provides treatments for a wide range of illnesses, injuries, and common conditions and provides a variety of wellness, diagnostic, and screening services. Open seven days a week with extended hours, Fast Pace Health offers patients the convenience of short wait times, daily urgent care services, and the ability to be seen by a primary care provider without an appointment. Our vision is to change the delivery of healthcare in rural areas by integrating excellent patient care, education, accessibility, and community service in a way that puts the patient’s needs first and improves the health status of our communities. Face Pace Health is a primary source for not only urgent care but for total health care.