Serent Capital has made an investment in The Professional Companies, a provider of home healthcare benefits management services. No financial terms were disclosed. Also, TPC has named Brian Sassi as CEO.
PHOENIX, June 3, 2019 /PRNewswire/ — The Professional Companies (TPC), the leading provider of home healthcare benefits management services has hired Brian Sassi as its Chief Executive Officer and partnered with Serent Capital, a San Francisco-based private equity firm focused on investing in fast-growing software and services businesses.
TPC provides end-to-end management of home healthcare benefits on behalf of leading healthcare payors with a suite of services including home agency network management, utilization review, case management, claims processing, and patient communications. TPC’s services enable some of the country’s largest health plans to enhance patient access to home health services and more importantly reduce readmission rates to acute settings. TPC also enables large health plans to improve clinical outcomes and reduce administrative inefficiencies. Last year, TPC managed thousands of referrals for home healthcare services and coordinated over 150,000 home health visits for more than 350,000 members on behalf of its health plan clients.
Sassi is a seasoned healthcare industry executive who brings over 30 years of experience in the health insurance market to the company. Most recently Sassi was the President & CEO of the Consumer Division at WellPoint/Anthem, including the Medicare, Medicaid and Individual divisions across 14 BCBS plans. Sassi was formerly President & CEO of Anthem Blue Cross of California, the largest Blue Cross health plan in the nation. Earlier in his career, Brian held various executive positions at Blue Cross of California, Premera Blue Cross, and Transamerica Occidental Life.
“It is a privilege to join TPC as its CEO,” said Sassi. “TPC is a leader in the home healthcare benefits management market with proven value delivered to its health plan clients, superior outcomes to patients, and strong relationship with its provider partners. I look forward to the opportunity to lead this exceptional team of dedicated and talented individuals to build upon TPC’s success.”
With the Serent Capital partnership, TPC will invest further in its service delivery and technology to better serve its existing clients and expand its geographic footprint to bring an improved home healthcare experience and reduction of return-to-acute rates to even more patients.
Laura Nichols, President of TPC, said, “This is a significant milestone for the company. For the past 32 years, TPC has delivered exceptional home health services to patients and this investment will enable us to expand our client partnerships and serve more patients in new markets. We are excited to partner with Serent and draw on their growth and operating resources to build the next chapter for TPC.” Nichols added, “I am also excited to welcome Brian to the team. I am confident that his background is a perfect match for the next chapter of growth at TPC.” Following the investment, Laura will continue in her role as President and will serve on the company’s Board.
“We are highly impressed by the business that Laura and the TPC team have built and humbled that they selected Serent as their partner,” said David Kennedy, Partner at Serent Capital. “TPC’s leadership in the home healthcare management space, with improved health outcomes for patients and proven value to its marquee health plan customers make TPC a perfect fit for our investment focus. We are also fortunate to have an executive of Brian’s caliber to lead TPC as the company executes on the growth opportunities ahead.”
Founded in 1987, The Professional Companies (TPC) are the leading providers of home health management solutions in Arizona. The Professional Companies offer payors home healthcare containment services such as network, utilization, & claims management through capitation contracts. The Professional Companies successfully work with major Arizona health plans (AHCCCS, Medicare Advantage, and commercial) resulting in full contractual compliance, lower medical expenses, improved health outcomes, and higher patient satisfaction. The Professional Companies currently provide coverage to over 350,000 members through contracts with several health plans throughout Arizona. For more information about The Professional Companies, please visit www.professionalcares.com.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive. Serent’s investment in TPC represents its tenth investment in the healthcare services industry. Prior Serent healthcare investments include Senior Dental Care (2018), Axiom Medical (2018), Pondera Solutions (2017), Diversified HealthCare Resources (2015), Via Health (2013), Outreach Services (2012), United Allergy Services (2012), Cardon Outreach (2011), and Equinox Healthcare (2010). For more information on Serent Capital, visit www.serentcapital.com.