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Healthcare services corporation DaVita has sold its primary care clinic business Paladina Health to venture capital firm New Enterprise Associates (NEA).
Paladina currently operates more than 50 physician offices in Colorado, Washington, Texas, Wisconsin, Ohio, North Carolina, South Carolina, Kentucky, New Jersey and Florida, with plans for continued expansion.
DaVita said the acquisition will position Paladina Health for further growth and innovation in the direct primary care market.
"We are bullish on Paladina's future and thrilled that New Enterprise Associates will be their new home," said Kent Thiry, DaVita chairman and CEO.
Mohamad Makhzoumi, general partner and head of healthcare services and healthcare IT investing, NEA, commented: "We've closely followed the ongoing shift to value-based care in the U.S., and believe that Paladina Health is a pioneer in the space. Driven by a stellar management team, the company's adaptive DPC model has proven to meet the growing needs of patients by delivering excellent care that not only results in high patient and provider satisfaction, but also drives down cost. We're thrilled to partner with Paladina Health as they accelerate growth and continue to pioneer a better healthcare solution."
Chris Miller, chief executive officer with Paladina Health, said: "We are grateful for DaVita's support over the past six years in building a foundation for Paladina Health's successful model. During this time, we have delivered an exceptional patient and client experience with high quality care and lower costs, while allowing our physician-led care teams to return to the joy of practicing medicine. We look forward to impacting more lives in partnership with NEA and continuing our vision to transform primary care in America."
Healthcare, Acquisition, Expansion, DaVita, Paladina Health, New Enterprise Associates, Kent Thiry, Mohamad Makhzoumi, US