Frazier Healthcare Partners (Frazier) has acquired a majority share of Matrix Medical Network (Matrix) from Providence Service Corporation (Providence).
Based in Scottsdale, Arizona, Matrix is a provider of in-home, facility and community-based risk adjustment and care management services to health plans and risk-bearing providers. Frazier, along with co-investors acquired a 53 percent interest in the company with Providence retaining the remainder.
Frazier will assist the current Matrix management team, led by Walt Cooper, CEO, through its next phase of growth as it expands into new payor markets and offers new products and services to existing clients.
Brett Moraski, a managed care executive and Frazier operating partner, will collaborate with Matrix and Frazier General Partners Ben Magnano and Brian Morfitt will be members of the Board of Directors.
“We are excited to help Matrix expand its core offerings into adjacent markets and provide innovative additional services to its customers' members,” said Magnano.
“This partnership is another successful example of Frazier's operating model whereby we work with experienced executives to identify and invest in growth areas within healthcare. We look forward to working with the Matrix team to continue driving the future growth of the business.”
Walt Cooper, CEO of Matrix, said: “The support of Frazier will help us to execute our growth strategy and realize our full potential as a diversified healthcare services company.
“With our proven operational platform as a foundation, we are well positioned to expand the services we provide and the populations we support.”
Frazier Healthcare Partners, Matrix Medical Network, US, Healthcare, M&A, Risk management, Data, IT, Walt Cooper, Ben Magnano