Bain Capital Double Impact has bought HealthDrive, a provider that offers on-site dentistry, optometry, podiatry and audiology to residents in long-term care.
Financial terms of the deal were not disclosed. But executives said providers will not see any major changes, other than some updated technology.
“We have no expectation of change, but I would say is that in our partnership with Bain we’ll implement some initiatives that will allow us to modernize a bit,” Dan Baker, president of HealthDrive, told McKnight’s. “For example, we’re moving away from fax communications to electronic communications.”
Bain’s investment will allow the company to expand, said Peter Spring, a managing director at Bain Capital Double Impact.”Certainly the number of patients served will be a clear metric and what we will be doing is the number of patients served who weren’t able to access services at all.”
Baker noted that HealthDrive has found ways to provide dentistry services to nursing homes, a traditionally sticky area since dentist services are not reimbursed through Medicare.
“Over the past five years, we’ve developed some mechanisms to find some reimbursement. We’ve come up with a platform that insulates us from the reimbursement pressures that a normal provider would face. We’re able to move to any state with dental services,” he said.