Bain Capital Double Impact has bought HealthDrive, with a goal of serving more skilled nursing and assisted living residents.
Massachusetts-based HealthDrive offers onsite dentistry, optometry, podiatry and audiology to long-term care residents.
Financial terms of the deal were not disclosed, but a Bain leader said he hoped the effort would reach more residents.
“Certainly the number of patients served will be a clear metric,” said Peter Spring, a managing director at Bain Capital Double Impact. “There have been a number of instances where HealthDrive has given services provided where they weren’t before. There will be a whole range of metrics around the employee side of HealthDrive.”
HealthDrive, now in its 30th year, had been owned by private equity.
“This was the right time,” said HealthDrive President Daniel Baker. “We were very excited to end up with Bain. A lot of folks are on Medicaid or are underserved. In many cases if we weren’t doing it, it wouldn’t be done.”
The partnership with Bain will allow the company to “implement some initiatives that will allow us to modernize a bit,” he said.“For example, we’re moving away from fax communications to electronic communications.”
HealthDrive has found ways to provide dentistry services to nursing homes, a traditionally sticky area since dentist services are not reimbursed through Medicare, Baker said.
“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.
He added that HealthDrive “is the only company that has the fully vetted professional complaince component.”
From the February 01, 2019 Issue of McKnight's Long-Term Care News
