Healthcare Portfolio
We have over four decades of experience building sustainable, industry-leading companies across the Healthcare industry.
Abzena
Abzena is a contract research, development and manufacturing organization (CRDMO) delivering integrated drug discovery, development and manufacturing services to global pharmaceutical and biotech companies. The company focuses exclusively on the high-growth biologics and antibody-drug conjugate (ADC) end markets, with the ability to serve customers from early research through clinical trials and beyond.
Abzena operates three centers of excellence in the United Kingdom and the United States. The company’s end-to-end capabilities and strategically located network enable biopharma clients to bring life-changing therapies to patients more quickly and cost-effectively.
AssistRx
AssistRx is a tech-enabled patient support platform that partners with pharma to reduce friction in the patient journey related to accessing, affording and adhering to drug therapies.
The company provides technology solutions and patient support services on behalf of pharma manufacturers across a variety of therapeutic areas. AssistRx reduces the burden for healthcare providers prescribing specialty medications, interacts with payors and connects with pharmacies to reduce time to therapy. The ability to integrate technology and therapy expertise helps advance care and delivers better results for patients.
See Site:AssistRx
See Site:CenterWell
Concentra
Concentra is a leading provider of occupational health services, specializing in delivering comprehensive medical care and wellness programs to employees across various industries. The company primarily provides workers’ compensation injury care (e.g., primary injury care, physical therapy, return-to-duty examinations) and employer services (e.g., physical exams, medical surveillance, drug testing, job-specific testing).
Emerus
Emerus Holdings Inc. provides high-quality inpatient and emergency department services in neighborhood hospitals. Emerus operates 40+ hospitals with more on the way.
Since its inception, Emerus has seen nearly four million patients and serves over 500,000 patients annually through 10 joint-venture relationships with leading nonprofit health systems. Each hospital features 16–24 rooms and beds with onsite radiology, diagnostic laboratory services and board-certified emergency medicine physicians. Emerus provides quality hospitalist and other specialist services remotely via a telemedicine-based platform in fully licensed, 30,000- to 60,000-square-foot hospital buildings. Emerus’s care model serves patients in their communities while delivering superior satisfaction and health outcomes.
See Site:Emerus
EnableComp
EnableComp is a leading specialized revenue cycle management platform, offering health systems a technology-enabled, comprehensive suite of complex claims solutions.
The company primarily recovers revenue across four specialty claim categories: veterans administration, Workers’ compensation, motor vehicle accident and out-of-state Medicaid. EnableComp’s unique expertise and its proprietary software platform, Enforcer360, deliver compelling ROI for clients and drive EnableComp’s industry-leading Net Promoter Score (NPS). The company has experienced significant growth, recovering more than $5 billion for over 1,000 health systems and provider organizations across all 50 states.
See Site:EnableComp
ImageTrend
ImageTrend is a leading provider of SaaS-based electronic patient care reporting (ePCR) and record management system (RMS) solutions for EMS and fire departments across the United States.
ImageTrend serves a mission-critical need for its customers by enabling first responders to digitally document incidents and ensure that mandatory patient care data is reported quickly and accurately. The company’s incident data is used by hospitals and state and local governments to improve care within their communities.
See Site:ImageTrend
InnovAge
InnovAge Holding Corp. (NASDAQ: INNV) is the largest provider of the Program of All-Inclusive Care for the Elderly (PACE) and provides fully capitated care to high-cost individuals who qualify for benefits under both Medicare and Medicaid (or “dual eligibles”).
The company’s participant-centered care is designed to improve the quality of the care its patients receive while keeping them in their homes for as long as safely possible and reducing overutilization of high-cost care settings such as hospitals and nursing homes.
See Site:InnovAge
Kindred at Home
Kindred at Home is a leading provider of home health, hospice and community care services, dedicated to delivering high-quality, compassionate care to patients in the comfort of their homes. The company’s comprehensive services include skilled nursing, physical therapy, occupational therapy and palliative care, supporting patients through all stages of recovery and chronic illness management.
Kiniciti
Kiniciti is a buy-and-build platform focused on investing in and supporting non-therapeutic service, tools and technology companies that enable innovation and development of cell and gene therapies (CGTs).
CGT is one of the fastest-growing areas in healthcare, providing life-changing or curative therapeutics for previously untreatable conditions. Kiniciti solves the challenges facing CGT-enabling companies that have created outstanding science to support CGT innovators but lack the commercial, operational and strategic expertise to scale fast enough to satisfy market demand and drive down cost. Kiniciti’s partnership model is focused on ensuring that promising companies that support CGT innovation have access to capital, expertise and strategic resources.
See Site:Kiniciti
Leiters
Leiters is an FDA-registered 503B outsourcing provider of compounded medicines.
Compounding is the process of converting drugs in a sterile pharmaceutical-grade environment from bulk supplies into individual doses for patients. Hospitals, surgery centers and physician practices use compounded drugs for infused antibiotics, childbirth medications, anesthesia, analgesics and other procedures.
See Site:Leiters
Liberty Dental Plan
Liberty Dental Plan is a dental benefits manager focused on government-sponsored populations.
The company serves over 7 million members in the Medicaid, Children’s Health Insurance Program (CHIP), Medicare Advantage, commercial and exchange dental programs. Liberty manages a network of ~110,000 dental providers across the country, offering high-quality, consistent and convenient access to dental care.
See Site:Liberty Dental Plan
naviHealth
naviHealth is a leading provider of post-acute care management solutions, specializing in helping patients transition smoothly from the hospital to post-acute care settings. The company’s comprehensive care coordination and management services ensure that patients receive the right care at the right time, improving outcomes and reducing healthcare costs.
Norstella
Norstella is a leading provider of data, analytics, software and consulting to the life sciences, payor, financial services and other industries, serving ~3,000 customers globally.
Norstella provides clients with critical tools and expertise to navigate complexities and enhance decision-making at each step of the drug development and commercialization life cycle, ultimately smoothing the pathway of lifesaving therapies from pipeline to patient.
See Site:Norstella
Owl Practice Suite
Owl Practice Suite is an innovative platform of integrated SaaS software, payments and tech-enabled solutions for the behavioral healthcare market.
Owl’s full suite of products includes core practice management software (PMS), patient engagement tools, revenue cycle management (RCM) capabilities and back-office functionality. These offerings help a wide range of therapy and behavioral health providers, from solo practitioners to university health systems, to find new patients and manage their practices before, during and after treatment, including handling billing and collections. The company serves a large and rapidly growing end market that still commonly relies on manual paper- and Excel-based processes.
See Site:Owl Practice Suite
Select Medical
Select Medical is a leading provider of specialized healthcare services, offering a wide range of inpatient and outpatient rehabilitation services, long-term acute care and critical illness recovery. The company’s extensive network of facilities includes long-term acute care hospitals, inpatient rehabilitation hospitals and outpatient therapy centers.
Shields
Shields Health Solutions is a leading provider of specialty pharmacy services, partnering with hospitals and health systems to provide comprehensive care for patients with complex chronic conditions. The company’s integrated approach combines pharmacy services, patient support, and technology to improve medication adherence and health outcomes.
United Musculoskeletal Partners
United Musculoskeletal Partners (UMP) is a leading provider of musculoskeletal care and related ancillary services, owned and operated in partnership with physicians.
UMP was formed in 2021 as a partnership between WCAS and Georgia-based Resurgens Orthopaedics, one of the largest independent orthopedic groups in the country. Today, UMP has ~450 providers across three states. UMP’s operating model is distinguished by its patient centricity and physician-led governance. Its foundational purpose is to build a collaborative organization that empowers world-class providers with operational support, state-of-the-art technology and rich clinical data to deliver high-quality patient care.
See Site:United Musculoskeletal Partners
US Anesthesia Partners
US Anesthesia Partners (USAP) is the nation’s leading provider of anesthesia services, with over 4,500 clinicians providing expert patient care in more than 700 inpatient and outpatient facilities across the U.S.
The company’s physician partnership model promotes alignment and best practice sharing while enabling clinical and operational autonomy. USAP supports its physician practices with centralized management infrastructure and resources to facilitate the delivery of consistent, high-quality patient care.
See Site:US Anesthesia Partners
US Radiology Specialists (USRS)
USRS is a leading provider of outpatient imaging and radiology practice management, owned and operated in partnership with physicians and health systems.
The company was formed in 2018 as a partnership between WCAS and North Carolina–based Charlotte Radiology, one of the largest independent radiology groups in the country. Today, USRS has more than 4,500 team members across 14 states and operates over 175 outpatient imaging centers, including seven joint ventures with some of the country’s top health systems. The company also supports seven leading subspecialized radiology practices that provide diagnostic interpretations for the company’s outpatient imaging network and over 80 hospitals. Its operating model is built around a commitment to clinical excellence, state-of-the-art technology and an exceptional patient experience at a lower-cost site of care.
See Site:US Radiology Specialists
Valtruis
Valtruis partners with innovative leaders whose mission is to realign the U.S. healthcare system along the principles of value-based care.
The Valtruis platform brings functional expertise, access to capital, and an expansive network, which advance our partners’ evolution from early-stage development to industry-leading enterprises. Together, Valtruis and its partner companies aim to break through the systemic barriers in the healthcare industry to reduce costs, expand access, increase quality and improve patient experience.
See Site:Valtruis
Past Investments and Exits
The above investments represent a selection of current and past portfolio companies within the WCAS Healthcare portfolio. For a full list of transactions executed by WCAS Partnerships, please view our historical investments.
Healthcare News & Perspectives
WCAS Annual Quality Forum 2023
Annual Quality Forum - 4 As part of our commitment to quality, WCAS conducts an annual “Quality Forum,” an all-day
Megan Callahan Joins Welsh, Carson, Anderson & Stowe as an HCIT Operating Partner
New York, NY, November 1, 2023 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on
LIBERTY Dental Plan Announces New CEO
IRVINE, Calif. & NEW YORK, March 1, 2023 (Business Wire) – LIBERTY Dental Plan Corporation (LIBERTY) has selected Marti Lolli as
ImageTrend Announces Strategic Growth Investment from Welsh, Carson, Anderson & Stowe
LAKEVILLE, MINN., February 9, 2023 - ImageTrend, Inc., a growing, market-leading software solutions and services provider in the public safety and
Walgreens Boots Alliance Accelerates Full Acquisition of High-Performing Shields Health Solutions
WCAS is excited to announce that we've signed an agreement to sell our remaining stake in Shields Health Solutions to
United Musculoskeletal Partners Announces Merger with Novum Orthopedic Partners and Addition of Founding Practice
United Musculoskeletal Partners Announces Merger with Novum Orthopedic Partners and Addition of Founding Practice Atlanta, GA – July 20, 2022 –