Vistria Group Makes Investment in Professional Health Care Network
Posted on 03/31/2022
The Vistria Group made an investment in Phoenix-based Professional Health Care Network, LLC (PHCN), a Western U.S. home health care management services company that partners with health plans and providers to increase the access and value of home-based clinical care. The Professional Health Care Network works with major Arizona health plans (AHCCCS, Medicare Advantage, and commercial) resulting in full contractual compliance, lower medical expenses, improved health outcomes, and higher patient satisfaction. The Professional Health Care currently provides coverage to over 350,000 members through contracts with several health plans throughout Arizona. The transaction with PHCN represents the fifth investment from Vistria Fund IV, a US$ 2.68 billion fund.
Professional Health Care Network was formed in 1987.
On June 3, 2019, San Francisco-based private equity firm Serent Capital invested in The Professional Companies (TPC), comprised of three entities Professional Home Care Services, Professional Cares, and Professional Health Care Network. Prior Serent healthcare investments include Senior Dental Care (2018), Axiom Medical (2018), Pondera Solutions (2017), Diversified HealthCare Resources (2015), Via Health (2013), Outreach Services (2012), United Allergy Services (2012), and Equinox Healthcare (2010).
In 2011, Serent Capital made an investment in Cardon Outreach, a provider of third party eligibility and other revenue cycle management services for hospitals. On July 5, 2016, Serent Capital sold Cardon Outreach to MedData, a subsidiary of MEDNAX for US$ 400 million in cash.
Advisors
MTS Health Partners acted as exclusive financial advisor to PHCN on the transaction. TripleTree, LLC acted as financial advisor and Ropes & Gray LLP acted as legal counsel to The Vistria Group on the transaction.