ARLINGTON, Va.--(BUSINESS WIRE)--An investor group led by an affiliate of Goldman Sachs & Co. is funding the national expansion of Privia Health, LLC ("Privia"), a Virginia-based physician practice management and population health technology company serving independent physicians and large physician groups in partnership with managed care organizations and self-insured health plans. As one of the fastest growing physician organizations in the country, Privia will prioritize its expansion in the Virginia, Maryland, DC, New York, Atlanta, Florida, Texas, and other rapidly evolving markets.
Privia will align with other complementary portfolio companies within the Stamford, CT based holding company, Brighton Health Group (“Brighton Health”), led by Chairman and CEO Bill Sullivan. Privia will continue to be operated and led by Founder & CEO Jeff Butler and President Dave Rothenberg, who together will drive the national expansion of the Privia business. Jeff Butler has also joined the board of Brighton Health.
Privia’s high-performance physician practice (Privia Medical Group), accountable care organization (Privia Quality Network), and population health management programs help doctors get rewarded for delivering high value care. Privia’s turnkey platform enables providers to gain access to sophisticated technology, modern care management systems, and relationships with national payers - giving them the infrastructure and resources they need to remain independent and succeed in performance-based reimbursement arrangements.
“Goldman Sachs and our Brighton Health partners are excited to be supporting the continued expansion of Privia,” said T.J. Carella, global head of healthcare investing for Goldman Sachs’ Merchant Banking Division. “Jeff and his team have developed a truly innovative company committed to helping physicians improve their practice operations and, in so doing, provide better care for their patients.” Added Sullivan, “We believe in Privia’s physician-focused model, which supports doctors in successfully navigating our evolving and increasingly complex healthcare landscape. We look forward to partnering with Jeff, Dave and the entire Privia team to expand Privia nationally.”
Brighton Health’s investor group is led by an affiliate of Goldman Sachs & Co. who together with other investors, including Pamplona Capital Management, Cardinal Partners, Brighton Health Partners, and existing Privia investors Health Enterprise Partners and Morgan Noble Healthcare Partners, have committed over $400 million of capital to Brighton and are providing growth capital to Privia to execute its national expansion plans.
“We’re thrilled to be partnering with Bill, T.J., and the team, and to have this opportunity to significantly expand Privia’s impact on leading doctors and their patients,” said Jeff Butler, Privia Health’s Founder and CEO. “We believe in the ability of great doctors to transform medicine and deliver value. This initiative, and the significant capital commitment behind it, further establishes Privia as a national leader in keeping doctors at the forefront of change in our healthcare delivery system.”
Privia Health has been delivering physician-driven wellness and population health programs since 2007. Its subsidiary, Privia Medical Group, has rapidly become one of the fastest growing medical practices in the country, already serving over 400,000 patients.
About Privia Health
Privia Health LLC, based in Arlington, VA, is a national physician practice management and population health technology company that partners with leading doctors to keep people healthy, better manage disease, and to reward providers for delivering high value care. Through its high-performance physician group (Privia Medical Group), accountable care organization (Privia Quality Network), and population health management programs, Privia works in close partnership with forward-thinking health plans and national payers to better align reimbursements to quality and outcomes. Privia’s proprietary cloud-based technology platform, combined with an innovative approach to patient engagement and physician-driven wellness, focuses on building a better healthcare delivery system, and creating a healthier patient population. For more information, please visit www.priviahealth.com.
