April 19, 2017
Wafra Partners LLC* and its affiliates (“Wafra”) are pleased to announce a strategic investment and joint venture between Wafra’s portfolio company, Interactivation Health Networks, LLC, d/b/a The Wellness Network (“TWN”), and Care 24/7 (“C247”).
TWN, the largest in-hospital education television network in the United States and C247, an innovative Knoxville, TN based care management company, today announced a strategic partnership to integrate educational videos into care plans as directed by providers to better support the needs of, and improve outcomes for Medicare patients and their families. Together, the partners have enhanced capabilities to better engage and influence patients throughout the continuum of care while facilitating Chronic and Transitional Care Management for providers with the addition of TWN’s comprehensive, peer-reviewed, award-winning video content into C247’s high-touch care coordination delivery.
With over 60% of Medicare patients diagnosed with chronic disease and approximately 80% of readmissions attributed to poor care transition, primary care physicians are tasked with finding cost-effective, revenue enhancing, and meaningful ways to ensure patients receive coordinated and consistent care to prevent hospital admission or readmission, advance patient education and management of their condition, and ultimately improve quality of life. Integrated care plans, which will now include TWN’s videos, are administered by a team of wellness coordinators under the directives of providers to help patients better manage their health. This unique model integrates consistent monthly personal interaction, process automation that ensures better disease management, technology via the use of C247’s proprietary Patient Relationship Management Platform (PRM), and now market-leading patient educational content. “This comprehensive integration of people, process, technology, and content will promote better patient outcomes, drive down the overall cost of healthcare for Medicare patients with serious chronic care issues, and allows a revenue generating path for practices who wish to better serve their Medicare patients 24 hours a day, seven days a week,” noted Huy Nguyen M.D., Executive Chairman of Care 24/7.
As part of the integrated care plans, Care 24/7’s wellness coordinators can schedule appointments, discuss medications, clarify questions by the patient and even book transport to and from appointments. As a result, physicians will recognize increased reimbursement dollars without any upfront cost, additional employees or IT costs while patients will have higher quality, consistent care throughout their healthcare journey.
As value-based reimbursement guidelines place an increased onus on physicians to ensure patient compliance, patient education solutions need to include multi-platform delivery, varying health literacy-level materials, innovative utilization tactics, and care coordination support to optimize outcomes for patients. At the same time, healthcare providers are seeking to increase their revenue. TWN and C247 are now uniquely positioned to deliver on those needs: “This partnership affords us the opportunity to showcase our best-in-class patient education and integrated delivery technology to provide patients the education they need when and where they need it,” noted David Elvig, MD, Chief Clinical Officer of The Wellness Network.
About The Wellness Network
TWN is dedicated to delivering life-enhancing wellness information to motivate patients to act, aid hospitals in meeting accreditation, and improve the overall quality of healthcare. TWN’s award-winning library of over 2,800 clinically reviewed video and print resources is available via the most comprehensive health network in the US: 2,300 hospitals, 300,000 tablet and TV screens and online with a monthly engagement of 550,000 people. TWN actively collaborates with American Heart Association/ American Stroke Association, American Association of Diabetes Educators, American College of Physicians and the Joint Commission Resources to develop and deliver best-in-class educational patient and staff programming. In addition, TWN’s integrated hardware and software solutions support healthcare system’s patient engagement and compliance initiatives.
About Care 24/7
C247 was founded in 2015 with the vision of creating a concierge-like customer service experience for patients with chronic conditions, utilizing its high touch system, wellness coordinators, and state of the art call centers. C247’s management team has decades of healthcare industry experience, bringing together a unique combination of clinical, business, health IT, marketing, and policy expertise. C247 has grown significantly because of its ability to facilitate Chronic and Transitional Care Management, and Annual Wellness Visits Medical billings without additional costs to its provider clients. Because of its risk-free value proposition, the company has signed up multiple hospital systems and independent practices across 19 states. More information about C247 is available at http://care-24-7.com.
About Wafra Partners LLC
* Wafra Partners LLC is a private equity firm focused on middle market companies based in North America that have enterprise values between $20 and $150 million. We are currently seeking acquisitions of companies in consumer products, outsourced business services, niche manufacturing, and consumer-driven services. Wafra Investment Advisory Group, Inc. serves as investment advisor to the investments referred to herein. Wafra Partners LLC seeks companies within the parameters and sectors set out above.