MASON, Ohio and SAN FRANCISCO, May 29, 2019 /PRNewswire/ — Ensemble Health Partners (“Ensemble” or “the Company”), an industry-leading national revenue cycle management provider, announced today that Bon Secours Mercy Health will sell 51 percent of the equity in Ensemble to Golden Gate Capital, a leading private equity investment firm. Bon Secours Mercy Health will continue as a commercial partner to Ensemble, as well as remain a minority owner in the Company and continue to serve on the Company’s board.
Founded in 2014, Ensemble partners with hospitals across the United States to create real and lasting value through revenue cycle outsourcing and other services aimed at improving healthcare operations. The Ensemble leadership team is differentiated by its extensive experience as hospital and physician practice operators, as well as its hands-on, client-first mindset. Addressing the shift to value-based care and the changing regulatory landscape, Ensemble’s proven collaborative partnership approach uses operational and process best practices, analytics and technology to craft comprehensive solutions for its clients.
With the exponential growth Ensemble has achieved, Golden Gate Capital’s investment will ensure continued delivery of exceptional results for current and future partners through enhancements in technology, services and people. The transaction facilitates the next phase of growth for Ensemble, which has grown to 3,600 employees serving customers in 30 states, and more than 60 full outsource partner hospitals. Ensemble’s current management team and best-in-class associates, along with its culture of transparency and mission to improve the quality and affordability of healthcare, will remain central to the Company’s and Golden Gate Capital’s long-term growth strategy. Following the close of the transaction, Ensemble is expected to be conservatively leveraged to ensure continued stability.
“Healthcare and the relationship between providers and payors are becoming increasingly complex, and the demand for our services is expanding significantly,” said Judson Ivy, founder and CEO of Ensemble. “This partnership will support our continued growth and allow us to invest in new technologies, positioning Ensemble as a leading innovator in our field and allowing us to continue to deliver outstanding results and best-in-class services. This is not a sale of the Company, but the addition of a new value enhancing investment partner that is fully committed to our philosophy and mission. We are confident Golden Gate Capital is the right partner as we embark on this exciting next chapter and look forward to what we can achieve together.”
Ensemble credits its associates for its exceptional growth and believes in putting its associates first, last, and always. “We believe that people are the most important part of our success,” continued Ivy. “When you take care of your people, they pay it forward by continuing to deliver outstanding results and best-in-class service.”
Rishi Chandna, Managing Director at Golden Gate Capital, said, “Ensemble has established itself as the clear leader in revenue cycle management and is highly respected for its approach, as it partners with clients, identifies the root cause of issues within the revenue cycle and provides customized, innovative solutions for its clients’ future success. The Company is also differentiated by its commitment to empower both its people and its clients to realize their full potential and create a better, more sustainable healthcare system. Ensemble is incredibly well positioned to continue its outstanding growth, and we have the utmost confidence in Judson and the world-class Ensemble team. We look forward to working with Bon Secours Mercy Health to collectively support Ensemble’s growth in the years ahead.”
This transformational and unique transaction helps Bon Secours Mercy Health continue to fulfill its Mission. The sale of Ensemble shares will deliver cash at closing and provide ongoing cash distributions to Bon Secours Mercy Health. These proceeds will ensure the ministry can continue to make significant investments in the communities it serves, providing better access to high quality healthcare for all.
“As the health care category continues to experience dramatic shifts, it is more essential than ever to work efficiently and effectively with healthcare partners to help ensure a positive patient experience through every point in the care process. Since its inception, Ensemble has worked with a myriad of clients to bring excellence to their daily operations,” said Bon Secours Mercy Health President and CEO John M. Starcher, Jr. “This strategic infusion of additional capital will help Ensemble continue to expertly serve clients, while helping ensure Bon Secours Mercy Health can continue to improve the health and well-being of the communities we’re privileged to serve for generations to come.”
This deal is subject to standard regulatory approvals.
Guggenheim Securities served as exclusive strategic and financial advisor to Bon Secours Mercy Health and Ensemble throughout the process of securing the investment.
About Ensemble Health Partners: Now more than ever, a healthy revenue cycle is essential to survival, requiring innovative approaches and impeccable coordination. At Ensemble, we’ve assembled a team of talented and passionate operators who know our field firsthand. We partner with our clients, rolling up our sleeves to build real relationships, dig deep into the details and find solutions that deliver results that last. Ensemble specializes in full revenue cycle outsource solutions, denials and underpayments, analytics and workflow optimization, Epic optimization and management services designed to identify immediate wins and create sustainable solutions that ensure long-term results. For more information, visit www.EnsembleHP.com.
About Golden Gate Capital: Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Infor, Neustar, Vector Solutions and 2020 Technologies. For more information, visit www.goldengatecap.com.
About Bon Secours Mercy Health: For nearly 200 years, the historical founders of Bon Secours Mercy Health have been providing care to those in need. Today, the ministry is one of the top 20 health systems in the United States and part of the top performing quartile of Catholic health systems for lowest cost per case for patient care. This quality care is provided by more than 57,000 employees serving communities throughout Florida, Kentucky, Maryland, New York, Ohio, South Carolina and Virginia. The healthcare ministry provided care for patients more than 10.3 million times in 2017 through its network of more than 1,000 care sites, including more than 40 hospitals, more than 50 home health agencies, hospice agencies, and skilled nursing and assisted living facilities. Consistent with its commitment to serve each patient with dignity, Bon Secours Mercy Health provides nearly $2 million per day in community benefit. The Mission of Bon Secours Mercy Health is to extend the compassionate ministry of Jesus by improving the health and well-being of its communities and bring good help to those in need, especially people who are poor, dying and underserved. For more information, visit www.bsmhealth.org.
For Ensemble Health Partners:
Public Relations Manager
For Golden Gate Capital:
David Isaacs / Hayley Fahey
Sard Verbinnen & Co
(415) 618-8750 / (310) 201-2040
For Bon Secours Mercy Health:
Vice President, Integrated Communications