CareCore National, a Leader in Specialty Benefits Management, Announces Partnership with General Atlantic
January 10, 2014
CareCore National, LLC (“CareCore”), a leading provider of specialty benefits management services to managed care organizations, self-insured entities, and risk-bearing provider organizations, today announced a significant investment from global growth equity firm General Atlantic LLC (“GA”). Financial details were not disclosed.
Founded in 1994, CareCore delivers proven appropriate care cost-containment solutions, while ensuring quality care for over 41.5 million covered lives. From its original radiology utilization management platform, CareCore has developed deep clinical expertise, based on leading medical research and evidence-based protocols, across a broad suite of specialty programs, including cardiology, medical oncology, radiation oncology, sleep apnea, musculoskeletal care, pain management, physical therapy, radiology and lab management. CareCore has over 1,500 employees and is headquartered in Bluffton, SC, with operation centers in Colorado Springs, CO and Sacramento, CA.
“Healthcare cost management continues to be a growing area of focus for managed care organizations across the United States, particularly in response to healthcare reform and in preparation for private and public exchanges. CareCore seeks to drive medical cost savings on behalf of its clients, while ensuring access to quality care for patients across its suite of medical specialties,” said Robbert Vorhoff, General Atlantic managing director and head of global healthcare. “We believe the unprecedented pressures facing the healthcare industry today will drive increasing demand for CareCore’s proven cost containment solutions.”
General Atlantic is a global growth equity firm which provides capital and strategic support to help build leading growth companies worldwide. GA manages approximately $18 billion in capital and has more than 90 investment professionals based in Greenwich, New York, Palo Alto, São Paulo, London, Munich, Hong Kong, Beijing, Singapore and Mumbai.
“General Atlantic’s healthcare expertise combined with their unique long-term capital base and proven track record of supporting high growth companies make them an ideal partner for our organization,” said John Arlotta, chief executive officer of CareCore. “This investment comes at a pivotal time for CareCore, as we continue to expand the breadth of our program offerings and look to deepen the strategic nature of our relationships with our customers. We are delighted to have a partner that shares our strategic goals as well as our enthusiasm for the growth prospects ahead for our business.”
“General Atlantic has a long history of partnering with companies that leverage technology to enable and differentiate their service offerings,” said Bill Ford, General Atlantic’s chief executive officer. “We believe CareCore’s technology platform uniquely positions the company to deliver proven healthcare cost management solutions to its customers. We have a great deal of confidence in John Arlotta and the CareCore management team and look forward to working together as partners to support the company’s continued growth and success.”
Goldman Sachs served as financial advisor and Wachtell, Lipton, Rosen & Katz LLP provided legal counsel to CareCore. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Epstein, Becker & Green PC provided legal counsel to General Atlantic.
About CareCore National LLC
CareCore (www.carecorenational.com) provides innovative healthcare solutions that contain costs while improving the quality of care. Our programs address a wide array of healthcare services including cardiology, medical oncology, radiation oncology, sleep apnea, musculoskeletal care, pain management, physical therapy, radiology and lab services that touch the lives of over 41.5 million insured across more than 35 Commercial, Medicare Advantage, Managed Medicaid health plans, ACO’s and Self-insured entities. CareCore solutions utilize the most innovative technologies in healthcare underpinned by partnerships with Cisco, VMWare, EMC2 and GemFire combined with clinical expertise from academic and community physicians from across the country. The company is headquartered in Bluffton, SC, and has more than 1,500 employees.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA manages approximately $18 billion in capital (comprised of both total committed capital and portfolio investments) and has more than 80 investment professionals based in New York, Greenwich, Palo Alto, São Paulo, Amsterdam, London, Munich, Beijing, Hong Kong, Mumbai and Singapore. For further information and a listing of GA’s public and private portfolio companies see www.generalatlantic.com.