Acquisition Of Premier Care Associates Adds $56 Million In Annual Revenue And More Than 4,500 Medicare Patients
MIAMI, FL – February 3, 2022 – Genuine Health Group (“Genuine Health”), a rapidly growing healthcare services company that partners with primary care physicians to deliver value-based care, announced today it acquired Premier Care Associates, a provider organization that enters into full-risk agreements with Medicare Advantage plans. The Miami-based physician group is headquartered in Miami, and its more than 30-plus providers deliver comprehensive health services to more than 4,500 Medicare patients. Genuine Health’s acquisition of Premier Care Associates marks the second major purchase since Crestline Investors funded $160 million to accelerate Genuine’s growth, catapulting the company to $750 million in annual revenue.
Premier Care Associates adds more than 30 primary care physicians to Genuine Health Group’s network of approximately 300 doctors, and it significantly enhances the company’s presence in the Hialeah market, where the majority of seniors are enrolled in Medicare Advantage plans.
“Under the stewardship of Armando Diez, and driven by the vision and clinical leadership of the organization’s founder, Dr. Victor Pazos, Premier Care Associates has established a powerful foothold in Hialeah’s senior care market,” said Joe Caruncho, CEO of Genuine Health Group. “Now that they’re part of the Genuine family, we anticipate they will provide valuable peer-to-peer engagement, not only with their affiliated physicians and physician extenders, but also with the hundreds of other Genuine Health Group providers who share a passion for keeping their patients healthy, increasing access, and reducing avoidable medical costs.”
In late 2021, Genuine Health Group acquired PreventiMed, another full-risk provider organization that likewise added high-performing primary care physicians to the company’s network and $43 million in annualized revenue. 2021 also saw Genuine Health’s launch of Genuine Health Direct, one of only 53 Direct Contracting Entities (DCEs) approved by Medicare in the United States.
“It’s a pivotal time in our industry and for our organization,” said Victor Pazos, M.D., founder of Premier Care Associates. “Genuine Health Group shares our belief about the importance of transitioning primary care physicians to value-based care. Now that we’re a part of the Genuine family, our team, our physicians, and our patients will benefit from the same technological infrastructure and intense care management that Genuine Health applies to its care delivery. Their approach leads to more personalized insights about each patient, more transparency with payers, and ultimately, better health outcomes.”
Genuine Health Group received multiple recognitions for its rapid growth, including from the South Florida Business Journal and South Florida Business & Wealth. As the company has grown, it has demonstrated a unique understanding of recruiting and engaging independent physicians in a competitive landscape.
Premier was represented in this transaction by Holland & Knight, and Genuine was represented by Cozen O’Conner.
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The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.
About Premier Care Associates
Premier Care Associates delivers primary care to more than 4,500 patients enrolled in Medicare Advantage plans through full-risk arrangements with these health plans. Its network of 26 physicians and dozens of care extender practice in multiple locations throughout Miami with a significant concentration of providers in Hialeah.
About Genuine Health Group
Genuine Health Group, LLC is an analytics-driven healthcare company that assists physicians and health plans in successfully transitioning to value-based payment models for Medicare beneficiaries. For more information, visit www.genuinehealthgroup.com.
About Crestline Investors
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is an institutional alternative investment management firm. Crestline specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund and provides beta and hedging solutions for institutional clients. The company maintains affiliate offices in New York, London, Toronto, and Tokyo. For more information, visit www.crestlineinvestors.com.