As Published in PRNewswire, October 4, 2017
Healthcare Bluebook, Inc. ("Healthcare Bluebook") announced that it has received a major growth investment from Primus Capital Funds ("Primus"). Healthcare Bluebook is the leading independent provider of healthcare price and quality transparency solutions. Healthcare Bluebook's current management team will continue to lead the company; and the investment by Primus will accelerate Healthcare Bluebook's rapid rise as the preferred transparency solution used by employers, consumers and third-party administrators.
Primus is a growth-oriented private equity firm that invests in leading healthcare, software, and technology-enabled services companies
Healthcare Bluebook's purpose is to protect patients by exposing the truth and empowering choice. In every US metro area, local prices for the same healthcare service can vary by 2X-10X depending on where a patient receives care – with no difference in quality or outcomes. Lack of price and quality transparency causes consumers, who are facing ever increasing deductibles and out of pocket costs, to overpay for care. Similarly, employers who sponsor health benefits also waste billions of dollars on overpriced, low-quality care.
Healthcare Bluebook's simple, intuitive transparency solution allows consumers to find the highest quality care at the best price. Bluebook is trusted by over 3,000 employers and supports many leading third-party administrators.
Phil Molner, Managing Partner of Primus, commented, "We were attracted to Healthcare Bluebook by the significant value its solutions offer employers and employees by enabling patients to make informed decisions as healthcare consumers. This is of tremendous importance given the continued growth in patient financial responsibility against a backdrop of the increasing prevalence of high deductible health plans and unsustainable long-term medical cost trends." Chris Welch, Principal of Primus, added, "Healthcare Bluebook has had tremendous success to date by offering forward-thinking solutions to the market. We are excited to partner with the team to build upon the company's legacy of innovation."
The Primus investment will allow Healthcare Bluebook to continue to advance their market-leading solutions to solve the most vexing problems in healthcare, ensuring that more patients can receive quality care at an affordable price. The additional resources will also help accelerate Healthcare Bluebook's growth, enabling its solutions to reach more employers.
Jeffrey Rice, MD, Chief Executive Officer of Healthcare Bluebook commented, "The investment from Primus and the expertise they bring to Bluebook will help us remain at the vanguard of healthcare transparency and patient engagement. We are very fortunate to be partnering with Primus given their industry knowledge and resources as well as their phenomenal track record of helping companies grow rapidly. Healthcare Bluebook is looking forward to helping more consumers and employers find value in their healthcare experience."
Raymond James served as the exclusive financial advisor to Healthcare Bluebook in the transaction.