Private equity-backed cardiology groups merge to form new-look entity with presence in 8 states
Two private equity-backed cardiology practice management companies have joined forces to form what they describe as the “strongest cardiovascular network in America.”
Cardiovascular Associates of America (CVAUSA), the Florida-based practice management company operated by Webster Equity Partners, has merged with Novocardia, the Massachusetts-based practice management company operated by Deerfield Management. Novocardia will now be its own division under CVAUSA, using its experience in the industry to develop and test new ways to provide high-quality care while lowering costs.
CVAUSA’s name is not changing, and CVAUSA CEO Tim Attebery will remain the company’s CEO. Dan Blumenthal, MD, Novocardia’s CEO at the time of the deal, will now serve as the president of the new Novocardia division.
As a result of this transaction, two Florida practices currently partnering with Novocardia—First Coast Heart and Vascular Center in Jacksonville and My Cardiologist in Miami—are now parts of the CVAUSA network. CVAUSA now has a total of 11 partner groups operating more than 100 locations in eight different states. This represents more than 200 cardiovascular physicians who serve more than 400,000 patients.
“This is a very exciting time for CVAUSA and our growth,” Attebery said in a prepared statement. “There is no other network like this in the United States bringing the depth of knowledge, scope of services, high-level care, and treatment to cardiovascular patients.”
“Novocardia is thrilled to join the CVAUSA team!” Blumenthal added. “In Tim and CVAUSA, we have found a partner which shares our commitment to supporting cardiovascular specialists to continue to drive better outcomes for our patients, improve the value of cardiovascular care, and lead the way towards value-based reimbursement. It is an honor to bring our expertise to CVAUSA and be able to help people throughout the United States.”
While Webster Equity Partners is leading the new-look CVAUSA’s investment strategy, Deerfield Management will play a role as well; the company will appoint a representative to serve on the CVAUSA board and remain a key investor going forward.
Cardiovascular Business spoke with Attebery back in February about the continued rise of private equity in cardiology. Read the full interview here.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.