VRI offers a suite of services such as personal emergency response systems (PERS), vitals monitoring, medication management, and data-driven patient engagement solutions
Technology-enabled healthcare services firm ModivCare has agreed to acquire remote patient monitoring (RPM) solutions provider VRI Intermediate Holdings for $315m.
VRI offers a suite of services such as personal emergency response systems (PERS), vitals monitoring, medication management, and data-driven patient engagement solutions.
The company’s payor customers and patients are provided with its differentiated and outcomes-oriented service model, which consists of high-touch clinical engagement with more than 2.5 million annual person-to-person patient interactions.
By using advanced technology and data analytics, VRI monitors more than 155,000 patients from its two round-the-clock centres.
The device-agnostic approach is also used by the company with over 250 integrated devices.
VRI has a diverse base of customers across all 50 US states, including more than 360 managed care plans and state Medicaid agencies as well as over 125 health systems and distributors.
The firm will enable ModivCare to accelerate its supportive care services such as non-emergency medical transportation, personal care, remote monitoring, medication management, and nutrition.
VRI will also support ModivCare to launch new technology-enabled in-home solutions to efficiently serve payors and patients.
ModivCare president and CEO Daniel Greenleaf said: “The acquisition of VRI brings us a national remote patient monitoring and medication management platform, accelerating our strategy to build a holistic suite of supportive care solutions designed to address the social determinants of health, deliver better care in the home, enhance patient lives and reduce healthcare costs.”
VRI reported $56m of revenue and $21m of adjusted EBITDA for one-year period ended 0n 31 June this year.
Subject to regulatory approvals and other customary closing conditions, the deal is expected to be completed in the third quarter of this year.
Deutsche Bank Securities is acting as exclusive financial advisor to ModivCare, while Gibson, Dunn & Crutcher is acting as a legal advisor to the company.
TripleTre is acting as exclusive financial advisor to VRI, while Alston & Bird is serving as legal advisor to the firm.
Following the completion of the transaction, VRI will continue to operate from its Franklin headquarters, as well as manage its care centres in Franklin of Ohio and Sullivan of Illinois.