New York, Dec 03 — InTandem Capital Partners, LLC (“InTandem” or the “Firm”), a healthcare services focused private equity firm, announced today that it has completed an equity investment in The Phia Group (the “Company”), an industry leader in healthcare cost containment.
Founded in 2000 and headquartered in Canton, Massachusetts, The Phia Group delivers cutting-edge, technology-fueled cost containment and compliance solutions that empower health plan sponsors and employers to provide members with robust and affordable health benefits. The Phia Group serves millions of lives nationwide, providing a dynamic ecosystem of services that include but are not limited to industry-leading claim recovery savings, comprehensive appeal reviews with fiduciary protection, health benefit plan drafting and consulting services, and safeguards against overcharged out-of-network claims. Already equipped with decades of experience, peerless legal expertise and customer service, with InTandem’s support, The Phia Group now has the resources to reach another stratosphere.
Adam V. Russo, Co-Founder and CEO of The Phia Group, stated, “I am incredibly proud of not only our team’s tremendous success over the past twenty-five years, but also our unwavering commitment to our family-centric culture that prioritizes employees’ well-being. I look forward to working alongside InTandem during the next stage of our evolution. InTandem’s approach perfectly aligns with our values. Their experience in employer-sponsored healthcare will allow us to continue expanding in exciting new ways, while remaining true to our core values and way of doing business. Building and improving upon what our clients know and love about us – that’s the name of the game.”
“In a healthcare ecosystem where cost containment is a critical area of focus, in particular for small and medium sized employer groups, to combat the rising healthcare costs, best-in-class solutions are required to position self-funded employers and plan sponsors for success,” stated Brad Coppens, Senior Partner at InTandem. “Outsourcing cost containment and payment integrity functions is not nearly enough to deliver meaningful savings, and The Phia Group is uniquely positioned with a leading advisory business to support clients beyond recovery opportunities. We’re thrilled to partner with Adam Russo and The Phia Group team to further the Company’s leadership position in delivering performance excellence in healthcare cost containment.”
“Our partnership with Adam and The Phia Group over the past several years has not only been a highly successful investment for WestView, but has enabled Phia’s success in delivering incredible value for its employer and plan sponsor clients, and the significant advancement of its mission to lower healthcare costs and improve access to care,” stated Matt Carroll, Managing Partner at WestView Capital Partners. “We are pleased to be able to remain as a significant investor in the business alongside InTandem and the Phia team.”
InTandem is joined in its investment by strategic co-investments from HarbourVest Partners and Partners Capital, each among the largest and most well-respected institutional investors in the global alternative investment market.
Goodwin Procter served as legal counsel to InTandem Capital, and Houlihan Lokey served as the Firm’s exclusive financial advisor. Triple Tree served as the Company’s lead sell-side advisor with Covington Associates serving as co-advisor and Latham & Watkins served as legal counsel to The Phia Group.