The acquisition and combination of three behavioral health companies will expand comprehensive, quality mental health services for underserved populations and create quality jobs.
San Diego, March 12, 2024–(BUSINESS WIRE)–HCAP Partners, a California-based private equity firm and nationally recognized impact investor, is led by Anthony Decena, an experienced healthcare executive. and Roy Lightstein today announced the acquisition of Behavioral Medicine Associates (BMA), the Workers' Compensation Psychology Network. (WCPN) and Reservoir Health were combined under his PAX Health (PAX). Combining his three businesses under PAX Health will create one of the largest behavioral health operations in the Northeastern United States and will allow PAX to expand its complete continuum of care for patients. HCAP's Tim Bubnack, Brian Kinsman, Stefan Okhuysen and Ben Consoli led the transaction. Funds managed by leading private market investment management firm Hamilton Lane (NASDAQ: HLNE) have joined HCAP as co-investors. Investment terms were not disclosed.
“We are excited to see the positive impact that PAX Health will make by expanding access to care for Medicaid, workers' compensation, and other patient populations,” said Tim, HCAP Managing Partner. Babnak said. “Historically, these patient populations have been underserved by the health care system. We are honored to partner with the PAXHealth management team, whose values align with his HCAP commitment to uplifting overlooked communities. This is strongly in line with our efforts.”
This acquisition will support PAX Health's efforts to provide critical support to both patients and healthcare providers. Even though more than 20% of adults in the United States have a mental health condition, there are significant barriers to receiving comprehensive care. HCAP's capital will help expand PAX Health's telehealth and in-person care delivery systems to meet the diverse requirements of patients and effectively and efficiently serve them across the care continuum.
On the provider side, behavioral health professionals often become overworked, stressed, and burnt out as demand for their services increases. The PAX Health team is working to enhance workflow and patient management to help staff manage patient loads and ensure patients receive quality care. Additionally, HCAP accelerates the quality of work for PAX Health professionals through its proprietary Gainful Jobs Approach™, an impact framework focused on career advancement, economic opportunity, diversity, and health and wellness. will help you.
Anthony Decena, CEO of PAX Health, said: “HCAP’s partnership will help advance our mission and transform the behavioral health field.”
“HCAP is proud to support PAX’s leadership team as they strive to build the best provider of customized solutions for individuals, businesses, and communities seeking comprehensive behavioral health services.” said senior partner Brian Kinsman. “PAX Health has a strong alignment with our core values and is committed to achieving growth and business goals through investment in our people.”
Detailed information on the three companies under PAX Health is as follows:
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Behavioral Medicine Associates (BMA): Founded in 1985, BMA has become a leading provider of behavioral health services to public and private employees in New York. BMA offers a wide range of services, including psychological assessments, therapeutic interventions, and specialized pain management.
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Workers' Compensation Psychology Network (WCPN): Founded in 1992, WCPN has established itself as a major player in the behavioral health field, with a particular focus on workers' compensation coverage in New Jersey. WCPN offers a wide range of services tailored to work-related psychological and emotional injuries, including traumatic brain injury, PTSD, anxiety, depression, chronic pain syndromes, adjustment disorders, and opioid abuse screening.
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Reservoir health: Founded in 2020, Reservoir Health is a psychiatric and behavioral health provider currently serving patients in New Jersey. Their services include psychiatric evaluation and medication management, where psychiatrists perform detailed assessments for accurate diagnosis and prescribing medications. We also offer a variety of treatment options including individual, group, and couples therapy for a variety of mental health issues, including anxiety, depression, and trauma.
About HCAP partners
HCAP Partners is a diversified privately owned firm focused on providing mezzanine debt and private equity to underserved lower middle market companies in California and throughout the Western United States. It's an equity company. The company aims to invest $3 million to $25 million in established businesses in the healthcare, software, services, and manufacturing industries that generate revenues of $10 million to $100 million. I am. HCAP Partners has invested in more than 60 companies since its inception, and through ongoing and active engagement with our portfolio companies, we provide value-added resources that help optimize performance and increase enterprise value. Through the Gainful Jobs Approach™, the company is recognized as an Impact Emeritus Manager. This is a designation given by ImpactAssets to experienced impact funds that have achieved the Impact Assets 50 designation for five or more years. In fact, HCAP has been named to his ImpactAssets 50 fund since 2014. HCAP is committed to positively impacting underserved businesses, their employees, and communities through active involvement in our portfolio. For more information, please visit www.hcap.com/.
About PAX Health
PAX Health is a leading behavioral health company dedicated to providing innovative and comprehensive solutions for mental health and well-being. PAX Health aims to revolutionize the behavioral health field and drive positive change by combining the strengths of our legacy companies: Behavioral Medicine Associates, Workers Comp Psych Net, and Reservoir Health. For more information, please visit www.paxhealth.net.
About Hamilton Lane
Hamilton Lane is a global private markets investment management firm that provides innovative solutions to sophisticated investors around the world. With deep industry expertise, the company strives to create lasting value for its clients and help them achieve their investment goals. For more information, please visit www.hamiltonlane.com/en-us.
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