Warburg Pincus, a private equity firm focused on growth investing, has merged DocuTAP and Practice Velocity — two major contributors in the on-demand healthcare and urgent care space. The new organization will operate under the brand name Experity.
“We thank all of our clients and partners for the overwhelming enthusiasm and support since announcing our intent to merge,” said Dr. David Stern, CEO, Experity. “Not only is this an exciting time for Experity’s employees, customers and partners, but for the industry as a whole. We’ve all witnessed the evolution of urgent care and growth into nontraditional, on-demand healthcare. This merger is a reflection of industry growth and the need for solutions that can further power the patient-centered healthcare revolution. Patients have more choices than ever before, and the unification of these great brands will further enable current and future clients to deliver an unmatched patient experience.”
David Stern, former Practice Velocity CEO, has been named CEO of Experity. Eric McDonald, former DocuTAP CEO, will remain actively involved in the company’s future direction as a board member and strategic advisor.
“There are no limitations on what these two forward-thinking companies can do together as they continue to drive innovation during this crucial time in healthcare’s evolution,” said Eric McDonald. “I look forward to assisting the transition in my new role and am very enthusiastic about what the future holds for Experity.”
Serving more than 4,000 clinics from coast to coast, Experity will continue to support and invest in all current software platforms and services previously provided by the merging companies. In addition, customers of each company will have access to new services and solutions, such as patient engagement, teleradiology, business intelligence, remote patient registration and contracting/consulting.
“DocuTAP and Practice Velocity’s current customers remain our number one priority,” said Matt Blosl, Experity CRO, former DocuTAP CRO. “Both companies have always focused on providing amazing solutions and customer service — this will not change. In addition, the scale and resources of the combined company will empower us to speed up our pipeline of software production and significantly amplify our impact on the rapidly expanding urgent care industry.”
“These two distinguished companies have driven significant expansion in the on-demand healthcare space having been perennially recognized by Black Book and KLAS for excellence in the field,” said Andrew Park, managing director, Warburg Pincus. “Both organizations have helped urgent care providers carve out their own place in the increasingly diverse ecosystem that is healthcare. We expect to see continued, rapid growth in this area of healthcare, and we are confident that this newly-combined company will play a key role in shaping and defining the future of on-demand healthcare.”
Warburg Pincus led the financing for the transaction. Teleradiology Specialists, Clockwise MD, Urgent Care Consultants, Journal of Urgent Care Medicine and Institute of Urgent Care Medicine are also part of the deal. No other financial details have been disclosed.
Experity will maintain its existing locations and teams in Sioux Falls, South Dakota; Atlanta; Machesney Park, Illinois; and Phoenix as the company continues to drive strategic growth across offices.
To learn more about Experity, visit experityhealth.com.