New York, NY – Pamplona Capital Management recently announced that it has made a significant investment in Spreemo, a company that is bringing cost transparency and quality metrics to the workers compensation specialty benefits management industry with an initial focus on radiology.
Spreemo, founded in 2010, has achieved enormous adoption and growth in its initial market of providing diagnostic radiology for workers’ compensation. Spreemo uses proprietary, predictive analytics to grade radiology providers. When, for example, an injured worker needs an MRI, Spreemo’s platform automatically routes the patient to the closest top-grade provider. In addition, through research sponsored by the Spreemo Quality Research Institute, the Company partners with providers and payers to demonstrate the impact of quality on patient outcomes.
“Spreemo is thrilled to partner with Pamplona Capital to move to the next level of scalability and market penetration,” said Spreemo CEO Ron Vianu.
“Pamplona has a strong track record of healthcare investments, and their financial expertise and industry knowledge will be invaluable as we continue to grow.”
“We are excited to support Spreemo’s rapid growth both in its core market of diagnostic radiology for injured workers and its expansion ambitions,” said Pamplona Capital partner Dr. Jeremy Gelber, who is leading the investment. “We believe that Spreemo’s transparent marketplace model can disrupt traditional healthcare in order to improve patient outcomes and lower employer’s costs.”
Pamplona’s minority investment builds on an exceptional year for Spreemo, as it continues to increase its market presence. Spreemo customers are responsible for tens of millions of workers and now include two of the three largest supermarket chains, two of three largest pharmacy chains and several of the top 20 largest insurance carriers. From just five states last year, Spreemo currently offers a network of top graded providers across the country.
Spreemo recently announced a collaboration between the Spreemo Quality Research Institute and the Hospital for Special Surgery and Thomas Jefferson University into groundbreaking research into understanding the role of quality measures in spine radiology for the evaluation of low back disorders.
In addition to Spreemo, Pamplona’s healthcare investment portfolio currently includes Intralign, a company which helps hospital and surgeons achieve a rep-less, optimized surgical episode by combining assessment with clinical support and operational tools; Alvogen, a fast growing multinational pharmaceuticals company focused on complex generic products; Magnacare, a leading healthcare administrative services company focused on self-insured employers and workers comp plans in the New York and New Jersey regions; and Privia Health, a physician practice management and population health
The investment is being made from Pamplona’s fourth private equity fund, Pamplona Capital Partners IV LP, a USD 4 billion investment vehicle, raised last year. Pamplona was advised by Perella Weinberg Partners LP and Lowenstein Sandler LLP.