ImpactAlpha, January 7 – Bain Capital’s Double Impact fund marked its second investment in health services with its acquisition of Wellesley, Mass.-based firm HealthDrive. The investment aligns to a core theme of the impact fund, which is improving access to affordable, quality healthcare in the U.S.
HealthDrive aims to improve care for patients in long-term care facilities who often don’t have access to routine preventative health services. “Many of the patients in nursing homes are medically complex and not receiving these services because it can be hard for physicians and clinicians to make house calls for them effectively,” Bain Capital’s Peter Spring told ImpactAlpha. “HealthDrive’s value is providing effective, routine preventative screening.” The company works with a team of specialists to provide regular, on-site dentistry, optometry, podiatry and audiology care.
HealthDrive, which launched 30 years ago, serves more than 2,000 long-term care facilities in 11 states. Bain Capital will work with the company to identify new markets for expansion, partnership opportunities to expand HealthDrive’s range of services, and opportunities to boost retention of its frontline workers, given the current high demand for skilled healthcare workers in the U.S.
“Improving turnover is aligned to high quality care,” Spring says, both because of care continuity for patients and because “being a preferred employer in a competitive market is important to growing the business.”
Bain Capital’s investment in HealthDrive follows its October acquisition of two other companies in the health services market: North Carolina-based care staffing company Arosa and Los Angeles-based care provider LivHOME. The size of the investment was not disclosed.