New York State healthcare giant Northwell Health and equity firm Pamplona Capital Management have created Formativ Health, a joint venture that will provide management services to physician practices.
The new company's services include revenue cycle management solutions, patient access services, physician practice management and advisory services. Formativ allows physician groups and independent physicians to improve their financial health, adjust to risk-based payment models, increase physician productivity and satisfaction, and enhance patient experiences, Northwell said in a statement.
Northwell Health and Pamplona both invested capital to create Formativ. Northwell's employed physician group will be one of more than 400 existing customers of Formativ, which serves more than 5,000 physicians.
"Formativ will meet the needs and expectations of physicians by combining their thoughtful approach to patient care with high-quality services and agnostic technology that have produced proven results," said Michael Dowling, president and CEO of Northwell Health, in a statement.
Northwell Health is New York State's largest healthcare provider and private employer. The system is comprised of 21 hospitals and over 550 outpatient facilities with 61,000 employees, including more than 15,000 nurses and nearly 3,400 physicians.
Pamplona Capital Management is a private equity firm based in both London and New York, providing an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments.