Dara Barney
Walnut Creek, CA (WorkersCompensation.com) – The work comp community has been abuzz with some action involving Paradigm Outcomes.
1) Adva-Net was acquired by the firm, as published here. Adva-Net specializes in pain management, post-acute care and addiction services.
Adva-Net is an ancillary network for high-acuity workers’ compensation claims, providing services for comprehensive pain management, post-acute care management and addiction recovery, according to Paradigm. The acquisition is expected to strengthen Paradigm’s specialty network footprint and capabilities, accelerate new product development, and complement the company’s core catastrophic and complex care management offerings.
“Our aim at Paradigm is to improve more lives and set a new standard for managing complex healthcare needs,” said John Watts, Paradigm’s CEO. “Adva-Net diversifies our solutions while deepening our focus on clinically driven, network-based and outcomes-focused offerings for individuals with catastrophic injuries and complex medical issues.”
“Adva-Net has built a solid platform for specialty networks,” said Dr. Kenneth (Ken) Hannigan, Adva-Net’s CEO. “I am looking forward to working with John and the team at Paradigm to create the next generation of solutions for complex care management.”
2) Catastrophic/complex care services expansion: Best Doctors’ key assets were purchased by Paradigm. WorkersCompensation.com was able to catch up with Watts to discuss this purchase in a Q&A Session below. Key assets include CATCARE, Legacy, Pain Remedy, and a preeminent Back Program, according to a release.
QUICKFIRE Q&A WITH PARADIGM’S CEO ON EXPANDING SERVICES
Q: What are the main services that will be provided because of this integration?
A: The expanded clinical services deepen Paradigm’s expertise across the care continuum and extend access to a network of experts to better serve catastrophic cases, complex medical issues on long term cases, pain, and early and effective back injury treatment.
Q: What has the response been since the news came out?
A: Initial response has been positive.
Q: If you could describe the key takeaway in a few words for this news, what would it be?
A: This news further demonstrates our commitment to expanding the impact of Paradigm in the workers’ compensation industry. We have a clear mission that we are executing against: Reach more people and improve more lives.
Q: What are the top three items of importance for the work comp community, based on this acquisition?
A: Integrating this new set of advisory solutions, including CATCARE, Legacy, Pain Remedy, and a preeminent Back Program into Paradigm’s enterprise offerings will advance our ongoing efforts to build a new standard for outcomes-focused care management and expands the impact of Paradigm in the workers’ compensation industry. We have a clear mission that we are executing against: Reach more people and improve more lives.
“The expanded clinical services deepen Paradigm’s expertise across the care continuum and extend access to a network of experts to better serve catastrophic cases, complex medical issues on long term cases, pain, and early and effective back injury treatment,” according to an acquisition release.
3) And most recently: OMERS Private Equity has agreed to acquire a majority stake in Paradigm Outcomes. “OMERS Private Equity is the private equity arm of OMERS, the defined benefit pension plan for municipal employees in Ontario, Canada,” according to a press release.
“This investment by OMERS represents a validation of Paradigm’s vision and a strong vote of confidence in the company’s ability to deliver value to injured workers and clients. As part of the transaction, existing investor Summit Partners will remain a significant shareholder in the business. Summit’s continued backing reflects continued conviction in both the market opportunity and in Paradigm’s ability to grow, evolve and execute on this opportunity.”
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