Physician practice management firm gets $400 million investment
An investor group led by a Goldman Sachs & Co. affiliate is providing $400 million for the national expansion of Privia Health LLC, an Arlington-based physician practice management and population health technology company.
Privia has targeted expansion in the Virginia, Maryland, New York, Florida, Texas, the District of Columbia, Atlanta and other rapidly evolving markets.
With the investment, Privia will be affiliated with Brighton Health Group, a Stamford, Conn.-based holding company led by Chairman and CEO Bill Sullivan. Privia will continue to be operated and led by its founder and CEO, Jeff Butler, and its president, Dave Rothenberg.
Privia, founded 2007, now serves more than 400,000 patients. It is based on a model developed by Butler in treating HIV/AIDS in South Africa.
Privia says that it provides doctors an alternative to employment with a large hospital or health system. Instead, it enables physicians to remain in private practice while giving them access to capital and sophisticated technology.
Brighton Health’s investor group is led by an affiliate of Goldman Sachs & Co. Other investors include Pamplona Capital Management, Cardinal Partners, Brighton Health Partners, and existing Privia investors Health Enterprise Partners and Morgan Noble Healthcare Partners.