Univita gets capital
MIRAMAR, Fla. – Univita Health is getting ready to grow again.
In March, the provider announced it had received a $40 million credit facility from Genstar Capital and a private lender to expand the number of health plans it partners with, according to a press release.
“They could just need the capital to grow out the business,” said Don Davis, president of Duckridge Advisors.
Univita formed in 2008 and expanded into the HME industry in 2010 when it acquired Davie, Fla.-based Atenda Healthcare Solutions. The provider coordinates in-home care and other services, including home medical equipment and home infusion, for managed care and other insurers through a network of contracted providers.
Univita now has more than 5 million health plan members, many in the Florida market, where it also administers the majority of that state’s Medicaid managed care plans, much to the dismay of local providers who told HME News in October 2014 they felt it was a conflict of interest.
“They grabbed a lot of contracts in Florida, which still has many people angry,” said Davis.
Although other companies have also combined home health and HME services with capitated care, it’s a model that hasn’t taken off the way the industry once feared, say analysts.
“We haven’t seen a groundswell of people moving in that direction,” said Bob Leonard, a managing director at The Braff Group. “I think people try to gain a competitive advantage by offering a broad array of services, but nobody has done all facets well.”