HealthEdge Completes Investment in Central Florida Inpatient Medicine
TAMPA, FLORIDA – April 10, 2017 – HealthEdge Investment Partners announced today that it has completed an investment in Central Florida Inpatient Medicine (“CFIM” or the “Company”), its second portfolio company in HealthEdge Investment Fund III.
CFIM is one of the largest private hospitalist groups in the state of Florida and the largest in the central Florida marketplace. The Company’s physicians and other healthcare practitioners fill a critical role in medicine, caring for patients in both acute and post-acute settings and working to improve quality and clinical outcomes by creating efficiencies throughout the continuum of care. CFIM currently utilizes over 100 medical doctors and nurse practitioners across nearly 50 area hospitals and skilled nursing facilities. HealthEdge’s investment, in partnership with the Company’s co-founder and current CEO, provides CFIM with a solid foundation to continue building a leading hospitalist provider via acquisitions and organic expansion.
According to Dr. Krishan Nagda, CFIM’s Chief Executive Officer, “Having already built our business into the market leader in central Florida, our goal was to partner with an investment fund that could bring both financial backing and other strategic, operational, and management expertise to help guide our company. We are confident that our new partnership with HealthEdge solidifies our ability to continue expanding into new facilities and geographies, ensuring that we invest in quality improvements and provide outstanding care for our patients.” In addition to continuing his role as the Company’s CEO, Dr. Nagda has joined the Board of Directors.
Contemporaneous with HealthEdge’s investment, former CFIM CFO Eric Luetkemeyer was promoted to Chief Operating Officer, bringing a sharp focus on organic and acquisition oriented growth strategies, and has also assumed a role on the Board of Directors. Winston Haydon, a HealthEdge Operating Partner with a cumulative 35 years of healthcare and finance experience, including as consultant of a hospitalist business, also joined CFIM as its new Chief Financial Officer. HealthEdge Partner Scott Heberlein commented, “We are excited to partner with an already talented CFIM team and look forward to working with Dr. Nagda and his colleagues to aggressively grow the company and provide patients with the highest quality care. We believe the addition of our experience and resources will support CFIM’s long term growth strategy and impact the business in a meaningful way.”
Central Florida Inpatient Medicine was founded in 2001 with two physicians covering local hospitals. Today, CFIM has grown to be the largest independent hospitalist group in central Florida. The Company utilizes over 100 medical doctors and nurse practitioners serving patients in Orlando area hospitals, skilled nursing facilities, and other post-acute settings. CFIM’s growth has been driven by its mission of providing the highest quality inpatient care in the most efficient manner. CFIM is a subsidiary of Spectrum Medical Partners, Inc., a practice management organization formed by HealthEdge and the shareholders of CFIM to invest in and acquire leading hospitalist businesses. For more information on CFIM, visit www.cflim.com.
HealthEdge Investment Partners, LLC is an operation-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, visit www.healthedgepartners.com.
For more information on HealthEdge, please contact Scott J. Heberlein, Partner at (813) 490-7106.