Source: City of Jacksonville
Formativ is a services enterprise founded earlier this month by Northwell Health, New York State’s largest health care provider, and Pamplona Capital Management, a private equity firm. Formativ offers comprehensive management services to assist physician practices, including tailored revenue cycle management solutions, patient access services, physician practice management and advisory services. The business allows health system employed physician groups and independent physicians to improve their financial health, adapt to changing risk-based payment models, increase physician productivity and satisfaction, and positively augment patient experiences.
“No one can deny the momentum that is building in Jacksonville, especially in the health and life science sector,” said Mayor Lenny Curry. “As a company that supports the medical community by making their operations more efficient and productive, Formativ Health will enhance Jacksonville’s presence in this all-important sector of our economy.”
The space being leased by Formativ will encompass four floors in the office complex at 4875 Belfort Road. Build-out will begin immediately and is expected to be completed by mid-2018, but Formativ will begin training staff next month with partial operations slated to begin in April 2017.
“Improving the patient experience is a top priority for all physician practices,” said Formativ CEO Dennis Dowling. “Recognizing that the focus on customer service goes far beyond clinical care, we want to ensure a seamless encounter when patients first call us to make an appointment. The creation of Formativ, an integrated physician management services organization, strengthens that commitment, and we know Jacksonville offers an extraordinary labor force that will enable us to meet our patients' expectations.”
Northwell’s 2,700-member physician group, Northwell Health Physician Partners, will be one of more than 400 existing customers of Formativ, which serves more than 5,000 physicians nationwide.
Overseeing operations at the facility will be Jacksonville native June Scarlett, chief patient access officer at Formativ Health. “The Formativ contact center will ease the burden on Northwell’s physician practices by removing administrative tasks not associated with delivering care,” said Scarlett. “This Patient Access Services Center will help us meet that promise and allow physicians to focus on their patients. Once fully operational, we will serve nearly 1,200 Northwell physicians.”
“The Jacksonville region has a strong health care market and Formativ Health’s decision to locate a service center here further solidifies our standing as a leader in the health and life sciences industry,” said Darnell Smith, JAX Chamber Chair and Florida Blue’s North Florida market president. “The hundreds of jobs the company has committed to create will not only put more of our citizens to work, but will also enhance the physician experience and patient care in Northeast Florida.”
About the City of Jacksonville
The City of Jacksonville is the largest city by land mass in the continental United States, serving approximately 850,000 residents. Located in Duval County, City of Jacksonville leadership includes the mayor and a 19-member City Council.
Formativ Health creates tailored solutions for physicians that redefine the revenue cycle and practice management so that our clients can focus on what matters most — providing the best patient care. Descended from the best-in-class management services organization created at Northwell Health, Formativ provides tailored solutions for our clients’ physician revenue cycle management, patient access, physician practice management and advisory service needs. Our comprehensive technology-enabled approach, which serves some 3,400 customer locations in more than 40 states via 11 service centers, integrates with any environment, including existing electronic medical record or practice management systems.
About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 21 hospitals and over 550 outpatient facilities. We care for more than two million people annually in the metro New York area and beyond, thanks to philanthropic support from our communities. Our 61,000 employees – 15,000+ nurses and nearly 3,400 physicians, including nearly 2,700 members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect.
About Pamplona Capital Management
Pamplona Capital Management is a London and New York-based specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Pamplona Capital Management, LLP manages over USD 10 billion in assets across a number of funds for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.