Surescripts partners with TPG
Surescripts, a health information network, shared that TPG, a global alternative asset management firm will join the Surescripts ownership group as a majority investor. TPG is investing in Surescripts through TPG Capital, the firm’s U.S. and European private equity platform.
“We are partnering with TPG because of our shared vision for improving health care for patients and the clinicians who care for them," said Frank Harvey, CEO for Surescripts.
TPG’s investment will allow Surescripts to develop an array of solutions addressing health care’s biggest challenges. This investment will accelerate Surescripts’ ability to scale existing intelligent prescribing, benefits and authorizations, and clinical interoperability solutions.
It will allow Surescripts to further streamline the benefits process to reduce clinician burnout, help prescribers more efficiently deliver affordable medications to patients and support the role of pharmacists as part of an evolving care team.
“Surescripts is uniquely poised to address the numerous challenges facing health care today and help health care heal itself,” Harvey said. “We are partnering with TPG because of our shared vision for improving health care for patients and the clinicians who care for them. TPG’s support will enable us to scale existing solutions while advancing new innovative technologies that will continue to enhance patient safety, lower costs and ensure quality care, amplifying our impact across health care.”
[Read more: Surescripts partners with CLEAR to enhance identity verification technology infrastructure]
TPG has significant experience supporting U.S. healthcare organizations across the industry. TPG seeks to invest in products, technologies and services that are improving patient access and outcomes while promoting efficiency and innovation across the system.
“We have long admired Surescripts for its central role in revolutionizing how clinicians care for their patients, and we recognize the potential that exists to continue transforming health intelligence sharing and patient care,” said Katherine Wood and Art Heidrich, partners at TPG.
“TPG and Surescripts share similar priorities focused on meeting the needs and addressing the challenges facing clinicians and patients across health care in the United States. Together, we can deliver impact at scale, improving quality and patient outcomes,” said John Schilling, co-managing partner of TPG Capital.
[Read more: Surescripts reports healthcare interoperability reached record levels amid pandemic]
TripleTree served as the exclusive financial advisor to Surescripts for this transaction. Cleary Gottlieb Steen & Hamilton served as legal counsel for Surescripts. Evercore, J.P. Morgan Securities, and Deutsche Bank acted as financial advisors to TPG, and Kirkland & Ellis served as legal counsel.