Covington Associates

Covington Associates Announces Advisory Role in the Sale of HMC Healthworks to IBH Population Health Solutions

December 22, 2020 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to HMC Healthworks in the sale of its company to IBH Population Health Solutions, a leader in behavioral health. The acquisition adds world class chronic condition management, data analytics, wellness and pharmacy specialty services to IBH’s portfolio of services. 

In addition, HMC HealthWorks’ pedigree and expertise in Managed Behavioral Health, EAP and Opioid & Pain Management further expand IBH’s already robust capabilities in these areas.  The combined companies bring one of the nation’s most comprehensive, whole person focused and digitally sophisticated product and service portfolios to the market.  Industry leading ROIs are accomplished through an integrated care approach delivered through tailored digital tools and highly experienced, URAQ accredited, care management teams.

Speaking on the transaction, Dan Clark, CEO of IBH commented, “Today marks an important day for IBH, HMC and our customers. We have had the privilege of working alongside HMC for years and have long admired the company that Dr. Jan DiMonaco, its founder, has built. Both companies have deep experience in behavioral health and recognize how impactful an integrated care approach can be to improving patient outcomes. According to a recent analysis by the Center for Disease Control and Prevention (CDC), 90% of the nation’s $3.5 trillion in annual healthcare are for people with chronic and mental health conditions. We’ve seen how powerful an integrated approach can be and are excited to drive even better outcomes for our collective customers. IBH’s strength in digital health care, combined with HMC’s excellence in chronic condition management and addressing gaps in care, will deliver best in class outcomes for our customers from coast to coast.”

“Lastly, and importantly,” Clark added, “Jan and I have been working together for over a year to ensure that as our companies combine, our Government, Labor Relations & Trust and Commercial customers continue to receive the high level of service and outcomes they’ve grown to expect from us. Jan will not only be part of IBH’s board but has committed to work in partnership with me to ensure that happens. I want to thank Dr. DiMonaco, our customers and millions lives that we collectively serve, for entrusting us with their business and care.”

Jan DiMonaco, speaking about the transaction said, “We’ve found a kindred spirit in IBH. Their unwavering focus on quality, innovation, outcomes and dedication to service, align precisely with our own. I’m excited for what’s to come for the members and customers we are so privileged to serve. I am looking forward to working with Dan and his team to take our combined organizations to the next level.”

IBH has been providing EAP and Behavioral Health services for over 30 years. Their mission is to ensure all clients, ranging in size from small, local employers to national companies, have rapid access to superior care for their employees, members and dependents when and where they need it. Even during these times of uncertainty, IBH and all their associates remain focused on the health and safety for our community and members they serve.

About Covington Associates

Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 250 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information can be found at http://www.covingtonassociates.com/overview/.

About IBH

IBH is a pioneer in managed behavioral health, integrated employee assistance programs and services. It is one of the US’s leading population health management companies, delivering world class EAP, Managed Behavioral Health, Wellness, Data Analytics and Opioid Assessment and Treatment Solutions across the United States. With a focus on positive outcomes through clinically validated methods and tools, IBH reduces claims and costs for organizations while improving the lives of its people. IBH has been providing services for over 30 years and is a Shortlister Vendor of Choice for EAP, Behavioral Health, and Healthcare Content. The company provides services to millions of members representing a diverse group of employers, health plans and partners through their credentialed network of providers across the United States. Visit www.ibhsolutions.com for additional information.

HMC Healthworks acquired by IBH

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