December 8, 2006 03:21 AM | Press Release
Boston, MA — December 8, 2006 — Covington Associates LLC announced today that it acted as the sell-side advisor to The Haelan Group (Haelan), a disease management company specializing in the identification and subsequent engagement of high risk individuals, in its sale to CareGuide, Inc.
The Haelan Group, an Indianapolis-based mid-stage health management company that has developed an innovative solution addressing one of the most pressing issues facing American business today – controlling the increase in health care costs for self-insured employers. Haelan’s product, One Care Street™ identifies those high-risk individuals in an insured population that are most likely to be among the top 10% of high care users accounting for 70 to 80% of the total health care costs for the employer in any given year. Haelan then provides private and confidential personal health coaching to those individuals to help them identify and proactively manage the factors most impacting their health.
According to Julie Meek, Founder and Chief Executive Officer of Haelan, “This is a wonderful opportunity to combine two compatible cultures to create an even more productive company. Our unique product, One Care Street, combined with CareGuide’s service offerings, establishes us as a real force in the care and disease management industry. We at Haelan welcome this opportunity and are very excited about the unique value proposition the combined company offers to the marketplace.”
Ben Dunn, a Managing Director at Covington Associates and lead advisor to Haelan on the transaction, was quoted as saying “The combination of Haelan’s premier predictive model and broad-based intervention methodology with CareGuide’s disease management offering creates a disease management organization that can provide a meaningful impact on a much broader population than traditional disease management programs.”
About The Haelan Group
Founded in 1995, The Haelan Group is a Health Improvement Solutions Company that provides innovative systems to help clients improve health, productivity and financial outcomes. At the core of Haelan’s product development is the Perceived Health Model. This model defines health as a person’s composite evaluation of how they are feeling, both physically and emotionally, and how they are doing functionally. Until now, a person’s own self-perception of their health has often been overlooked, yet low levels of perceived health frequently lead to wasted health care dollars, unnecessary suffering, and loss of productivity. By focusing efforts on wellness and care, in addition to disease and cure, professionals can assist individuals in achieving their desired health outcomes while decreasing non-beneficial use of the health care system.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.
HAELAN ACQUIRED BY CAREGUIDE