Strategic partnership positions company to further accelerate expansion of innovative surgical cost management platform
ATLANTA, Georgia (April 20, 2021) – Implantable Provider Group, Inc. (“IPG” or the “Company”), a leading provider of surgical cost management solutions, today announced a significant investment from TPG Growth, the middle-market and growth equity platform of alternative asset firm TPG. TPG will partner with IPG’s existing management team to invest behind its core value proposition, further support existing customer relationships, and expand into new geographies.
Partnering with health plans, device manufacturers, and surgical facilities nationwide, IPG offers high-quality, cost-effective surgical solutions, as well as increased transparency and alignment to stakeholders across the healthcare market. The IPG platform combines in-depth analytics and expertise in device cost management, to enable cost effective site of care optimization and provide detailed surgical cost analytics for the delivery of value-based care.
“As the healthcare space continues to evolve, IPG’s innovative approach is creating value for all stakeholders including health plans, device manufacturers, providers, and patients. We are pleased to be partnering with their team at an exciting time in the Company’s growth trajectory,” said TPG Growth’s Zach Ferguson. “We recognize the unique and valuable platform IPG has built and see a significant opportunity for the Company to expand its presence in both existing markets and new locations across the country. Leveraging our deep experience investing across the healthcare sector, we are excited to execute on our shared mission to positively impact healthcare costs in the growing surgical care market.”
“This is an exciting time for IPG and our partnership with TPG is a testament to our dedicated employees, the strength of our mission, and the surgical management platform we have built,” said Vince Coppola, President and CEO of IPG. “IPG’s business has grown rapidly, driven by our strong value proposition and commitment to increasing patient access to cost-effective surgical care. With an impressive track record of scaling businesses and further accelerating growth and innovation, TPG Growth is the ideal partner for IPG, and we look forward to working closely with their team to achieve our next level of growth.”
Coppola added, “We would also like to thank previous investors Sequoia Capital and Camden Partners for their support as IPG has delivered on its value proposition and successfully executed its growth strategy.”
Healthcare is a core investing theme for TPG. Over the past 15 years, TPG Growth has partnered with numerous healthcare companies around the world and across a range of disciplines including Evolent Health (NYSE: EVH), GoHealth Urgent Care, Medical Solutions, Precision Medicine Group, and Vaxcyte.
Deutsche Bank and TripleTree acted as financial advisors to TPG in relation to this transaction. Citizens Capital Markets led a bank group that provided financing in support of this transaction.
IPG is the leading provider of Surgical Cost Management solutions, working with health plans, providers, surgical facilities, device manufacturers and patients across the country to improve quality and reduce costs for surgical procedures through optimization of the most effective site of care and device selection, resulting in more affordable high-quality care to consumers. For more information about IPG, call us at 866.753.0046, or visit us on the web at www.ipg.com.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With over $12 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The platform is backed by the resources of TPG, which has more than $91 billion of assets under management. For more information, please visit www.tpg.com or on Twitter @TPG.
Kerry Lee Perry
VP, Marketing & PMO
Director, External Affairs
IPG Announces Retirement of Board Chairman Dennis Antinori, who has been Instrumental in Achieving the Company’s Mission of Bringing High Quality, Affordable Surgical Care to Patients Across the Country
ATLANTA, Georgia (December 21, 2020) – IPG, the industry-leading provider of surgical cost management solutions today announced that Dennis Antinori will retire as Chairman of the Board of Directors of IPG, effective December 31, 2020. Long-term Board member and supporter Mike Dixon will succeed Mr. Antinori as Chairman.
Mr. Antinori has served on the IPG Board for the last 13 years, and was appointed as Chairman in 2015. He was integral in recruiting IPG’s current CEO, Vince Coppola, to lead the company in 2016. Through Mr. Antinori’s Chairmanship, the company significantly strengthened its value proposition, and the company has achieved record financial performance.
Vince Coppola, CEO of IPG, said, “It has been my great pleasure to work with Dennis since 2016 and his involvement in IPG was one of the reasons I chose to join the Company. His partnership, support and deep commitment to the company was key in our organization’s remarkable success. On behalf of our entire organization, I express my deepest thanks to Dennis for all he has done for me and my team, and although our business partnership will be coming to an end, I know that our personal friendship will continue as Dennis moves into well deserved retirement. Finally, I look forward to continuing to work with Mike Dixon, our incoming Chairman. Mike has served on the IPG board since 2010, knows our business extremely well, was involved in every major decision we have undertaken, and will serve the Company and our shareholders very well.”
“I also congratulate Dennis for his many years of excellent service to IPG and appreciate his leadership on the Board. I look forward to serving IPG as Chairman and continuing to be a part of the company’s tremendous success,” said Mike Dixon.
Mr. Antinori said, “It has been a great pleasure to serve as a member of the IPG Board since 2007 and to witness the evolution and growth of the company over these past 13 years. The company’s strategic development and growth have been extraordinary, and I leave the Board in good hands, and with total confidence in the leadership team and the company’s mission, and I look forward to their continued success.”
IPG and Pacira BioSciences Announce Collaboration to Reduce Postsurgical Opioid Prescribing and Surgical Procedure Costs
ALPHARETTA, GA and PARSIPPANY, N.J., September 15, 2020 – IPG, the industry-leading provider of surgical cost management solutions, and Pacira BioSciences, Inc. (NADSAQ: PCRX), a leading provider of non-opioid pain management options, today announced a collaboration to reduce postsurgical opioid prescribing and surgical procedure costs across the IPG national health plan and provider network.
Through this partnership, IPG will offer reimbursement for EXPAREL® (bupivacaine liposome injectable suspension) to its health plan provider clients across the country to further support its mission to bring high quality, cost-effective surgical solutions to the U.S. healthcare market. Pacira will work alongside IPG to provide education and training to ensure consistent, positive outcomes are achieved across procedures, clinicians, and provider facilities.
“We look forward to working with Pacira on this joint commitment to decrease surgical costs, reliance on opioids, and opioid-related adverse events through the reimbursement and expanded utilization of EXPAREL,” said Brian Holt, Chief Innovation Officer of IPG. “By increasing access to non-opioid options, our health plan partners can reduce the need for postsurgical opioids with no impact on the quality of care provided, all while helping to lower the total cost of the surgery and out-of-pocket costs for patients.”
Under the terms of the partnership, the organizations will co-develop clinician-facing educational materials and EXPAREL resources that will support best practice pain management for surgical patients.
“The use of non-opioid postsurgical pain management plays an integral role in improved clinical and economic outcomes, as well as increased patient satisfaction,” said Dave Stack, Chief Executive Officer and Chairman of Pacira BioSciences, Inc. “We are excited to partner with IPG on this initiative and commend their leadership in reducing opioids to offer patients the highest quality postsurgical recovery experience.”
“This collaboration furthers our commitment to quality and affordability of surgical care.” said Vince Coppola, President and Chief Executive Officer of IPG.
IPG works with the leading national and regional health plans across the country and their partnering providers, including large chains and independent ambulatory surgery centers.
IPG is the leading provider of Device Benefit Management solutions, working with health plans, providers, surgical facilities and patients across the country to improve quality and reduce costs for surgical procedures through optimization of the most effective site of care and device selection, resulting in more affordable high-quality care to consumers. For more information about IPG, call us at 866.753.0046, or visit us on the web at www.ipg.com.
About Pacira BioSciences
Pacira BioSciences, Inc. is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company’s long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In April 2019, Pacira acquired the iovera° system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.
EXPAREL (bupivacaine liposome injectable suspension) is indicated for single-dose infiltration in adults to produce postsurgical local analgesia and as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia. Safety and efficacy have not been established in other nerve blocks. The product combines bupivacaine with DepoFoam®, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.
Important Safety Information for Patients
EXPAREL should not be used in obstetrical paracervical block anesthesia. In studies where EXPAREL was injected into the wound, the most common side effects were nausea, constipation, and vomiting. In studies where EXPAREL was injected near a nerve, the most common side effects were nausea, fever, and constipation. EXPAREL is not recommended to be used in patients younger than 18 years old or in pregnant women. Tell your healthcare provider if you have liver disease, since this may affect how the active ingredient (bupivacaine) in EXPAREL is eliminated from your body. EXPAREL should not be injected into the spine, joints, or veins. The active ingredient in EXPAREL: can affect your nervous system and your cardiovascular system; may cause an allergic reaction; may cause damage if injected into your joints.
Pacira BioSciences, Inc.
Kerry Lee Perry
Coyne Public Relations
Alyssa Schneider, (973) 588-2270
Now that we are entering the home stretch of the year, many health plans are turning their attention to reimbursement innovation, where many, if not most roads lead to value-based contracting. A recent McKinsey article indicated that premium reductions of 18% have been achieved using value networks, compared to standard, broad-based network products. McKinsey says that “…a provider’s level of ‘skin in the game’ is among the most important predictors of the impact of value-based payment.
Author: Healthcare Bluebook and HealthSmart via Advancing Surgical Care
A review of commercial medical-claims data found that U.S. healthcare costs are reduced by more than $38 billion per year due to the availability of ambulatory surgery centers (ASCs) as an appropriate setting for outpatient procedures. More than $5 billion of the cost reduction accrues to the patient through lower deductible and coinsurance payments.
Pacira CEO David Stack says 70% of surgeries will be outpatient in 10 years — Here are the key drivers
Mr. Stack said he sees the move to outpatient surgery as an important driver for the company’s success in the future. The company estimates around 70 percent of surgeries are done in hospitals and 30 percent are done in ASCs; however, over the next 10 years Mr. Stack projects that will flip to 70 percent of surgeries performed in an outpatient or ambulatory setting and 30 percent in the inpatient hospital.
The more financial responsibility patients share with their insurers, and the more they understand the disparity in prices charged by freestanding ambulatory surgery centers
A short drive in the Los Angeles area can yield big differences in price for knee or hip replacement surgery.