Bluestone Physician Services, a provider of an integrated care delivery model for 22,000 high-risk chronically ill patients who reside in senior living, community and other home-based settings, completed an equity recapitalization with WindRose Health Investors LLC, a New York City-based health care-focused private equity firm. Faegre Drinker advised Bluestone in the transaction, the terms of which were not disclosed.
The deal will support Bluestone’s expansion into new markets and its growth in existing markets, and will strengthen its relationships with payors via value-based contracting arrangements. Bluestone’s multidimensional care model is focused on the home through primary care, care coordination and behavioral health services for complex geriatric patients and patients with disabilities in Minnesota, Wisconsin, Virginia and Florida. Bluestone’s founder and chief executive officer, and its existing executive leadership team, will continue to own a significant minority position in the company following the transaction.