CareLinx Acquired by Generali Global Assistance
CareLinx, a tech-enabled caregiver marketplace with more than 200,000 caregivers on its platform, has been acquired by Generali Global Assistance, a provider of assistance services that is part of the Generali Group.
The terms of the deal and acquisition price were not disclosed.
CareLinx, which already has a large scale as a digital marketplace for caregivers, aims to leverage its growth under ownership of Generali. General Global Assistance is the third largest insurer in the world with more then $80 billion in annual revenues.
“One of the reasons why we chose to move forward with Generali is that they have established access with nurse and physician call centers when [customers] get injured while traveling,” CareLinx CEO Sherwin Sheik told Home Health Care News. “They have a vast infrastructure in place. CareLinx has been scaling in the last year and a half with major players and providers across integrated delivery networks. As we look to scale, they have the resources we are looking to leverage to better track patient care in the home setting.”
Generali’s infrastructure will also help CareLinx better integrate into the broader health care system as the company makes strides to align with value-based care initiatives.
“An ever-growing trend I’m seeing is that health care is moving into the home and out of the institutional setting from changes in payment models and value-based care models,” Sheik said. “We’re identifying all these plans of care management solutions in place and skills home health that do occasional visits, but they are lacking boots on the ground to go into the home for high-risk patients. That’s where CareLinx comes in and helps with activities of daily living (ADLs) and captures clinical info on patients to send back to the plans and health systems.”
Under the acquisition, the CareLinx brand and management will remain in place. The transaction also marks a move for Generali as it invests more in the U.S. health care marketplace. Generali Global Assistance, which was formerly known as Europ Assistance USA, stated CareLinx has a “direct synergy” with its value proposition with similar corporate goals, a press release stated.
“We have elder care and various operations in our group, [but ]we don’t have anything now in the U.S.,” Generali Global Assistance CEO Chris Carnicelli told HHCN, referring to the company’s health care investments. “This helps us build in the U.S. We have global plans in the elder assistance space. … With Sherwin [and CareLinx], there was an immediate fit. Backing them with the nurse and medical team, we have a team to move into the space quicker with the proposition that others do not have. We will move quickly to accelerate because we have a special combination that cannot be replicated.”
Written by Amy Baxter