Signify Health, which provides a value-based billing platform for in-home and bundled health services, raised $564 million by offering 23.5 million shares at $24, above the upwardly revised range of $20 to $21. The company originally planned to offer 23.5 million shares at $17 to $19 before raising the range on Wednesday.
Signify Health is a leading healthcare platform that leverages analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs. Its customers include health plans, governments, employers, health systems, and physician groups. Its episode payment platform managed $6.1 billion of spend under the Medicare Bundled Payment for Care Improvement Advanced (BPCI-A) program in 2019, and the BPCI-A episodes it managed initiated in the 4Q19 resulted in approximately 15% greater discharges home from acute-care facilities and approximately 10% lower readmissions. Its mobile network of providers entered over 1 million unique homes to evaluate individuals in Medicare Advantage and other managed care plans in 2019.
Signify Health plans to list on the NYSE under the symbol SGFY. Goldman Sachs, J.P. Morgan, Barclays, Deutsche Bank, BofA Securities, UBS Investment Bank, Baird, Piper Sandler and William Blair acted as lead managers on the deal.
