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Healthcare

Ocean State Healthcare

Headquarters

Providence, R.I.

Investment Date

October 2017

Revenue Growth

24% Revenue CAGR (at acquisition over the past three years)

Ocean State Healthcare professional providing primary care services

Ocean State Healthcare is one of the largest independent providers of primary care, urgent care and related services in Rhode Island. Founded in 2013 by five clinicians, Ocean State was formed to create a differentiated and integrated network of primary care services serving as the gatekeepers for healthcare in the state. New Harbor believed Ocean State’s mix of primary care and urgent care would allow for continuous and coordinate patient care, thereby lowering costs and increasing quality.

New Harbor’s deep experience growing multiunit healthcare businesses makes this an exciting partnership for us. We look forward to accelerating our growth plans into new geographies and service offerings with the support of their team.”

Robert Crausman Ocean State Healthcare Co-Founder Dr. Rob Crausman
Ocean State Healthcare, Co-Founder

The investment management plan for Ocean State was to build the provider network, primarily through acquisition of independent primary care groups, and selective sub-specialists. In addition, we sought to build out the corporate infrastructure, including corporate leadership, revenue cycle and operations functions. The collection of businesses that comprised Ocean State Healthcare at the time of New Harbor’s investment were still somewhat disparate, and these corporate investments would serve to unify the businesses under a common brand to better realize economies of scale.

Ocean State continues to execute on its investment strategy, and several industry developments (hospitals, systems and payer activity in the market) have underscored the investment strategy.

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