QHR Health, a leading shared service solutions provider for independent hospitals and health systems nationwide, announced it has been acquired by Grant Avenue Capital, LLC, a healthcare-focused private equity firm. QHR will now operate as an independent portfolio company of Grant Avenue Capital and is no longer a subsidiary of Quorum Health Corporation (QHC). Terms of the acquisition are undisclosed.
“This is an exciting time for QHR Health, our clients and the markets we serve,” said Dwayne Gunter, president and CEO of QHR Health. “Our partnership with Grant Avenue fuels the ability to accelerate development of our technology-enabled shared-services, expand our human capital capabilities, and provide the solutions our clients require to remain independent, financially strong, and well-positioned to serve the evolving healthcare needs of their communities.”
QHR was founded in 1977 and provides a broad base of solutions, including management and advisory services, revenue cycle management, supply chain optimization, outsourced IT services and strategic consulting.
“Strengthening independent community healthcare is foundational to a strong, national healthcare infrastructure,” said Buddy Gumina, founder and managing partner of Grant Avenue Capital. “The QHR team has demonstrated the ability to meaningfully impact and improve the performance of its clients through its broad solution set. We look forward to investing further in QHR, both organically and through acquisitions, to expand its breadth of services.”
Gunter added that although impacted this past year by the pandemic, today the independent hospital market, like the rest of the economy, is moving from survival to growth mode. “Our new partnership provides us with the resources to fully leverage our experience and impact local healthcare by innovating, re-defining, and re-imagining what it takes to serve the needs of independent healthcare organizations who are and will remain a vital component to our nation’s healthcare delivery system.”
Nashville Capital Network and Brentwood Capital Advisors also invested in the transaction alongside Grant Avenue Capital.
