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10 n e w h a v e n B I Z | M a y 2 0 2 1 | n e w h a v e n b i z . c o m STARTUPS, INNOVATION & TECHNOLOGY A tech company with a deep Connecti- cut footprint has surged to national leadership in the exploding industry of home health evaluation and care management. Launched in Dec. 2017, Signify Health Inc. offers a value-based care platform that employs advanced analytics, technology and a nationwide provider network to create and support payment programs that aim to move hospitals and doctor practices away from the costly fee-for-service business model in favor of contracts that provide incentives to keep patients healthy. It's a transition the healthcare industry has long desired, but progress has come slowly. Signify's technology aims to help its At a glance Company: Signify Health Industry: Healthcare technology Top Executive: Kyle Armbrester, CEO CT HQ: 800 Connecticut Ave., Norwalk Company Website: https:// www.signifyhealth.com/ Phone Number: 972-715-3800 Amid $564M IPO, upstart Signify Health has become a nationwide pacesetter in care analytics and management By Michael C. Bingham customers — including health plans, gov- ernments, employers, health systems and physician groups — assess and manage pa- tient risk and identify steps to improve care outcomes, coordination and cost-savings. It serves 47 Medicare Advantage health plans across the country. Beyond analytics, Signify's network of clinicians — predominantly physicians and nurse practitioners — physically go into patient homes to provide care. at number has trebled in three years from about 3,000 to more than 9,000. Home care is an exploding market space — and an increasingly competitive one. As millions of Baby Boomers lurch toward old age, most of those not afflicted with chronic illness or debilitating mobility limitations desire to remain at home rather than retreat to an assisted-living facility or nursing home. In the last decade, the number of U.S. home-care companies promising to help the newest generation of seniors stay at home as long as possible has exploded. Signify is one of those and its using its tech platform as a differentiator. As of early April, Signify had 35 million patient records powering the platform's data chassis. e company says it performed some 1.4 million in-home and virtual evaluations nationwide in 2020, for a total "program spend" of some $6.1 billion under management. As of this March, Signify has reached into nearly 1.5 million homes and boasts an annual R&D budget of a staggering $100 million. When three years ago Kyle Armbrester, now Signify's 36-year-old CEO, looked at the burgeoning home health-care market, he saw an industry segment that was po- tentially overloaded with competitors. He had just spent eight years at athenahealth, where he was senior vice president and chief product officer. Signify Health was formed in Dec. 2017 by the integration of industry leaders Cen- seo Health and Advance Health following the recapitalization of both companies by New York City-based investment bank New Mountain Capital LLC. New Mountain Managing Director and President of Private Equity Matthew Holt said, "We believe Signify Health's ability to leverage tech-enabled analytics, networks and services in the home together with financial incentives alignment will drive growth in value-based programs and im- prove health outcomes. "Signify Health is an excellent example of our focus on investing in businesses that can deploy technology to reduce inefficien- cies and thereby cost, but at the same time improve quality," Holt added. Armbrester was there from the beginning. "I really wanted to get health care into the fold and I wanted to [manage] and evalu- ate care contracts — contracts where you get paid for doing the right thing, and also you're incentivized to cut out unnecessary waste," he explains. "ose were my two big goals, and we've been able to achieve that on a dramatic scale at Signify. We're in every county in the United States managing bil- lions of risk dollars through our contracts." Investor support Signify's growth is broad-based and diverse. In Aug. 2019 the company acquired Norwalk-based Remedy Partners, which was created eight years earlier by Oxford Health Plans founder Steve Wiggins, for $405 million. Remedy is a provider of bun- dled payment programs. Both are portfolio companies of New Mountain Capital. Signify's principal executive office is in Norwalk, where it has about 110 employees. It also has large presences in Dallas and New York City. It employs 2,166 people overall. is February, Signify began trading on the New York Stock Exchange following an initial public offering that raised $564 mil- lion. e company sold 23.5 million shares Kyle Armbrester is Signify Health's 36-year-old CEO. Signify Health's principal executive office (shown above and below, to the right) is in Norwalk, at 800 Connecticut Ave., where it has about 110 employees. PHOTO | COSTAR PHOTO | CONTRIBUTED

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