Elevance Health is launching Mosaic Health, a primary care venture with private equity firm Clayton, Dubilier & Rice.
Clay Richards, an operating partner at Clayton, Dubilier & Rice, will serve as executive chair of Mosaic Health, according to an Aug. 14 news release from Mosaic.
Mr. Richards is the co-founder and former CEO of naviHealth, a post-acute care management company. The platform was acquired by Optum in 2020. Tony Hughes, an operating adviser to CD&R, will serve as CFO of Mosaic Health. He was CFO of naviHealth from 2015 to 2021.
In April, Elevance Health said it would enter a partnership with CD&R to develop advanced primary care models. The financial terms of the deal were not disclosed.
Mosaic Health brings together two CD&R assets: digital platform Apree Health and Florida-based provider group Millennium Physician Group. The platforms will add Elevance Health's advanced primary care solution to its platform, pending regulatory approval, according to the release.
Apree Health and the other operating companies will keep separate brands, practice operations and locations, the news release said.
In April, Elevance Health executives said they expect the venture to bring in $4 billion in revenue annually. The primary care effort is payer agnostic and will serve 1 million members across 19 states in Medicare, Medicaid, commercial and individual markets.