Crossover Health and Premise Health have signed a Definitive Agreement to Merge

Our vision at Crossover has been to create “health as it should be.” It’s been our absolute privilege the last 15 years to build our company, create awesome products, win new clients, and deliver amazing care to our members and their families. We’ve finally surpassed an eligible base of over 1 million members. While this achievement is fantastic, we’ve only incrementally added members and employers when compared to what’s needed and what’s possible to change the healthcare landscape. The problem is too large, and need is to urgent to not feel compelled to be going  much faster, with bigger impact, and delivering at more scale

At our current rate of growth, it will take another 15+ years to reach the “tipping point” within the employer healthcare employer . I haven’t let go of the dream to be the catalyst for showing the world the power of Advanced Primary Care done well—and at scale. To do this will require an increase in speed, pace, and size. While we’ve grown the good old fashion way—excellent service, new products, and strong results client by client—we’ve also been actively considering ways to not just “Amplify the Humanity in Health,” but amplify the depth, breadth, and width of our care in ways we’ve only dreamed of in the past.

In reviewing our future direction, our executive team along with our board have made the decision that now is the right time to accelerate our vision by merging with Premise Health. 

Like us, Premise is a national Advanced Primary Care company who works with forward-thinking organizations to deliver onsite, nearsite, and virtual care. Together, Premise and Crossover will operate nearly 900 wellness centers across 47 states and Guam, serving 400 large organizations across all industries. We plan to combine the best of both organizations: Our passion for care model innovation, member technology, and client services with Premise’s national reach, excellent operational performance, and clinical depth. We believe that together we can create an incredible foundation upon which to build a new, unified organization. 

The decision to combine with Premise was not made lightly. Crossover has experienced very strong revenue and profitability growth over the last two years. We’ve won new marquee accounts and supported clients who expanded services, all thanks to the hard work of our Care Teams and various support functions. During the past year, we started to look ahead to what’s next and how we can move even faster and have even more impact. We canvassed over 100 private equity firms, strategic partners, and other financial sponsors during a rigorous 12+ month process to find the right path for our future.

Spending additional time with the Premise team convinced us we have a singular opportunity to transform both businesses and serve as a catalyst for the future of health.  While Premise CEO Stu Clark will continue in that capacity in the new organization, the existing Crossover leadership team, including myself, my fellow co-founder Chief Revenue Officer Nate Murray, Chief Medical Officer Stephen Ezeji-Okoye, MD, and Chief Operating Officer Sarah Lord, will all take active roles in both the transformation process as well as participating in ongoing leadership roles. This was deemed critical  to ensure the continuity of vision, operational expertise, and strategic execution. I’m excited to join my leadership team and our new Premise colleagues in a shared mission to build a stronger, more capable, and more innovative organization.

We believe we can be the catalyst to bring Advanced Primary Health to the “tipping point” where it is the standard, not the exception. With a combined membership of more than 10million eligible members, we are starting from a place where the goal seems within reach. Back of the napkin math indicates that with a US population of ~400m, half of whom (~200m) have their healthcare paid for by commercial companies, we would need ~10% (about 20m) of those people to be engaged in Advanced Primary Care to achieve the tipping point” for the care model to become the standard of care everywhere. A key thesis of the merger is that this combination can be a catalyst to go further, faster together to achieve this milestone. 

Mergers of this type can be challenging, and we understand the risks of integration. Once we get past the close, we ‘re going to take an intentional, thoughtful, and strategic approach to bring the businesses together over time. This will include the creation of a Transformation Management Office that will be bringing together key leaders from both organizations to ensure we bring the best of both companies to deliver even better services, with more innovation, and add more value for both members and clients.  This process will take time and require significant trust by both sides as we initiate the work together. 

Achieving “health as it should be” continues to be our singular vision at Crossover. And now, in partnership with Premise, we’ll have the opportunity to do this at scale. It will require the very best of both companies to achieve the promise of this new partnership.

As for me, I look forward to catching this next wave and and riding it all the way in! 

Inevitable!