Bret Jorgensen Rejoins MDVIP as Executive Chairman Following Acquisition by Summit Partners
MDVIP announced today that Bret Jorgensen, the veteran healthcare innovator and former CEO of MDVIP, has been named Executive Chairman of the Board of the leading personalized healthcare network. With more than 25 years of experience in business operations and technology-enabled health services and a proven track record in fundraising, execution and value creation, Mr. Jorgensen returns to help guide and expand the company following its previously announced acquisition by growth equity investor Summit Partners from Procter & Gamble Company. Mr. Jorgensen begins his new role immediately.
"We are pleased to announce the completion of this transaction and the appointment of Bret Jorgensen as Executive Chairman,” said Mark deLaar, Managing Director of Summit Partners. “This signifies an exciting new chapter for MDVIP which has emerged as a clear leader in a dynamic healthcare environment. We feel very fortunate to have Bret’s involvement and visionary leadership, and we look forward to expanding the company’s capabilities in this unique space.”
Mr. Jorgensen had been MDVIP’s CEO during a remarkable growth phase, culminating in its 2009 acquisition by P&G. He remained involved in MDVIP, serving on the Board of Directors under P&G. In May, Summit Partners announced its acquisition of MDVIP from P&G for an undisclosed sum. Mr. Jorgensen also participated in the purchase as a minority investor.
“I am looking forward to working with MDVIP’s outstanding leadership team and I’m incredibly proud of our physicians’ proven results in delivering better patient outcomes and cost savings to the healthcare system,” Mr. Jorgensen said. “Together, we’ll pursue exciting new areas of opportunity that will strengthen and advance our industry-leading model even further.”
Founded in 2000, MDVIP is the country’s largest network of affiliated physicians who practice personalized preventive healthcare. The company serves more than 700 MDVIP-affiliated primary care physicians with more than 200,000 patients nationally. MDVIP offers physicians and members an alternative to the traditional primary healthcare delivery model by enabling members to have an enhanced relationship with their primary care physician. MDVIP’s approach to primary care places the emphasis on “wellness” care, not just “sick” care.
Mr. Jorgensen is a well-known and highly successful healthcare executive. He has served as a board member or advisor to numerous public and private healthcare companies and is currently Chairman of Crossover Health, which provides technology enabled health services to large self-insured employers. Recently Mr. Jorgensen brought his entrepreneurial skills and guidance as Chairman to Diversinet, a leader in secure mobile health. He also served as an advisor to Qualcomm Life (mHealth) as they created their mobile health platform. He had been CEO of InSight Health, a $300 million diagnostic imaging business, and previously held the same post with Directfit, the IT services company he sold to TEKsystems. Before that, he co-founded, led TheraTx Health Services, a publicly traded company with 240 clinics and 5,000 employees, from inception until its sale for $550 million. The company had been recognized as the second fastest-growing public company by Inc. magazine and Mr. Jorgensen received the “Entrepreneur of the Year” Award in Healthcare.
“The executive leadership team is delighted to have someone with Bret’s knowledge and credentials chairing the board and bringing his depth of experience to MDVIP,” CEO Dan Hecht said. “Truth is, he never left, and his return to more active involvement will lead to a hands-on presence that will stimulate significant innovation and results for the organization and our MDVIP physicians and member patients.”
Mr. Jorgensen is currently on the Board of Kravis Leadership Institute and has served on the board of several other non-profits. He is Chairman Emeritus of the Young Presidents’ Organization (YPO) of San Diego and an active member of YPO/WPO.
MDVIP is the national leader in affordable personalized healthcare. With prevention at the center of its program, MDVIP has proven that its carefully chosen affiliated physicians provide exceptional care and achieve exceptional outcomes. These results published in peer-reviewed medical journals include lower hospitalization rates which yield significant cost savings to patients, employers and the healthcare system. MDVIP-affiliated physicians limit their practices to no more than 600 patients in order to provide a customized wellness and preventive care program. There are currently over 700 MDVIP-affiliated physicians serving over 200,000 patients throughout the country. MDVIP, Inc. was founded in 2000 and is headquartered in Boca Raton, Florida. For more information, visit www.MDVIP.com, www.facebook.com/MDVIP or @mdvip.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital. Summit has invested in more than 385 companies in technology, healthcare and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Notable healthcare companies financed by Summit Partners include AmeriPath, HealthCare Partners, Lincare and MEDNAX. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.