The Bottom Line: NewSpring Invests in Cardiovascular Staffing Leader Healthworks
May 09, 2023
NewSpring ("the Firm"), a family of private equity strategies, announced today that NewSpring Healthcare, the Firm's strategy dedicated to investing in innovative companies in the lower-middle market that improve the delivery of healthcare or bend the cost curve through technology and human capital efficiencies, has invested in Healthworks (the “Company”).
Healthworks is a leading provider of staffing services for the cardiovascular and imaging industries
Founded in 1997, Healthworks provides specialty nursing and technical personnel to healthcare providers in the highly technical fields of invasive and non-invasive cardiovascular services. Its customers include hospitals, outpatient centers, and physician group practices that assist with and/or perform diagnostic imaging and interventional procedures, including cardiac catheterizations, electrophysiology studies and procedures, interventional radiology, echocardiography exams, and ultrasound scanning. The Company also offers both onsite and online training and education services to help healthcare providers build their own teams of cardiovascular experts.
Healthworks is helping to fill staffing vacancies at healthcare providers
Cardiac care has become essential to public health as the obesity epidemic continues to cause life-threatening cardiovascular disorders. However, cardiac catheterization labs face high levels of staffing vacancies largely due to the specialized skillsets required of cardiac lab nurses and technologists, along with the high-stress environment that can cause burnout. Healthworks’ mission is to address these staffing shortages by providing consistent access to highly skilled nursing and technical personnel to ensure patients across the U.S. receive the best cardiovascular care available.
“Since the COVID-19 pandemic, hospitals and healthcare providers across the U.S. are facing a nursing staffing crisis. Providers today are relying on high-cost travel nurses and technologists to fill their vacancies and are in significant need of access to skilled personnel that will allow them to continue offering these life-saving services. As a former registered cardiovascular technologist myself, I know firsthand the value skilled technologists and nurses bring to the patient experience. Our mission at Healthworks is to ensure patients across the U.S. continue to have access to these critical services.”
The Company plans to use the proceeds of this transaction to grow its footprint in new geographies
Healthworks has built a strong roster of healthcare provider customers, many of which are decades-long relationships due to the quality of services and personnel Healthworks provides. With the proceeds of this transaction, the Company plans to expand the reach of its services beyond its core Pennsylvania market into new geographies facing staffing shortages. It also plans to continue expanding its fast-growing nurse and technologist training services.
Healthworks is founded and operated by experienced cardiovascular technologists and nurses
Founded by Sandi Wolfe-Korejwo, Healthworks’ leadership team is comprised of former nurses and technologists with decades of experience serving patients in a wide range of healthcare settings.
“As the skilled nursing shortage continues to plague healthcare settings across the U.S., Healthworks is breaking down this barrier to care by providing exceptionally skilled nurses and techs specialized in a high-demand area of medicine. Healthworks is well-positioned for fast growth as it continues to expand the reach of its innovative staffing solutions into new geographies. We’re excited to partner with their entire leadership team to take this business to new heights.”