- Brian Bandell, Senior Reporter- South Florida Business Journal
In May, the Boston-based private equity firm announced its acquisition of Boca Raton-based MDVIP, a company that makes its network of over 700 physicians available to patients for a monthly fee and manages their health records. Seller Procter & Gamble Co. (NYSE: PG) has yet to reveal the price.
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Dan Hecht remains with MDVIP as CEO, but now he’ll have company in the office.
“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,” Hecht said in a news release. “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.”
Founded in 2000, MDVIP selected Jorgensen as its CEO in 2009 and entered a rapid growth phase. Hecht took over as CEO in 2010, but Jorgensen remained on the board. Jorgensen went on to become chairman of both Crossover Health and Diversinet, two health care technology companies.
Summit Partners was among MDVIP’s original investors before the sale to P&G in 2009. When Summit Partners acquired control of MDVIP in May, Jorgensen participated 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 health care system,” Jorgensen said. “Together, we’ll pursue exciting new areas of opportunity that will strengthen and advance our industry-leading model even further.”