Avera Health in Sioux Falls has been at the forefront of telemedicine, which has grown exponentially during the pandemic.
“The timing was right. We were in a conversation pre-covid. The pandemic just raised the bar for the need for delivery of telemedicine. We’re going to be be innovative and continue to deliver that care. We’re just not going to own the platform on which the care is delivered.Bob Sutton, President and CEO of Avera Health
In a deal that’s been in the works for a couple of years, Avera eCare is being acquired by Aquiline Capital Partners, a private investment firm based in New York and London with $6.4 billion in assets.
Avera will continue to offer telemedicine in the same way it does now and company headquarters with 230 employees will remain here in Sioux Falls.
While the health system is not disclosing how much money it’s making on the sale, the non-profit does have plans on how it will spend it.
“Our proceeds that we will recieve from this will allow us to do the three things that we as a non-profit and a sponsored ministry of the two Catholic orders to do what we’ve always done—and that is number one: invest in delivery of care of our patients; invest in our people, our employees; and invest in our facilities and we’re already talking about plans, what that will look like and we’re fairly confident we’ll have some exciting things to announce as this transaction finalizes.”Bob Sutton, President and CEO of Avera Health
The company will be renamed Avel eCare and the deal is expected to close by the end of the year.