April 02, 2024

Pioneering Specialist Physician Enablement:
WindRose Acquires Company Built at Redesign Health

Redesign Health created CardioOne in 2022, partnering with CEO Jasen Gundersen, MD and his team on a distinct focus: providing independent cardiologists with the tools to thrive today in an increasingly complex practice environment, while preparing for the future of value-based care. In just over a year, CardioOne has made meaningful progress toward this mission, including forming partnerships with 10 cardiology practices across the United States.

Now, we’re proud to share that CardioOne has been acquired by WindRose Health Investors, LLC, a New York-based private equity firm. WindRose will provide up to $100 million of capital to accelerate CardioOne’s next phase of growth and expand its service offerings.

A lifeline for independent cardiologists

During the ideation phase for CardioOne, Redesign Health met with industry leaders to pinpoint the challenges facing independent cardiologists. We found a huge market need, given that nearly half the U.S. population is expected to have some form of cardiovascular disease by 2035. The average annual direct and indirect cost of cardiovascular disease was estimated at $407.3 billion in 2018-19 and is projected to grow.

We also discovered that 73% of independent practitioners said they’d choose independence over acquisition if they could guarantee profitability and stability. But achieving those goals is challenging. Almost all (94%) of doctors say that running a practice is more difficult than ever, with “too many bureaucratic tasks” as the biggest contributor to high provider burnout rates.

All of these pressures make it harder for independent cardiologists to thrive on their own. To achieve sustainable growth today and embrace value-based care models tomorrow, they need additional resources, technology and education.

With these insights top of mind, we built CardioOne to disrupt the status quo. CardioOne is the only physician enablement platform created specifically for independent cardiologists. It’s led by CEO Jasen Gundersen, a family medicine physician and hospitalist with expertise within physician groups, practice management and value-based care.

As a management services partner, CardioOne allows clinicians to focus on delivering high-quality patient care while receiving support on the administrative functions within their practices. The business provides physicians with an integrated technology platform, practice optimization program, workforce solution and growth engine that combine to provide a best-in-class patient and provider experience.

Each specialty area of medicine brings its own unique needs and workflows, and cardiology is no different. CardioOne is uniquely built to address the specific needs and workflows within cardiology practices. The integrated platform includes EHR, revenue cycle, patient management and contracting capabilities, providing a complete technology stack to help physicians manage their practice in combination with administrative support.

Achieving rapid adoption while demonstrating strong ROI

In its first 16 months, CardioOne signed partnerships with 10 physician practices across New York, Pennsylvania, New Jersey, Maryland, Florida and Texas. The company also linked arms with MedAxiom to broaden its impact and share its expertise with the broader cardiology community.

Practices using CardioOne grew new patient volume, reduced provider documentation per patient, shortened time to see a provider and improved revenue collections.

Early partner Chesapeake Cardiac Care illustrates the possibilities that CardioOne introduces for independent practices. Chesapeake is a 20-year-old, 2 physician practice in the Baltimore—Washington metro area. The practice joined forces with CardioOne in January 2023. “As a practice owner for 20 years, I recognized the need for a partner like CardioOne,” says Barbara Hutchinson, MD, Managing Partner, Chesapeake Cardiac Care. “They help support my practice so I can focus on taking care of patients. I’m also excited about the future in value-based care, and I know I have the right partner to help us get there.”

Starting a new chapter of growth

Managed service organizations like CardioOne have demonstrated significant benefits to independent physician practices, allowing these practices to focus on what they do best while optimizing their practice administration. With WindRose’s investment, CardioOne is well positioned to lead independent cardiology practices into the future. Jasen and his management team will continue to lead the company and remain active shareholders.

“We believe that working with WindRose—which has a history of successfully partnering with companies to help navigate the transition to value-based care—will empower us to continue supporting independent cardiologists while developing additional solutions that maximize each practice's potential in the shift to value-based care arrangements,” Jasen says.

As the need for high-quality cardiovascular care grows nationwide, independent cardiologists will remain essential to the healthcare landscape. CardioOne will help ensure that patients can access the heart care specialists they need for years to come, creating a better, healthier future for both providers and patients.

Our team at Redesign Health is proud of CardioOne’s founding team and their efforts to make this company a success. We can’t wait to watch their next phase of growth. Learn more at https://www.cardioone.com/.