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Eric Reimer, 39, most recently led strategic development for MagellanHealth Services, Inc. (Nasdaq: MGLN). He spearheaded the company'sacquisition of National Imaging Associates, where he assumed the CEO positionand transformed the $50 million business into a full-service radiologybenefits management firm, generating $300 million in annualized revenue. Mr.Reimer also was instrumental in Magellan's acquisition of ICORE Healthcare, aspecialty pharmaceutical business. During his five years with Magellan, Mr.Reimer managed and collaborated with the nation's largest health care plans.Prior to Magellan, Mr. Reimer held executive positions with CIGNA HealthServices and Prudential Healthcare. He also worked with Boston ConsultingGroup, after receiving his master's degree in business administration from theWharton School of the University of Pennsylvania.
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"Water Street has focused on finding platforms in specialty benefitsmanagement since we identified payer services as an attractive investmentsegment three years ago," said Ned Villers, a partner with Water Street andleader of the firm's payer services initiative. "During this time, we've metwith many impressive executives, but Eric stands out as an exceptional leaderand the perfect fit for CareCentrix. His direct experience, strategic insightand strong track record of building market-leadership companies make him theideal CEO for CareCentrix. We are confident that Eric will help the companyexecute the many growth opportunities that exist in home health care."
Established in 1996, CareCentrix manages home nursing, infusion andmedical equipment services for more than 10 million people across the countrythrough a network of 4,000 credentialed home care providers. With the averagecost of a home health care visit substantially less than the daily cost ofcare received in a hospital or skilled nursing facility, home health care hasthe potential to save patients and payers millions of dollars on an annualbasis. The multi-billion dollar industry is projected to experiencesignificant growth over the next 10 years, as U.S. demographics continue toshift to an older population and pressure to reduce health care costsintensifies.
"I am very excited to join CareCentrix at this important point in thecompany's and industry's evolution," said Reimer. "The CareCentrix team hasdone an outstanding job of building the nation's most comprehensive homehealth care management program. The company is now ideally positioned tosupport managed care organizations that are increasingly searching for newways to manage costs. Our intention is to build on CareCentrix's strongfoundation to transform it into a strategic leader that is proactively helpingpayers reduce their overall medical spend and achieve better patientoutcomes."
Steve Shulman and Steve Cosler Join Board of Directors
To support CareCentrix's plans for expansion, Water Street has recruitedSteve Shulman and Steve Cosler to serve on the board of directors.
A highly regarded leader in the health care industry, Mr. Shulman isperhaps best known for leading Magellan's successful turnaround frombankruptcy to the nation's foremost specialty health care management company.He also led Prudential Healthcare through a major transfo
