Louisville-based SentryHealth is merging with health-tech company WellView Health, though it will still operate under the Sentry name and be headquartered in Louisville.
Financials of the deal, which has been in the works since the third quarter of 2021, weren’t disclosed.
Kevin Porter, CEO of SentryHealth, said the deal was a true merger. He will be the CEO of the joint company, and WellView CEO James Story will move into a chief strategy role. Executive leadership will consist of individuals from both companies.
SentryHealth uses data science and medical advocacy from Registered Nurse Advocates to aid employees in navigating their insurance and the health care system. Nashville-based WellView Health is a digital health platform which allows employees to engage virtually with health and wellbeing experts.
WellView’s platform complements what already Sentry had, Porter said in an interview with Business First. The pandemic highlighted the need for integrated, coordinated care, he said.
“We just saw a real opportunity to build a hub where we can leverage data and technology to identify needs for members of self-insured companies,” Porter said. “Using this data and the technology, we actually can reach out, better engage the members and steer them to health advisors or care depending on what their needs are.”
The deal closed last week, and the combined team has launched into integrating the companies. Full integration will take between three to six months, Porter said, but the company is able to offer both services now.
Porter said the joint company has a run rate revenue visibility of more than $10 million. Between the companies, they represent more than 250 employer groups and have 20 partnerships in place with benefits advisers and third-party administrators to market and promote their services.
Despite the companies being headquartered in Louisville and Nashville, Porter said it is more of a virtual company, with employees located across the nation.
“We have a presence here in Louisville, and we’ll remain here,” he said. “We just felt that Louisville would represent the best location. It's centrally located, and especially with the remote employees that we have and the presence that we have already established here…We just felt like this was the best place, although we'll be spending a lot of time in Nashville.”
Though the combined company will be operating under the Sentry name, Porter said the company will begin creating a new name, brand and message to market with later in the year.
SentryHealth had about 40 employees, and WellView had 55. Porter expects the combined company to create additional positions to accommodate growth, with about 100 total positions post-merger.
On the Sentry side, most of those employees are registered nurses and clinicians, which Porter attributed to the company’s acquisition of Florida-based MapHealth at the end of June 2021. It also includes experienced technology and executive team members. WellView’s employee base is mainly health advisers, Porter said.
Porter considers Sentry Health an early-stage company but not a startup.
“The timing of this merger could not be better, and it allows us some runway to begin marketing and selling our combined solutions ASAP, which will bode well for the back half of the year,” Porter said.
The merger is being financed by Panoramic Ventures, OCA Ventures and Lunsford Capital.
