Aquiline Capital Partners LLC, a private investment firm based in New York and London, has launched MDpanel, a new platform dedicated to the efficient delivery of medical opinions within the insurance claims process.
At the same time, the company has hired Jason Erdell to serve as the Chief Executive Officer (CEO) of the new platform.
Erdell has built a solid track record of building businesses that serve physicians and healthcare providers, including the Broadlane Group, MedAssets (now FinThrive and Vizient), Change Healthcare (now Optum), and Press Ganey.
In his most recent position, he served as CEO of Aspirion, a specialty revenue cycle management service provider and Aquiline portfolio company, where he oversaw the company’s 30% year-over-year organic revenue growth and five tuck-in acquisitions over four years.
In addition, following the launch of MDpanel, California Medical Legal Specialists, LLC (CMLS), and California Medical Evaluators Holdings, LLC (CME), two providers of support services for physicians performing QMEs for workers’ compensation claims, have also joined the new platform.
Now with the additions of these two firms, MDpanel now serves over 250 evaluation sites and has supported over a million evaluations across a variety of specialties, which includes orthopedics, psychiatry, pain management, chiropractic and internal medicine.
Moreover, Houlihan Lokey served as financial advisor and Ropes & Gray LLP served as legal advisor for Aquiline, while Audax Private Debt provided debt financing for the transactions.
Bailey & Company also served as financial advisor to CMLS and CME.
“Our vision is for MDpanel to be the partner of choice for physicians, carriers, attorneys and injured workers by connecting those in need of medical opinions with highly qualified and well-regarded medical professionals in the U.S.,” said Benedict Baerst, Partner at Aquiline.
“Bringing together two complementary businesses in CMLS and CME will enable MDpanel to partner with more physicians across a wider range of specialties to address the full spectrum of workers’ compensation claims. We look forward to working with Jason and his team as MDpanel embarks on a new chapter of growth.”
“I’m looking forward to building MDpanel into the platform through which world-class medical opinions reach those in need,” added Erdell, CEO of MDpanel.
“Both CME and CMLS offer unparalleled support for physicians and best-in-class solutions that streamline the complex QME process for all stakeholders. Under one brand, MDpanel’s value proposition will be even stronger. Through other investments and with Aquiline’s support, we will expand our physician network, geographic reach, and service offerings and supplement our platform with robust technology in this traditionally services-based industry.”
