For over a decade and for the foreseeable future, federal agencies have made efforts to promote value-based care through various incentive schemes, such as the recent “Regulatory Sprint to Coordinated Care.” Federal incentive schemes and other “macro tailwinds” have brought in private equity investors, especially in the context of primary care for Medicare beneficiaries. Oak Street Health and its private equity backers were pioneers in this space, applying buy-and-build strategies to create “next-generation” primary care networks “that focus largely or entirely on Medicare Advantage enrollees.” Although Oak Street Health persuasively established a workable “playbook” for private equity investment in value-based care, and forecasts have been favorable, the ultimate market viability of this value-based playbook hinges on whether or not private equity investors can locate corporate buyers. The market viability of such a strategy has now been reconfirmed by the acquisition of Oak Street Health by CVS Health (“CVS”), announced February 8, 2023, and closed May 2, 2023, especially given that the incentives and the efficiencies associated with this deal are likely to be applicable to large-scale vertically integrated “payvider” corporations more generally. This Recent Transaction Comment examines CVS’s acquisition of Oak Street Health to consider what factors might lead vertically integrated health care corporations to acquire value-based primary care networks in the future, and what knock on effects such acquisitions might have on future private equity buyouts in health care.

中文翻译：

---

CVS Health 收购 Oak Street Health 再次证实私募股权投资初级保健基于价值的支付模式的市场可行性

十多年来，在可预见的未来，联邦机构一直在努力通过各种激励计划来促进基于价值的护理，例如最近的“协调护理监管冲刺”。联邦激励计划和其他“宏观顺风”吸引了私募股权投资者，特别是在医疗保险受益人的初级保健方面。Oak Street Health 及其私募股权支持者是这一领域的先驱，他们应用购买和建设策略来创建“下一代”初级保健网络，“主要或完全关注 Medicare Advantage 参保者”。尽管 Oak Street Health 令人信服地为基于价值的医疗保健领域的私募股权投资制定了可行的“剧本”，并且预测也很乐观，这种基于价值的策略的最终市场可行性取决于私募股权投资者能否找到企业买家。CVS Health（“CVS”）于 2023 年 2 月 8 日宣布收购 Oak Street Health，并于 2023 年 5 月 2 日完成收购，这一战略的市场可行性现已得到再次确认，特别是考虑到与这笔交易可能更广泛地适用于大型垂直整合的“payvider”公司。本近期交易评论研究了 CVS 对 Oak Street Health 的收购，以考虑哪些因素可能导致垂直整合的医疗保健公司未来收购基于价值的初级保健网络，以及此类收购可能对未来医疗保健领域的私募股权收购产生哪些连锁影响关心。