Paradigm, a specialty care management organization focused on improving outcomes for individuals with complex injuries and diagnoses, announced that it has entered into a definitive agreement to be acquired by Patient Square Capital, a health care investment firm with approximately $17 billion in assets under management.
The planned investment reflects a long-standing relationship between Patient Square and Paradigm’s leadership, as well as deep familiarity with the company’s mission and performance. The transaction also marks the conclusion of Paradigm’s partnership with OMERS Private Equity.
Paradigm said the agreement underscores its track record in managing complex, high-acuity cases and its expanding role in payment integrity, home health, and network services. The company has built its model around value-based care, focusing on measurable cost savings and improved outcomes for patients and clients in the workers’ compensation and broader health care payer markets.
The transaction is expected to close in the first half of 2026, subject to customary closing conditions.
Leerink Partners served as lead financial advisor to Paradigm, with Truist Securities Inc. also acting as financial advisor. Weil, Gotshal & Manges LLP is serving as legal advisor to the company. On the buyer’s side, Greenberg Traurig is acting as legal counsel to Patient Square, while UBS Investment Bank and Santander are serving as financial advisors.
Founded nearly 35 years ago, Paradigm has positioned itself as a pioneer in value-based complex care management. The company delivers risk-based clinical solutions and case management, specialty networks, home health, shared decision support, and payment integrity programs aimed at reducing high-cost care spend while improving patient outcomes.
Patient Square invests in growth-oriented health care companies and management teams whose products and services are designed to improve patient outcomes and strengthen health systems. The firm applies sector-specific expertise and a partnership approach to support companies as they scale.
KEY QUOTES
“Patient Square shares our commitment to improving outcomes for people facing the most complex health challenges. Their partnership will help Paradigm extend our proven model in workers’ compensation and accelerate our impact across the broader health care landscape. We are proud of the progress achieved in partnership with OMERS, and grateful for their support of our strategy and investment in our team and platform, which helped position Paradigm as a leader in complex care management.”
John S. Watts, Jr., CEO, Paradigm
“Paradigm has built a leading business that delivers reliable outcomes in complex care management. We’re excited to partner with this seasoned team as the Company accelerates its growth and expands its impact for patients and payers.”
David Katz, Partner at Patient Square Capital
