Case Study:


“A good organization is the sum of all its parts; a great one is so much more. Summit took a good organization, provided required resources and expertise, and helped us become great. Today, HealthSun is not just a 5 STAR health plan, but a 5 STAR enterprise. We couldn’t be more proud of what we have accomplished and remain tremendously grateful for Summit’s partnership in the process. I have thoroughly enjoyed working with and getting to know the Summit team.”

Ron Schutzen, CEO

Coconut Grove, FL

Ron Schutzen

Founded in:
invested in:

Acquired by Anthem 2017

Case Study:


Integrated Medicare Advantage healthcare delivery network

Delivered the highest level of care and clinical outcomes to a medically complex, dual-eligible patient population throughout a phase of meaningful growth

Expanded membership to more than 40,000 members while growing revenue and EBITDA at a CAGR of 22% and 31%, respectively

Received a 5 STAR rating from the Center for Medicare and Medicaid Services (CMS), ranking in the 97th percentile for clinical quality and member satisfaction

Acquired by Anthem, Inc. (NYSE: ANTM) in 2017

Founded in 2005, HealthSun operates one of the largest and fastest-growing integrated Medicare Advantage health plan and care delivery networks focused primarily on the dual-eligible population in Florida’s Miami-Dade and Broward counties. In 2015, during a phase of rapid membership growth, HealthSun owners and management considered a recapitalization of the business to fuel continued expansion, provide shareholder liquidity and consolidate the business with wholly-owned medical clinic operator, Wellmax, and captive clinic operator, Pasteur Medical Centers. Summit’s extensive domain expertise in health insurance and coordinated care delivery models helped to support our conviction in the business and its opportunities for continued growth.

How Summit helped:

  • Led a majority recapitalization in 2016 – including the simultaneous acquisition of captive clinic operators WellMax and Pasteur Medical Centers. Over a one year period, Summit deeply engaged with two distinct set of shareholders to structure, negotiate and complete the investment. Summit’s Capital Markets Team helped negotiate and structure debt financing for the transaction.

  • Recruited a Chief Financial Officer and Head of Business Development with significant managed care expertise. Summit helped to build an independent Board of Directors, recruiting two experienced Medicare Advantage executives.

  • Helped the Company rapidly build a “public company” infrastructure – assisting with the recruitment of an experienced finance team; helping to improve the processes for financial audits and reporting, strengthen corporate governance, and streamline corporate decision-making.

  • Helped build out a business development team, assisting in the mapping and execution of acquisitions. Within six months of closing, HealthSun had completed the acquisition of two clinic operators and had a robust pipeline of future opportunities.

  • Offered significant support in the Company’s sale to Anthem, including: relationship building, strategic negotiation, management of third-party advisors, and financial analysis.

In 2017, Anthem completed the acquisition of HealthSun, adding more than 40,000 members to its Florida membership base and significantly expanding in its clinical capabilities with HealthSun’s owned clinics. Through its health plan and its captive clinics, HealthSun continues to achieve best-in-class clinical results and patient satisfaction through a tightly integrated and cost-efficient care delivery network that includes robust social support services for its membership base.