Molly Farber

Molly is a Senior Director with Water Street Partners who specializes in healthcare, advising clients in payer and other healthcare sectors on structuring and managing effective joint ventures and other collaborative arrangements. In addition to her work in healthcare, Molly has also served clients in a range of other industries, including technology, commercial airlines, and financial services.
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Recent Posts

An Inside Look at Joint Ventures and Other Deals in U.S. Healthcare

By Molly Farber | Tuesday, December 18, 2018

WATER STREET PARTNERS periodically convenes joint venture dealmakers from an array of industries and geographies to speak to the latest JV trends, challenges, and best practices from their vantage points. Most recently, we spoke with Scott Musch, the Vice President of Corporate Development at Cambia Health Solutions, for perspectives on joint ventures and other partnership transactions in U.S. healthcare. Cambia is a total health solutions company headquartered in Portland, Oregon; its family of companies includes Blue Cross Blue Shield plans operating in Oregon, Washington, Idaho, and Utah, as well as interests in other companies seeking to improve the consumer experience in healthcare.

The healthcare industry – particularly in the United States – remains subject to sustained disruption, with companies grappling with regulatory uncertainty, new types of competitors, and an evolving consumer and technological landscape. This flux has generated a substantial volume and diversity of deals, some of which have taken the form of joint ventures. Despite a track record of mixed performance (Exhibit 1), joint ventures remain top-of-mind for healthcare dealmakers, and in recent years have been deployed as a means to both cultivate innovation and consolidate scale in core competencies. Cambia, in particular, has emerged as a leader in healthcare innovation with substantial experience in partnerships, and we asked Scott for his thoughts on high-level deal trends as well as the particulars of certain transaction structures and terms.

An edited transcript of his remarks follow.

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Healthcare Partnerships: Playing to Win in MedTech Dealmaking

By Molly Farber | Tuesday, September 19, 2017

Healthcare companies, facing new and unprecedented pressures from regulators, competitors, and consumers, continue to turn to dealmaking – by way of M&A, joint ventures, and other forms of partnership – as a means to survive in the industry’s new world order. Previously, we’ve profiled the drivers and models of deals among payers, providers, and pharmacy companies, though we have yet to touch upon an adjacent segment – medical technology – where dealmaking is unfolding in a distinct but interrelated manner.

Recently, Water Street sat down with Rick Anderson, Managing Director of PTV Healthcare Capital, a late-stage venture and expansion capital firm based in Austin, TX, and Greg Davis, CEO of MedCelerate, a consulting group that supports the growth of medical device companies through manufacturing and commercial ramp-ups, and Adjunct Professor at the Fuqua School of Business at Duke University. We discussed highlights of dealmaking trends among medtech companies today and talked about how companies in this sector are leveraging particular types of deals to propel innovation.

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Healthcare Partnerships: Recent Trends in Industry Dealmaking

By Molly Farber | Tuesday, July 11, 2017

THE VOLUME AND PACE of dealmaking among U.S. healthcare companies remains high, as the industry wrestles with transformative change due to a confluence of disruptive factors. These factors include: passage of the Affordable Care Act (ACA) in 2010 and subsequent repeal and/or replace efforts; an aging American population with increasingly complex and costly medical needs; and evolving market and consumer demands of the healthcare system. Health insurance companies are particularly exposed to the financial and strategic pressures levied by that industry-wide flux, and as a result have been at the forefront of striking new JVs and other deals as a means to survive in a leaner and more competitive post-ACA – and potentially post-BCRA – landscape.

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Perspectives on Joint Venture Dealmaking in Healthcare

By Molly Farber | Tuesday, April 4, 2017
REMARKS FROM JOHN BEARDSLEY, EVP and Principal Consultant at HealthNexus, a consortium of healthcare and technology experts who are working to define next-generation solutions to address today’s challenges in healthcare, and former VP, Enterprise Strategy and Chief of Staff for Prime Therapeutics, a joint venture owned by 14 Blue Cross Blue Shield plans. Over the past couple of decades, Mr. Beardsley accumulated 14 years in leadership roles within joint ventures in the healthcare space.  

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First-hand Perspectives on JV Dealmaking

By Molly Farber | Tuesday, November 8, 2016

WATER STREET recently held a webinar, convening a set of corporate dealmakers to share their first-hand perspectives on joint venture dealmaking, detailing opportunities and risks they have faced as their companies evaluated and advanced deal negotiations. Our panelists spanned the natural resource and renewable energy industries and collectively have decades of experience in structuring, managing, and even dissolving joint ventures.

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Joint Acquisitions: What the Allscripts-GI Partners Deal for Netsmart Tells Us About JVs with Private Equity Firms

By Molly Farber | Friday, March 25, 2016

ALLSCRIPTS, A LEADING electronic health record (EHR) provider, and private equity firm GI Partners have announced that they will jointly acquire and govern Netsmart Technologies, a privately-held healthcare information technology (HIT) firm specializing in behavioral health and human services. Allscripts will contribute its Allscripts Homecare business to the joint venture, in addition to $70 million in cash. GI Partners will contribute an undisclosed amount of capital which, in addition to third-party debt financing, enabled the partners to make the $950 million acquisition (Exhibit 1).

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