2017 was a busy year for Angela Humphreys. The M&A attorney chairs the healthcare practice group for law firm Bass, Berry & Sims of Nashville, and over the past 12 months, Humphreys’ key deals have included representing WellCare in its purchase of assets from Universal American, Care 1st Health Plan and Phoenix Health Plan; providing counsel for Evolent Health in its acquisition of assets from Valence Health, Aldera Holdings and New Mexico Health Connections, and representing Radiology Alliance during its sale to MedNax.
Middle market M&A activity is surging in the healthcare sector, Humphreys says, and her firm is seeing a lot of interest in outpatient physician services, especially businesses with established patient bases and the ability to develop ancillary revenue streams. Another group of businesses that are attracting the attention of private equity is technology-enabled healthcare companies, and in particular those that offer tools for revenue cycle management and providing value-based care.
“There are certain sectors that don’t lend themselves to acquisition by hospital companies that might make sense for a private equity firm through a roll-up strategy,” Humphreys explains. “I think that has piqued the interest of private equity firms as it relates to certain physician practice plays.”
Deeply entrenched in the industry, Humphreys chairs the America Bar Association’s healthcare M&A committee and serves as the vice chair of the ABA’s health law and life sciences committee. She is also a board member of the Nashville Health Care Council; a board member of the Tennessee chapter of the Healthcare Information and Management Systems Society; a past chair of Lex Mundi’s healthcare industries practice group; a member of the Women Business Leaders of the U.S. Health Care Industry Foundation; and a board member of the Nashville Entrepreneur Center.
Before launching her career as an attorney, Humphreys worked as a certified public accountant. She has a bachelor’s degree from the University of Tennessee and a law degree from the University of Tennessee College of Law.