CHICAGO, IL – June 12, 2023 – Sheridan Capital Partners (Sheridan) announced today its investment in FirstEnroll (the “Company”), a health insurance billing and enrollment Third-Party Administrator (“TPA”). The Company provides specialized administrative support to independent agencies and agents for supplemental and related health insurance products, including an end-to-end online and in-person support solution. Sheridan invested alongside FirstEnroll’s founder and CEO, who retained meaningful ownership and will remain active in the operations of the business.
Founded in 2018 by Isaac Cohen and headquartered in Tinton Falls, New Jersey, FirstEnroll acts as a conduit between various stakeholders in the supplemental and related health insurance ecosystem, providing critical workflow solutions to insurance carriers and agents while managing policyholder support and satisfaction to optimize policy retention. Since its founding in 2018, the Company has grown to service more than 52k policyholders, 500 agents, 120 agencies, and 17 carriers across 49 states.
The Company works with insurance carriers to develop innovative and exclusive plans to help bridge gaps in healthcare coverage for individuals struggling to afford the copay, deductibles, or premiums of major medical healthcare plans. In addition to allowing agencies to leverage its robust carrier network, FirstEnroll also provides traditional TPA services, including commissions tracking, enrollment, billing, compliance monitoring, customer service support, and policy data management solutions.
FirstEnroll continues to grow organically given a strong value proposition and the increasing demand for TPA services within an underserved segment of the payor ecosystem. The partnership with Sheridan will allow the Company to leverage its favorable market position and macro tailwinds to pursue a new avenue of growth through a robust approach to M&A while investing in organic initiatives.
“Sheridan’s deep company building experience and healthcare expertise will enable FirstEnroll to create increasingly high-value solutions for new and existing customers,” said Isaac Cohen, Founder & CEO of FirstEnroll. “I am excited to augment our offering via the addition of new products, services, and partnerships.”
“We have evaluated multiple TPA opportunities through our multi-year thesis in payor services and are confident FirstEnroll is the right platform partner positioned for scale,” said Sean Dempsey, Partner at Sheridan. “FirstEnroll provides value-added services to its agent clients while enabled access to affordable health coverage for underserved portion of the U.S. population. We look forward to supporting Isaac in addressing an essential need within the health insurance market as we expand bot the product and service lines as well as the serviceable market.”
The transaction was led by Sean Dempsey, Chris McCrory, Brian McGregor, and Joe Turk at Sheridan Capital Partners. Akin Gump served as legal counsel to Sheridan Capital Partners. Covington Associates served as financial advisor to the Company. Financial terms of the transaction were not disclosed.
FirstEnroll, founded in 2018 by Isaac Cohen and headquartered in Tinton Falls, New Jersey, is a health insurance billing and enrollment Third-Party Administrator (“TPA”) providing independent agencies and agents administrative support for supplemental and related health insurance products, including an end-to-end online and in-person support solution.
Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies in the verticals of providers and provider services, healthcare IT and outsourced services, and consumer health and medical products, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results. www.sheridancp.com