Fresenius Medical Care advances its FME Reignite strategy by increasing ownership in its Value-Based Care asset and appointing a new leader for the operating segment
Fresenius Medical Care (NYSE:FMS) has announced significant developments in its Value-Based Care (VBC) segment. The company invested EUR 312 million to increase its ownership stake in Interwell Health (IWH) by purchasing shares from non-physician investors, accelerating the timeline set during the 2022 merger.
IWH has demonstrated strong performance, partnering with over 2,200 nephrologists in the U.S. and generating EUR 1,035 million in revenue for H1 2025, with 23.5% revenue growth. Additionally, FMS appointed Tommy P. O'Connor as the new CEO of Interwell Health and VBC segment leader, effective October 1, 2025, replacing Robert Sepucha.
Fresenius Medical Care (NYSE:FMS) ha annunciato sviluppo significativi nel suo segmento Value-Based Care (VBC). L'azienda ha investito EUR 312 milioni per aumentare la sua partecipazione in Interwell Health (IWH) acquistando azioni da investitori non medici, accelerando la timeline prevista durante la fusione del 2022.
IWH ha mostrato una forte performance, collaborando con oltre 2.200 nefrologi negli Stati Uniti e generando EUR 1.035 milioni di ricavi nel primo semestre del 2025, con una crescita dei ricavi del 23,5%. Inoltre, FMS ha nominato Tommy P. O'Connor come nuovo CEO di Interwell Health e leader del segmento VBC, con effetto dal 1° ottobre 2025, in sostituzione di Robert Sepucha.
Fresenius Medical Care (NYSE:FMS) ha anunciado avances significativas en su segmento Value-Based Care (VBC). La empresa invirtió EUR 312 millones para aumentar su participación en Interwell Health (IWH) comprando acciones a inversores no médicos, acelerando el plazo establecido durante la fusión de 2022.
IWH ha mostrado un desempeño sólido, asociándose con más de 2.200 nefrólogos en Estados Unidos y generando EUR 1.035 millones en ingresos en el primer semestre de 2025, con un crecimiento de ingresos del 23,5%. Además, FMS ha nombrado a Tommy P. O'Connor como nuevo CEO de Interwell Health y líder del segmento VBC, con efecto a partir del 1 de octubre de 2025, reemplazando a Robert Sepucha.
Fresenius Medical Care (NYSE:FMS)는 그들의 가치 기반 케어(VBC) 부문에서 중요한 발전을 발표했습니다. 회사는 EUR 312백만을 투자해 Interwell Health(IWH)에서 비의료 투자자들로부터 주식을 매입해 지분을 늘렸고, 2022년 합병 시점에 설정된 시점을 가속화했습니다.
IWH는 미국에서 2,200명 이상의 신장내과 의사들과 협력하고 EUR 1,035백만의 2025년 상반기 매출을 창출했으며, 매출 성장률은 23.5%에 이릅니다. 또한 FMS는 Tommy P. O'Connor를 Interwell Health의 새 CEO이자 VBC 부문 책임자로 임명했으며, 2025년 10월 1일부터 발효되어 Robert Sepucha를 대체합니다.
Fresenius Medical Care (NYSE:FMS) a annoncé des avancées significatives dans son segment Value-Based Care (VBC). L'entreprise a investi EUR 312 millions pour augmenter sa participation dans Interwell Health (IWH) en achetant des actions à des investisseurs non médecins, accélérant le calendrier fixé lors de la fusion de 2022.
IWH a démontré une forte performance, en s'associant avec plus de 2 200 néphrologues aux États-Unis et en générant EUR 1 035 millions de revenus pour le premier semestre 2025, avec une croissance des revenus de 23,5%. De plus, FMS a nommé Tommy P. O'Connor comme nouveau PDG d'Interwell Health et leader du segment VBC, à compter du 1er octobre 2025, en remplacement de Robert Sepucha.
Fresenius Medical Care (NYSE:FMS) hat bedeutende Entwicklungen im Value-Based Care (VBC)-Segment angekündigt. Das Unternehmen investierte EUR 312 Millionen, um seinen Eigentumsanteil an Interwell Health (IWH) zu erhöhen, indem es Aktien von Investoren erwarb, die keine Ärzte sind, und beschleunigte den im Rahmen der Fusion von 2022 festgelegten Zeitplan.
IWH hat eine starke Leistung gezeigt, indem es mit über 2.200 Nephrologen in den USA zusammenarbeitet und im ersten Halbjahr 2025 EUR 1.035 Millionen Umsatz erzielt hat, mit einem Umsatzwachstum von 23,5%. Darüber hinaus ernannte FMS Tommy P. O'Connor zum neuen CEO von Interwell Health und zum Leiter des VBC-Segments, mit Wirkung zum 1. Oktober 2025, und löst damit Robert Sepucha ab.
فريزينيوس ميديكال كير (NYSE:FMS) أعلنت عن تطورات مهمة في قطاع الرعاية القائمة على القيمة (VBC). استثمرت الشركة EUR 312 مليون لزيادة حصتها في Interwell Health (IWH) من خلال شراء أسهم من مستثمرين غير أطباء، مما يسرع الجدول الزمني المحدد خلال الاندماج في 2022.
أظهرت IWH أداءً قويًا، حيث شراكتها مع أكثر من 2,200 طبيب كلى في الولايات المتحدة وتوليد EUR 1,035 مليون من الإيرادات في النصف الأول من 2025، مع نمو إيرادات قدره 23.5%. بالإضافة إلى ذلك، عيّنت FMS Tommy P. O'Connor كالرئيس التنفيذي الجديد لـ Interwell Health وقائد قطاع VBC، اعتباراً من 1 أكتوبر 2025، ليحل محل Robert Sepucha.
Fresenius Medical Care (NYSE:FMS) 已宣布其价值驱动护理（VBC）领域的重大进展。公司投资了EUR 3.12亿以增加 Interwell Health（IWH）的持股，通过从非医生投资者购买股份来实现，这也加速了2022年合并时设定的时间表。
IWH 表现强劲，在美国与超过 2,200 名肾科医生建立合作，并在2025年上半年实现EUR 10.35亿收入，收入增长为23.5%。此外，FMS 任命Tommy P. O'Connor为 Interwell Health 的新任CEO及 VBC领域领导，生效日期为 2025年10月1日，接替Robert Sepucha。
- None.
- Departure of current CEO Robert Sepucha
- Significant capital expenditure of EUR 312 million for ownership increase
Insights
Fresenius strengthens value-based care position with EUR 312M investment and new leadership, accelerating strategic integration in kidney care.
Fresenius Medical Care's EUR 312 million investment to increase its ownership stake in Interwell Health (IWH) represents a strategic acceleration of its vertical integration plans in the value-based care space. By buying out all non-physician investors, Fresenius is consolidating decision-making authority while maintaining physician partnerships that are essential to IWH's care model.
The numbers here are particularly noteworthy: IWH has demonstrated strong performance with EUR 1,035 million in revenue for H1 2025 and impressive
The appointment of Tommy P. O'Connor as CEO adds significant Medicare expertise from his United Healthcare background—critically important as value-based kidney care programs are heavily focused on Medicare patients. This leadership change, coupled with the increased ownership stake, positions Fresenius to better optimize its vertically integrated model across care delivery, care enablement, and value-based care operations.
The strategic rationale is clear: by increasing control over IWH while preserving physician partnerships, Fresenius can more effectively leverage its scale and clinical infrastructure to deliver on the value-based care promise of improved outcomes at lower costs. The vertically integrated model allows Fresenius to capture value across the kidney care continuum—from upstream chronic kidney disease management through dialysis services and transplant care—while adapting to evolving reimbursement models that reward quality over quantity.
The EUR 312 million investment to increase Fresenius Medical Care's ownership stake in Interwell Health demonstrates a significant financial commitment to value-based care models in the dialysis sector. This move appears strategically sound given IWH's demonstrated
The transaction timing is particularly noteworthy. By accelerating the buyout timeline established in the 2022 merger, Fresenius likely secured more favorable terms than waiting for further value appreciation given IWH's growth trajectory. This suggests disciplined capital allocation decision-making, acquiring more ownership while the asset still has substantial growth runway.
The move to streamline decision-making through increased ownership while maintaining physician partnerships (keeping physician investors) represents a balanced approach to governance. Value-based care models require both corporate efficiency and clinical engagement to succeed, and this structure preserves both elements.
From a financial perspective, this transaction should enable better alignment of incentives across Fresenius's vertically integrated kidney care operations. With stronger governance control, Fresenius can more effectively optimize resource allocation between traditional fee-for-service dialysis operations and value-based care initiatives, which often require short-term investments for long-term gains through shared savings arrangements with payers.
The leadership change to an executive with Medicare expertise from United Healthcare further signals Fresenius's commitment to navigating the complex reimbursement landscape that underpins successful value-based care programs in kidney disease.
- Fresenius Medical Care invests
EUR 312 million and successfully closes a share purchase agreement with all non-physician investors in Interwell Health (IWH), accelerating the timeline originally set during the merger of Cricket Health, IWH, and Fresenius Health Partners when it was completed in August 2022 - Tommy P. O'Connor appointed CEO of Interwell Health and Operating Segment leader of Value-Based Care to enhance benefits of the vertical integration and accelerate value creation in line with the FME Reignite strategy
BAD HOMBURG,
These updates mark a step forward in the company's FME Reignite strategy, which is focused on creating value for all stakeholders through three strategic priorities: strengthening the core, driving growth and innovation, and developing the company culture. By leveraging FME's unique vertically integrated structure – VBC, alongside Care Delivery and Care Enablement – the company aims to accelerate innovation, improve patient and quality outcomes, drive growth while reducing costs, and set the standard of care for the dialysis industry.
Fresenius Medical Care accelerates investment in VBC
FME invested EUR 312 million and successfully closed a share purchase agreement with all non-physician investors, accelerating the timeline originally set during the merger of Cricket Health, Interwell Health (IWH), and Fresenius Health Partners when it was completed in August 2022. The transaction, finalized in early September, increases FME's ownership stake in IWH. IWH has emerged as the leader in the renal value-based care industry, partnering with over 2,200 nephrologists in the
Leadership transition at IWH
FME is pleased to announce the appointment of Tommy P. O'Connor as Chief Executive Officer of Interwell Health and business segment leader of VBC, effective October 1, 2025. Mr. O'Connor brings extensive experience in healthcare leadership, most recently serving as CEO of the Empire and Midwest Markets for United Healthcare, Medicare. His proven track record in developing value-based partnerships, driving growth and operational excellence, and improving clinical outcomes will be instrumental as FME continues to expand its leadership in renal value-based care. Mr. O'Connor will report to Helen Giza, CEO and Chair of the Management Board.
He succeeds Robert Sepucha, who informed the Management Board of his intention to leave the company at the end of September 2025. Mr. Sepucha has been instrumental in the creation, development, and execution of IWH's VBC strategy, since being named CEO in August 2022.
Helen Giza said: "With the acceleration of the buyout transaction at favorable terms and the appointment of Tommy O'Connor, we are well placed to strengthen IWH's ability to deliver better outcomes for patients while lowering the total cost of care, and supporting the long-term success of our nephrologist partners in the
Tommy O'Connor, incoming CEO of Interwell Health, added: "I'm honored to join Fresenius Medical Care and lead Interwell Health at such a pivotal time. The opportunity to build on the strong foundation laid by the IWH team and to help scale innovative, patient-centered care models is incredibly exciting. I look forward to working with our physician partners and colleagues across FME to advance our mission and deliver meaningful impact for patients, payors, and physicians nationwide."
About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,676 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 300,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
For more information visit the Company's website at www.freseniusmedicalcare.com.
Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care's reports filed with the
Media contact
Kirsten Stratton
T +1 781 929 8096
kirsten.stratton@freseniusmedicalcare.com
Christine Peters
T +49 160 60 66 770
christine.peters@freseniusmedicalcare.com
Contact for analysts and investors
Dr. Dominik Heger
T +49 6172 609 2601
dominik.heger@freseniusmedicalcare.com
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SOURCE Fresenius Medical Care Holdings, Inc.
FAQ
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