PAX Health Acquires Richardson Psychiatric Associates, Expanding Mental Health Services for Adults, Adolescents, and Families

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PAX Health, backed by HCAP Partners and Hamilton Lane (Nasdaq:HLNE), has announced the acquisition of Richardson Psychiatric Associates, a comprehensive outpatient psychiatric practice in Western Pennsylvania. The strategic move expands PAX Health's mental health service portfolio and geographical presence.

Founded by Dr. W. Randolph Richardson and Lisa Richardson, PMHNP-BC, the acquired practice specializes in psychiatric evaluations, medication management, and various therapeutic approaches including Cognitive Behavioral Therapy, Trauma Therapy, Art Therapy, and Grief Therapy. Dr. Richardson has practiced since 1991, while Lisa has worked in psychiatry since 1987.

The integration aims to enhance PAX Health's ability to deliver customized behavioral health solutions while maintaining Richardson Psychiatric Associates' established patient care approach. The acquisition represents a significant step in PAX Health's growth strategy, focusing on improving access to comprehensive behavioral healthcare services.

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RED BANK, N.J., April 17, 2025 /PRNewswire/ -- PAX Health, a leading behavioral healthcare company backed by HCAP Partners and funds managed by Hamilton Lane (Nasdaq:HLNE), today announced its acquisition of Richardson Psychiatric Associates, a comprehensive outpatient psychiatric practice serving adults, adolescents, children, and families.

This strategic acquisition enhances PAX Health's portfolio of mental health services and expands its geographic footprint in Western Pennsylvania, strengthening the company's ability to deliver high-quality psychiatric care across diverse patient populations.

"Richardson Psychiatric Associates has established an outstanding reputation for providing personalized mental health treatment in a compassionate environment," said Anthony DeSena, CEO of PAX Health. "Dr. Richardson and his team's expertise in psychiatric evaluations, medication management, and specialized therapeutic approaches adds significant value to our service offerings and aligns perfectly with our mission to improve access to comprehensive behavioral healthcare, further supporting the expansion of our geographic footprint."

Co-founded by Dr. W. Randolph Richardson and Lisa Richardson, PMHNP-BC, Richardson Psychiatric Associates offers a wide range of services including psychiatric evaluations, medication management, and various evidence-based therapeutic modalities such as Cognitive Behavioral Therapy, Trauma Therapy, Art Therapy, and Grief Therapy. Dr. Richardson has been practicing psychiatry since 1991, while Lisa has worked in psychiatry since 1987, providing psychiatric evaluations and medication management to patients of all ages.

"We are excited about the partnership and are looking forward to the opportunity to help grow PAX's presence in Pennsylvania," said Dr. W. Randolph Richardson, MD, Co-Founder of Richardson Psychiatric Associates. "We anticipate being able to use our thirty-plus years of knowledge of the Western Pennsylvania market to improve the availability of high-quality mental health services in our area. We are hopeful that we will have a long-term legacy for our practice as we build our partnership with PAX through the coming years."

"We look forward to continuing the patient-centered and compassionate care we currently provide in conjunction with our new PAX partners, now with a new ability to grow and expand our services to a broader community," added Lisa Richardson, CRNP, Co-Founder of Richardson Psychiatric Associates.

This acquisition represents another significant step in PAX Health's growth strategy, supported by healthcare-focused private equity firm HCAP Partners and global investment management firm Hamilton Lane. The integration will enhance PAX Health's ability to deliver customized behavioral health solutions while preserving Richardson Psychiatric Associates' established approach to patient care.

About PAX Health

PAX Health is a leading behavioral health company dedicated to providing innovative and comprehensive solutions for mental health and well-being. Through strategic integration of best practices and resources, PAX Health delivers tailored solutions for individuals, businesses, and communities seeking comprehensive behavioral health services.

About Richardson Psychiatric Associates

Richardson Psychiatric Associates offers outpatient psychiatric treatment for adults, adolescents, children, and families. Co-founded by Dr. W. Randolph Richardson and Lisa Richardson, PMHNP-BC, the practice provides services including psychiatric evaluations, medication management, and various therapeutic approaches in a comfortable, supportive environment.

Dr. Richardson is Board Certified in Psychiatry by the American Board of Psychiatry and Neurology. He completed his medical school training at Emory University School of Medicine and completed Psychiatry Residency training at the University of Pittsburgh Medical Center. Lisa Richardson holds a master's degree in Psychiatric Mental Health Nursing from the University of Pittsburgh and Post-Master's Certificates for Psychiatric Mental Health Nurse Practitioner from both Drexel and Rush Universities. She is board certified as a Psychiatric Mental Health Nurse Practitioner Across the Lifespan by the American Nurses Credentialing Center.

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SOURCE PAX Health

FAQ

What services will PAX Health gain through the Richardson Psychiatric Associates acquisition?

PAX Health gains psychiatric evaluations, medication management, and specialized therapies including Cognitive Behavioral, Trauma, Art, and Grief Therapy services for adults, adolescents, children, and families.

How will the acquisition impact PAX Health's presence in Western Pennsylvania?

The acquisition strengthens PAX Health's geographic footprint in Western Pennsylvania, leveraging Richardson Psychiatric Associates' 30+ years of market experience to improve mental health service availability.

What is the experience level of Richardson Psychiatric Associates' founders?

Dr. W. Randolph Richardson has practiced psychiatry since 1991, and Lisa Richardson has worked in psychiatry since 1987, providing psychiatric evaluations and medication management.

How does this acquisition align with Hamilton Lane's (HLNE) investment strategy?

The acquisition aligns with Hamilton Lane's investment in PAX Health's growth strategy, focusing on expanding behavioral healthcare services and geographical presence through strategic acquisitions.

What will happen to Richardson Psychiatric Associates' existing patient care approach?

PAX Health plans to preserve Richardson Psychiatric Associates' established patient care approach while integrating it into their broader behavioral health solutions platform.