HCAP Partners, a private equity firm based in the US, has announced an investment in Puzzle Healthcare, a post-acute care coordination platform focused on physiatry and care management services for skilled nursing facilities (SNFs).

The investment aims to support the expansion of Puzzle Healthcare’s model, which aims to lower hospital readmissions, achieve cost efficiencies, and enhance patient outcomes.

Puzzle Healthcare delivers coordinated care for patients as they move from hospital discharge through their recovery period.

The company collaborates with primary care physicians, SNFs, families, and facility staff to maintain care continuity during critical recovery phases. This approach is designed to address the vulnerability of patients during post-acute periods.

Puzzle Healthcare’s model embeds physiatry services and care coordination into SNFs to help providers avoid reimbursement cuts and support improved post-acute outcomes.

HCAP Partners vice president Jessica Kim said: “We are thrilled to support Puzzle Healthcare as they set a new standard for post-acute care. The company assigns disease-specific care managers and physiatry providers to coordinate patient care during SNF stays and for 90 days post-discharge.

“This innovative approach to reducing hospital readmissions delivers measurable cost savings for hospitals and skilled nursing facilities while ensuring patients receive higher quality, coordinated care during vulnerable recovery periods.”

Puzzle Healthcare currently provides physiatry and care management services at 230 skilled nursing facilities spanning 15 states, with further expansion underway.

In Michigan, the company supports nearly 18,000 to 24,000 patients each year, facilitating around 68,000 patient encounters. Its approach is based on system-level collaboration with over 60 hospitals, engaging skilled nursing facilities on care coordination, clinical communication, and quality improvement.

Puzzle Healthcare co-founder and CEO Ahzam Afzal said: “This partnership with HCAP Partners allows us to accelerate the growth of a care model grounded in clinical excellence, seamless transitions, and strong coordination across the care continuum. As we expand our reach, we remain focused on delivering consistently high-quality care during the most critical stages of recovery.”