Free EHR, EHR and Healthcare IT Newsletter Want to receive the latest updates on EHR, EMR and Healthcare IT news sent straight to your email? Get all the latest EHR News for FREE!

Healthcare Leaders Merge to Accelerate the Promise of Value-Based Care

Mingle Analytics and SilverVue form Mingle Health to deliver an all-in-one platform that includes the consulting, analytics, and tools to streamline medical practices, integrate the delivery network, and improve patient outcomes.

Sandy, UT – October 24, 2018 12:00 p.m. ET – Mingle Analytics Inc., a pioneer in Medicare quality reporting, and SilverVue, Inc., a leading supplier of care management software, today announce their merger. Mingle Health is a new company focused on transforming value-based healthcare delivery by solving the pain points in quality reporting while improving patient outcomes and strengthening practice health.

For the first time, practices of any size, from large Accountable Care Organizations (ACOs) and healthcare organizations to a single provider, can access the high-quality software and consulting services that were once only affordable for large health systems. With expert consultant support, Mingle Health’s platform enables practices to navigate the increasingly complex healthcare regulatory environment to lower costs, increase revenue, and spend more time with patients and less time on paperwork. In addition, the platform provides patient management, assessments, and eligibility verification tools for preventive services, disease management, transitional care planning, and long-term care.

Daniel Mingle, MD MS, founder and CEO of Mingle Analytics, has been named Mingle Health executive chairman, and Will West, founder and CEO of SilverVue, will serve as Mingle Health CEO.

“Our merger with SilverVue brings a unique value proposition to the market with a comprehensive toolset that we’re thrilled to offer to our customers. Mingle Health will provide turnkey solutions to guide providers through the complex maze of requirements and regulations that one must meet to succeed in the business and practice of medicine,” said Dr. Mingle, executive chairman. “Mingle Analytics’s wealth of quality reporting experience combined with SilverVue’s powerful care management solution will allow us to unlock the full potential of value-based care, improving quality, increasing access, and bolstering population health, while reducing costs and restoring practice vitality.”

“Mingle Health is poised for dramatic growth over the next several years as we help providers get off the treadmill of fee-for-service care and transition to value-based care,” said CEO Will West. “By making regulations easy to deal with and new care processes easy to integrate, Mingle Health ultimately allows providers to refocus on their true passion: caring for patients.”

Mingle Health’s unique technology platform streamlines the data engines of value-based care with simplified dashboards across each critical aspect of medical care, treatment, and reporting. Mingle Health has customized technology offerings that can include:

  • Analytics and Reporting: Industry-leading Medicare quality reporting services that ensure practices succeed with the Merit-Based Incentive Payment System (MIPS), Alternative Payment Model (APM), and ACO reporting tracks under Medicare Access and CHIP Reauthorization Act (MACRA).
  • Practice Performance Solutions: Check™, a cloud-based preventive care and disease management toolset.
  • Care Transition Solutions: SilverSearch™, a tool to manage post-acute care referrals and planning for patients, hospitals, and Post-Acute Care (PAC) providers

Leveraging data collected and analyzed from over 100 million patient encounters, Mingle Health builds on this legacy and its best-in-class service to more than 300 hospitals and 75,000 providers to improve the delivery of value-based healthcare. The company now has employees in 18 states serving clients in every state and territory across the nation. The executive leadership team is a combination of existing leaders from both Mingle Analytics and SilverVue and is headquartered in Sandy, Utah and in Paris, Maine.

To learn more about Mingle Health visit MingleHealth.com.

About Mingle Health

Mingle Health is transforming value-based healthcare delivery. Our data-driven software solutions are designed to give providers tools to identify and solve common healthcare challenges related to preventive medicine, disease management, practice efficiency, patient transitions, and quality reporting. Mingle Health helps providers and practices improve care, lower costs, and increase earnings, ultimately transforming operations to increase the joy and profitability in the practice of medicine.

October 24, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Kyruus Announces Investment from Salesforce Ventures, Launch of ProviderMatch for Salesforce

New Strategic Investment Supports Go-to-Market Partnership

Boston, MA – October 23, 2018 – Kyruus, a leader in provider search and scheduling solutions for health systems, today announced the availability of ProviderMatch for Salesforce, which integrates into Salesforce Health Cloud on the Salesforce AppExchange. The solution enables access centers to deliver a personalized, end-to-end patient experience by combining Salesforce’s 360 degree view of the patient with Kyruus’ robust matching, appointment booking, and provider data management capabilities.

The launch of ProviderMatch for Salesforce accompanies a strategic investment in Kyruus from Salesforce Ventures, the global CRM leader’s corporate investment group. With access centers serving as a key “front door” to health systems, the two companies have already seen significant demand for the combined offering of ProviderMatch and Health Cloud.

“In healthcare, customer relationship management starts with the first point of contact – when a patient seeks access to care at a health system,” said Matt Garratt, Managing Partner at Salesforce Ventures. “Kyruus has built a platform that enables health systems to match and book patients with the right providers. We’re especially excited to invest in the company because they’re unique in facilitating this service across all access points.”

Kyruus has experienced rapid growth and now manages 150,000 providers across many of the nation’s leading health systems on its platform. The enterprise-wide ProviderMatch platform helps health systems match patients with the right providers whether patients access care by calling in, searching online, or obtaining a referral from another provider.

“We’ve seen incredible momentum for our combined offering with Salesforce as health systems face rising competition and take steps to differentiate the experience they provide to their customers,” said Graham Gardner, CEO of Kyruus. “Having Salesforce join as an investor propels our ability to meet that market demand, build on the value we deliver together, and improve how patients access healthcare.”

About Salesforce AppExchange

Salesforce AppExchange, the world’s leading enterprise cloud marketplace, empowers companies to sell, service, market and engage in entirely new ways. With more than 5,000 solutions, 6 million customer installs and 80,000 peer reviews, it is the most comprehensive source of cloud, mobile, social, IoT, analytics and artificial intelligence technologies for businesses.

About Salesforce Ventures

Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce’s expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 275 enterprise cloud startups in 17 different countries since 2009. For more information, please visit www.salesforce.com/ventures.

Salesforce, AppExchange, Salesforce Ventures, Service Cloud and others are among the trademarks of salesforce.com, inc.

About Kyruus

Kyruus delivers industry-defining provider search and scheduling solutions that help health systems match patients with the right providers across their enterprise-wide access points. Serving 150,000 providers across leading health systems nationwide, the ProviderMatch suite of solutions—for consumers, access centers, and referral networks—enables a modern and consistent patient experience, while optimizing provider utilization. The company’s award-winning provider data management platform powers each of the ProviderMatch solutions and transforms how health systems understand and manage their provider networks. To find out why a Better Match Means Better Care, visit www.kyruus.com.

October 23, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Verscend Technologies, Inc., Completes Acquisition of Cotiviti Holdings, Inc.

The combined healthcare information technology company plans to operate privately as Cotiviti, with Dr. Emad Rizk as president and chief executive officer

ATLANTA & WALTHAM, Mass. — August 27, 2018 — Verscend Technologies, Inc. (“Verscend”), a portfolio company of Veritas Capital (“Veritas”) and a leader in data-driven healthcare solutions, has completed its acquisition of Cotiviti Holdings, Inc. (“Cotiviti”), a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry. Emad Rizk, M.D., current president and chief executive officer of Verscend, will retain these titles for the combined business. The combined private company plans to operate under the Cotiviti name.

Cotiviti will operate as a healthcare information technology company able to apply multidimensional analytic insights, deep market expertise, and high-performance services to help its clients reshape the economics of healthcare. The new Cotiviti sits at the intersection of payers’ most critical programs that affect financial performance: payment accuracy; fraud, waste, and abuse management; risk adjustment; quality improvement and reimbursement; population health management; and high-value network performance. By combining some of the most robust financial and clinical data in the industry, Cotiviti will have unique insight into the healthcare system. The company’s combined intellectual capital, data assets, client base, and subject-matter expertise extend its leadership in healthcare’s rapidly changing landscape.

“Both companies are customer-driven innovators that share a similar mission: to help our clients improve healthcare affordability, reduce waste, and identify the best path to better outcomes,” said Dr. Rizk. “With our new capabilities across payment, quality, risk, and the combination of clinical and financial data, Cotiviti will be unmatched in its ability to create differentiated value for its clients.”

The acquisition of Cotiviti is the latest by Veritas Capital, which also recently acquired GE Healthcare’s Value-Based Care Division and has made previous investments in Truven Health Analytics as well as Verscend. According to chief executive officer and managing partner Ramzi Musallam, the Verscend-Cotiviti combination is a strong fit for its investment strategy.

“A core tenet of Veritas’ investment philosophy is identifying organizations that are positioned to have transformational impact in their respective domains. We see the combination of Cotiviti and Verscend as bringing much needed precision and insight to the healthcare system,” Musallam said. “We expect that the two companies’ complementary data sets, analytical capabilities, and industry expertise will accelerate forward momentum for the new Cotiviti through smarter, faster solutions that address rising costs, eliminate waste, and speed quality improvement for the healthcare industry overall.”

Under the terms of the agreement, Cotiviti shareholders will receive merger consideration in the amount of $44.75 in cash for each share of Cotiviti common stock they hold (without interest and subject to any applicable withholding taxes or other amounts required to be withheld therefrom under applicable law). American Stock Transfer & Trust Company has been appointed as paying agent in connection with the merger and will be mailing a letter of transmittal to all Cotiviti shareholders of record within two business days. The letter of transmittal will instruct shareholders on how to surrender their shares of Cotiviti common stock in exchange for the merger consideration.

The transaction was announced on June 19, 2018, and received approval from Cotiviti shareholders on August 24, 2018. As a result of the completion of the transaction, shares of Cotiviti common stock were removed from listing on the New York Stock Exchange (“NYSE”), with trading in Cotiviti shares suspended prior to the opening of business today.

About Cotiviti

Following the Verscend-Cotiviti combination, Cotiviti will be a leading information technology and analytics company that is reshaping the economics of healthcare, helping its clients uncover new opportunities to unlock value. Cotiviti’s solutions are a critical foundation for healthcare payers in their mission to lower healthcare costs and improve quality through higher-performing payment accuracy, quality improvement, risk adjustment, and network performance management programs. The company also supports retail and life/legal industries with data management and audit services that improve business outcomes. For more information, visit www.cotiviti.com.

About Veritas Capital

Veritas is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, and education industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.

August 27, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

AxiaMed Announces $12.4 Million Capital Investment Led By Health Enterprise Partners

Strategic Investment to Accelerate Growth Driven by Demand for Greater Patient Payment Convenience and Security

SANTA BARBARA, CA., August 14, 2018 – AxiaMed, an innovative healthcare payments technology company, announced today that it has raised $12.4 million in funding to accelerate its growth in the burgeoning market for secure, flexible patient payments. Health Enterprise Partners (HEP) led the round with participation by a number of AxiaMed’sexisting investors, including Nashville Capital Network.

Since its founding in 2015, AxiaMed has experienced triple-digit annual growth driven by the dramatic increase in patient financial responsibility for healthcare expenses. Industry analysts predict that patient payments will exceed 30% of total healthcare costs in 2019 and rise to nearly 50% within 5 years.

“We are thrilled to partner with Health Enterprise Partners and its extensive network of healthcare industry partners. This investment further validates the significance of AxiaMed’s solutions and the necessity for healthcare organizations and software solutions to provide secure patient payment technology. We look forward to significant and increased execution with the additional resources,” said Randal Clark, CEO and co-founder, AxiaMed.

AxiaMed’s Payment Fusion platform has become the healthcare industry’s preferred SaaS-based payment platform and is used by hundreds of hospitals and thousands of ambulatory providers. Payment Fusion enables healthcare software vendors to integrate secure payment technology into their applications, lessening the risks of payment data breaches, and reducing compliance burdens while improving the financial performance of providers by expanding payment options available to patients.

“While many other healthcare payment companies have focused on point solutions, AxiaMed’s innovative payment platform enables and enhances secure patient payment solutions within various healthcare software solutions,” said Ezra Mehlman, Principal at Health Enterprise Partners. “AxiaMed’s impressive growth and strong customer demand positions the company as a market leader, particularly in the healthcare payment and security categories of revenue cycle technology.”

“Health Enterprise Partners’ deep experience in the healthcare marketplace will help us accelerate the expansion of our Payment Fusion platform with healthcare organizations and software partners, greatly improving the payment experience for both providers and payers,” said Kevin Kidd, co-founder and Chief Business Development Officer, AxiaMed.

Proceeds from this funding round will enable AxiaMed to increase its product development and go-to-market strategy, strengthen its core team, and solidify its market position. Within the past year, AxiaMed became one of the first healthcare-focused PCI-validated Point-to-Point Encryption (vP2PE) solution providers. This security offering enables AxiaMed’s software partners and healthcare organizations to enhance its security infrastructure and reduce PCI compliance requirements and attendant costs.

About AxiaMed

AxiaMed is a healthcare financial technology company specializing in payment integration and security. AxiaMed’s integrated payments technology platform, Payment Fusion, improves the financial performance of healthcare providers through integration with various revenue cycle, practice management, EHRs and other software systems, enhancing interoperability and payment options across the entire ecosystem of healthcare payments between patients, providers and payers.

AxiaMed is headquartered in Santa Barbara, CA with executive offices in Nashville, TN.

For more information, visit https://www.axiamed.com/.

About Health Enterprise Partners

Health Enterprise Partners invests primarily in privately held, middle market companies in health care services and health care information technology. Central to HEP’s strategy is its unique and extensive hospital system and health plan network, 36 members of which are investors in HEP’s funds. HEP seeks to invest in companies that improve the quality of the patient experience, expand access, and reduce the cost of health care.

For more information, please visit http://www.hepfund.com .

August 15, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing

Funding led by Oak HC/FT and Ascension Ventures to enable company to accelerate product development and scale its technology to healthcare organizations nationwide

CrossChx rebrands itself as Olive to reflect commitment to building meaningful AI-enabled robotic process automation solutions for healthcare

COLUMBUS OH, July 30, 2018—Olive, the premier healthcare-focused robotic process automation and artificial intelligence company, announced today that it has raised a $32.8 million Series D round from Oak HC/FT and Ascension Ventures with participation from existing investors. The round will help the company scale its eponymous AI solution, Olive, throughout healthcare organizations nationwide and invest in new capabilities such as Pupil, its process mining tool, that will be launched at alpha sites this summer.

“Hospital operations have grown unsustainably complex as providers must adopt new technologies, workflows, and regulations with increasing frequency in order to provide best-practice care,” added John Kuelper, Investment Director at Ascension Ventures. “Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimize clinical and administrative operations so caregivers can spend more of their time on patient care.”

“Olive arrives at a time when healthcare organizations are burdened with improving efficiency, reducing costs, and enhancing the patient experience,” said Sean Lane, Founder and CEO of Olive. “Olive handles repetitive, high-volume tasks, which allows employees to get back to patient care and presents healthcare organizations with value that could not otherwise be realized.”

“As the first healthcare automation solution on the market using AI to streamline repetitive tasks and workflows by working with existing systems, Olive is uniquely positioned to counteract the ever-increasing cost of healthcare and humanize the cumbersome process,” said Billy Deitch, Principal at Oak HC/FT. “We are excited to partner with Olive to deploy its innovative technology at scale.”

Billy Deitch, Principal at Oak HC/FT and John Kuelper, Investment Director at Ascension Ventures, will join the company’s board of directors.

Earlier this year, Olive divested its legacy Connect platform and related products including Connect biometrics, Queue registration kiosk, and the CrossChx Connect mobile app to DHS Group.

ABOUT OLIVE
Olive is a healthcare-specific artificial intelligence and process automation company that empowers healthcare organizations to improve efficiency and patient care while reducing costly administrative errors. Its eponymous AI solution, Olive, acts as the intelligent router between systems and data by automating repetitive, high-volume tasks and workflows, providing true interoperability. Olive has helped healthcare organizations reduce data and billing errors, eliminate denials for no coverage, improve cash collections by reducing days in A/R, and more. To learn more and receive updates, visit www.oliveai.com.

ABOUT OAK HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.

ABOUT ASCENSION VENTURES
Ascension Ventures is a strategic healthcare investment firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, the nation’s largest Catholic and non-profit health system, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue. AV collaborates with these partners to identify, invest in, and support strategically aligned private companies that are transforming the healthcare industry and enhancing the experience for patients, their families, and caregivers.

July 30, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Patientco Primed to Help More Health Systems Rethink Patient Payments with Strategic Growth Investment Led by Accel-KKR

Series B funding fuels expansion of leading patient billing and payments technology company focused on creating a smarter patient financial experience

ATLANTA & MENLO PARK, Calif.–Patientco, a next-generation patient billing and payments technology company, announced today it has raised $28 million in Series B growth capital. This investment was led by Accel-KKR with participation from existing investor BlueCross BlueShield Venture Partners / Sandbox Advantage Fund. The capital will be used to accelerate Patientco’s growth in the $5B+ patient payments market, expand sales and marketing throughout the U.S., and fuel continued product innovation within the company’s industry-leading patient billing and payments platform.

“We are solving for an unprecedented affordability crisis in healthcare,” said Bird Blitch, co-founder and CEO of Patientco. “Health systems have an opportunity to create a superior patient financial experience by leveraging smarter technology which turns patient payments into an economic growth engine. We are excited to partner with Accel-KKR to continue our growth and help more health systems solve this complex challenge.”

Accel-KKR’s investment follows a string of successful milestones for Patientco including: reaching 10 million unique patient users, crossing $1B in payments processed, and serving more than 2,000 healthcare locations across the U.S. with its patient billing and payments technology. Patientco continues to bring together the best in FinTech and healthcare technology to create a superior patient financial experience and deliver significant financial outcomes for its health system clients.

“Patientco has a differentiated approach to the patient payments problem in healthcare, leveraging its end-to-end platform to make every patient financial engagement better than the last. We believe Patientco will make a lasting positive impact on healthcare, both for patients and health systems on the Patientco platform,” remarked David Cusimano, Principal at Accel-KKR. “No other payments company in the market offers a seamless patient experience while being able to handle the volume that comes from large health systems. We are very excited to be a part of this next stage of Patientco’s success,” added Greg Williams, Managing Director at Accel-KKR.

“Patientco has been a tremendous growth story,” said Tom Hawes, M.D. Managing Director at Sandbox Industries, on behalf of BlueCross BlueShield Venture Partners. “The management team continues to execute on a compelling strategy which creates differentiated outcomes for health systems alongside 95% positive patient feedback on their payment experience. We are pleased to have Accel-KKR join the Patientco family.”

About Accel-KKR

Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.

About BlueCross BlueShield Venture Partners

BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield companies. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, visit www.bcbsvp.com.

About Patientco

Patientco is a payment technology company founded specifically to re-think the patient payment experience in healthcare by bringing together intuitive consumer payment tools and world-class payment infrastructure backed by data-led design to create a superior patient billing experience and deliver more payments to health systems. Patientco is a proud cohort of the Backed By ATL initiative from the Metro Atlanta Chamber and alumni of Georgia Tech’s Advanced Technology Development Center (ATDC) incubator program. Patientco is making healthcare better one payment at a time. Visit Patientco online at Patientco.com.

July 25, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Hg Invests in Orion Health Rhapsody and Population Health Businesses

BOSTON, Massachusetts – 6 July 2018 – Orion Health Group Limited (NZX:OHE/ASX:OHE) announced that it has reached an agreement in relation to Orion Health’s Rhapsody and Population Health businesses with Hg, a specialist technology investor committed to helping build global businesses with funds of c.£10 billion under management.

The agreement is for entities managed by Hg to acquire majority ownership of Orion Health’s Rhapsody business and to invest in Orion Health’s Population Health business.

Healthcare technology is a core investment area for Hg, having recently completed a number of transactions across the sector. This investment will be made from Hg’s Mercury 2 Fund.

Orion Health built the first Rhapsody integration engine in the late-1990s quickly becoming one of the most recognized interoperability platforms for healthcare organizations today. The combination of Rhapsody’s global team and Hg’s resources will extend Rhapsody as a leader in the interoperability platform space, building on both Rhapsody’s world class technology and highly rated customer service.

Philippe Houssiau, an experienced global technology executive, will step in to lead the Rhapsody business. Philippe has broad experience in leading healthcare businesses, consulting and start-ups, and is formerly CEO of Agfa Healthcare, CEO of Alliance Medical and a Senior Partner with PwC.

“This investment provides Orion Health with a tremendous opportunity to deliver on our vision for customers, our people and for the healthcare sector,” said Ian McCrae, Founder and CEO, Orion Health. “The Board and I believe that Hg is the right partner to accelerate the expansion of Rhapsody and support our vision for our Population Health business.”

“Hg has been researching the theme of interoperability and population health management in healthcare IT over many years,” said David Issott, Partner, Hg. “We believe this is a key global growth theme backed by substantial market funding and resources. Rhapsody provides fantastic products and services for this market and we look forward to partnering with the team at Rhapsody to maximize its potential across the globe. We are also excited to work with Ian and the team to realize the full potential of the Population Health business.”

“Rhapsody is a high-quality business with strong underlying fundamentals and a solid pipeline of new business,” said Philippe Houssiau, CEO Rhapsody. “We believe that the current healthcare market dynamic, with increasing requirement for ‘data liquidity’, presents Rhapsody with a real opportunity for further growth and a solid base for sustained performance. With a focused leadership team and the investment provided by Hg, Rhapsody will be able to leverage its core markets whilst expanding into selected and emerging segments.”

Full details of the transaction can be found in a Market Release on the investor page of Orion Health’s website here. Summary:

–          Hg will acquire Rhapsody for NZ$205 million funded by debt and equity arranged by Hg. Orion Health will then utilize circa NZ$28 million of the transaction proceeds to acquire an ongoing 24.9% shareholding in the Rhapsody business.

–          Hg will also acquire a 24.9% stake in Population Health by investing circa NZ$20 million in that business. Orion Health will invest around NZ$12 million of the Rhapsody transaction proceeds in Population Health based on an agreed enterprise value of NZ$50 million (on a cash free and debt free basis) together with NZ$30 million of net cash to fund ongoing operations.

–          Orion Health will continue to own 100% of its Hospitals business.

–          Following completion of the Hg Transaction, Orion Health will undertake a share buyback offer at an estimated price range of $1.24-$1.29 per share, with the final offer price dependent on Orion Health’s available cash immediately following completion taking into account transaction costs and working capital adjustments in relation to the Rhapsody transaction. Shareholders will have the option to accept the share buyback offer in respect of all or a specified proportion of their Orion Health shares.

–          The bottom of the estimated buy back price range represents a premium of 46% to the closing price per Orion Health share of $0.85 on 2 July 2018 and 55% to the volume weighted average trading price over the last 20 trading days.

The injection of capital will provide investment for Orion Health to build leading global technology for the healthcare sector.

“As the healthcare sector evolves, so too has Orion Health. We believe the biggest advances in healthcare technology will come from a range of capabilities including advanced analytics and better data flow to address critical issues within the sector. In the face of growing and aging populations and the rise of chronic diseases, health systems the world over are under enormous strain. Our Population Health and Hospitals solutions are focused on helping healthcare organizations turn data into insights and clinical action and allow them to use this knowledge to optimize budgets and provide targeted patient care.

“This injection of capital will advance Orion Health’s businesses to reach their full potential over time. For our Population Health business, it will help strengthen our position as a market leader, and for our Hospitals business, it will further support its growth,” said McCrae.

The transaction is subject to a number of conditions, including regulatory approval and the share buyback offer by Orion Health’s shareholders. A notice of meeting describing the Hg Transaction and the share buyback offer will be circulated to shareholders. The independent directors have also commissioned an independent report from KordaMentha.

“This transaction is an important stepping stone in Orion Health’s efforts to build a solid and competitive business and provides our shareholders with choice in relation to their investment,” said Andrew Ferrier, Chairman of the Board, Orion Health. “We believe that providing shareholders both the option to cash-out at a substantial premium to the current trading price and the opportunity to elect to maintain an ongoing investment in Orion Health, including its 24.9% stake in Rhapsody and 75.1% stake in Population Health, is in the best interests of shareholders. This transaction has strong support from Orion Health’s Board and major shareholders.”

About Orion Health
Orion Health (NZX:OHE/ASX:OHE) is a health technology company that provides solutions which enable healthcare to over 110 million patients globally. Its open technology platform, Orion Health Amadeus, seamlessly integrates all forms of relevant data to enable population and personalized healthcare around the world. The company is committed to continual innovation to cement its position at the forefront of precision medicine. For more information visit www.orionhealth.com.

About Hg
Hg is a sector expert investor, committed to helping build ambitious businesses across the technology, services and industrial technology space, primarily in Europe. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. Hg’s dedicated operations innovation team provides practical support to management teams to help them realise their growth ambitions. Based in London and Munich, Hg has funds under management of c. £10 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com

July 9, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Kyruus Raises $10 Million to Fuel Continued Growth

Patient Access Leader Investing in Product Innovation & Partnerships to Meet Fast-Growing Demand

Boston, MA – Kyruus, a leader in provider search and scheduling solutions for health systems, today announced that it has raised $10 million in new financing in a strategic round. The new financing comes on the heels of a year of unprecedented growth in which the company doubled its revenue and increased the number of hospitals on its platform by 50%. Kyruus will primarily use the investment to grow its product development and delivery teams to support the expansion of its platform, integrations with additional leading players in the digital health ecosystem, and ongoing customer success.

Health systems across the country are putting a heavy focus on the “front doors” of their organizations – online and offline access points that set the tone for the patient’s entire experience with the health system. Already offering the only enterprise-wide patient access solution on the market, this latest financing round will enable Kyruus to deepen its product capabilities and further support its customers’ patient access strategies beyond the traditional walls of a health system. In addition, it will facilitate Kyruus’ growing partnerships with industry leaders offering complementary solutions to support health systems’ access initiatives. Building on its partnership with Salesforce last year, Kyruus announced a collaboration with IBM Watson last month and its membership in the Epic App Orchard earlier this year.

Kyruus counts many of the leading health systems in the US among its customer base, which now includes more than 400 hospitals. In the past year alone, major new customer announcements included Piedmont HealthcareJefferson Health, and University of Miami Health System. Its customers are increasingly deploying the company’s solutions at multiple access points as well. Last month Kyruus announced a major expansion with Partners HealthCare that involved the health system not only expanding to use both Kyruus’ consumer and access center solutions, but also deploying ProviderMatch across its network.

Providence St. Joseph Health (through its venture capital fund, Providence Ventures) is one of two health systems that have invested in Kyruus.“At a time when there are so many solutions trying to address a piece of the access puzzle, Kyruus offers a truly foundational platform,” said Aaron Martin, EVP & Chief Digital Officer at Providence St. Joseph Health and Managing General Partner, Providence Ventures. “As a customer and investor, it’s been great to be part of Kyruus’ growth and we look forward to partnering with them as they continue to pave the way in helping more people in our communities access our care.”

“We’re excited to cap off a momentous year for the company with new funding to support our next phase of growth,“ said Graham Gardner, CEO of Kyruus. “With patient access a growing strategic priority for health systems nationwide, we are now poised to extend both our platform and partner ecosystem to keep our customers ahead of the curve.”

Kyruus is financed by some of the leading venture capital firms, technology companies, and health systems in the US. This includes Venrock, Highland Capital, New Leaf Venture Partners, Leerink Transformation Partners, F-Prime Capital Partners, Fidelity Biosciences, McKesson Ventures, Lux Capital, and Providence Ventures. The company is currently headquartered in the Back Bay area of Boston, but will be moving to a new office in the Seaport area this summer to accommodate growth in its employee base.

About Kyruus

Kyruus delivers proven provider search and scheduling solutions that help hospitals and health systems match patients with the providers best suited to care for them. The ProviderMatch suite of solutions—for consumers, access centers, and referral networks—enables a consistent patient experience across multiple points of access, while aligning provider supply with patient demand. The company’s proprietary provider data management platform forms the foundation of its solutions, powering them with accurate data by coupling data processing with administrative applications. To find out why a Better Match Means Better Care, please visit www.kyruus.com

April 18, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

PatientPay Secures $6M in Growth Capital

Funding to be used for significant 2018 expansion, driving adoption of reliable patient payments for specialty healthcare providers
RALEIGH-DURHAM, NC  (DECEMBER 6, 2017– PatientPay, the leading patient payments partner for specialty care, has secured $6 million in growth capital. The investment will be leveraged for significant company expansion and continued enhancements to its patient payments platform, establishing the patient billing experience as a natural extension to patient care. 
 
Teaghlach Family Office led the round with participation from Esping Family Office and existing investors, including Mosaik Partners, to support PatientPay’s industry focus on providing end-to-end patient payment solutions for anesthesiology, radiology, labs and other specialty medical groups at every point of care. 
 
Driving efficiencies in healthcare is important to lower cost of care and bring about needed change in quality of care. One of the primary areas in which to first engage with patients is to offer them a better understanding of the billing process — ultimately empowering them to feel more in control over their own healthcare experience,” said Lee Wallace, the round’s lead investor with notable healthcare and technology investment experience. As an owner of a hospital, I think PatientPay is the solution we need to engage patients with a simple, easy-to-understand platform that increases the likelihood of payment from the patient to the provider.”
 
A 2017 Black Book study shows that patients have experienced a 29.9 percent increase in both deductible and out-of-pocket maximum costs in the past two years, and expectations are that they will continue to grow. Due to this increase, medical groups now have to consider patient bills a critical form of revenue, which has led to an industry gap in how to communicate effectively with patients in order to collect what they owe without risking patient satisfaction scores. 
 
The most effective patient collections are those that offer flexibility, accuracy and transparency to the patient, as well as a workflow that’s natural for central billing groups,” said Tom Furr, CEO of PatientPay. “We’re grateful for the support of our investors, ensuring our long-term vision of providing specialty care medical groups with a patient payment platform for getting paid quickly and in full.” 
 
PatientPay’s patents and software leverage existing central billing office infrastructure to bill and reconcile payments using existing insurance claims  – ultimately simplifying the entire billing process. This architecture enables PatientPay to match patient bills to their insurance’s explanation of benefits (EOB) and provide flexible payment options, while simultaneously integrating analytics to provide smarter collection strategies. PatientPay’s platform enables its specialty care medical groups visibility into their complete patient payment strategy, starting with eligibility and estimation, and ending with early out call centers. On average, PatientPay increases payments by up to double compared with industry averages.
 
The $6 million funding round brings PatientPay to a total of $18 million in backing since its inception. In 2018, PatientPay expects to grow its employee base by 85 percent, recruiting primarily in software development, sales and operations for its home office. Additionally, the company plans to expand its Raleigh-Durham headquarters by year-end, 2018. 
 
PatientPay continues to execute on its strategic vision in finance and healthcare tech; this along with the tailwinds that are driving more medical groups to demand effective patient payment solutions gives us conviction in their growth opportunity,” said E. Miles Kilburn of Mosaik Partners. 
 
Learn more about how PatientPay drives end-to-end patient payments and, ultimately, value for both patients and specialty care providers at www.patientpay.com.
 
About PatientPay
PatientPay partners with specialty care medical groups to drive patient payments at every step of the visit. As patient financial responsibility grows, specialty services such as labs, radiology and anesthesiology rely on PatientPay to get paid fast and in full. Ultimately PatientPay aims to extend the patient experience with enhanced overall patient satisfaction through matching with EOBs, flexible payment options, and custom communications. www.patientpay.com

December 6, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Prognos, Healthcare AI Company, Raises $20.5 Million Towards Predicting Disease the Earliest

Cigna, GIS Strategic Ventures, Hermed, Hikma Ventures, Maywic, Merck GHI Fund, and Safeguard Scientifics bet on Prognos to revolutionize healthcare by driving earlier decisions that improve patient health and lower costs

NEW YORK, November 30, 2017 — Prognoswww.prognos.ai, an innovator in applying artificial intelligence (AI) to clinical lab diagnostics, has completed a $20.5 million Series C round of financing, bringing the company’s total funding to $42 million. The investors include CignaGIS Strategic Ventures (the venture capital arm of the Guardian Life Insurance Company), Hermed,  Hikma VenturesMaywicMerck Global Health Innovation Fund (GHI), and Safeguard Scientifics. The support validates Prognos’ leadership position in the market as the only healthcare AI company capable of delivering forward-looking and real-time insights based on laboratory and diagnostics records.

Building on Prognos’ seven-year foundation, the Series C financing will help the company meet highly targeted growth goals in the Life Sciences and Payer markets. Prognos’ solutions enable earlier identification of patients who can benefit from enhanced treatment decision-making, risk management, and quality improvement. The company is currently helping 25 Life Sciences brands to find and convert appropriate patients while building a footprint in the payer market.

“For Prognos, Series C is a focused and disciplined effort to build on our success to scale the business as we pursue our mission of predicting disease earlier to drive better outcomes for patients,” said Sundeep Bhan, Cofounder and CEO of Prognos. “We view this round as a vote of confidence from the healthcare giants and global investment firms that understand the space well and believe that Prognos can continue to lead in providing early insights to deliver better patient care and lower costs.”

The new funds will go toward expanding Prognos’ AI capabilities, new markets, and sales and marketing efforts. To date, Prognos has built the largest lab connectivity network in the U.S., processed and analyzed over 13 billion lab records for more than 180 million patients, and developed 1,000+ proprietary machine learning-enabled algorithms across 50 conditions, such as diabetes, asthma, and non-small cell lung cancer, for the lab data management and analysis. Within the last year, Prognos has also bolstered its leadership team with the additions of Chief Operating Officer Lisa Kerber, Chief Commercial Officer Stephen Silvestro and Chief Data Scientist Fernando Schwartz, Ph.D.

“The Life Sciences industry is increasingly structured around biomarkers and smaller populations where early diagnosis and treatment are key for improving outcomes,” said Joe Volpe, Managing Director, Merck GHI Fund. “Healthcare AI and the right kind of big data, such as lab and diagnostics data driving clinical decision-making, can enable us to predict which patients will benefit from a particular therapy. This round continues our investment into Prognos, the AI company that has demonstrated its capability to transform how the Life Sciences industry does business, now and in the future.”

Global health service company Cigna has been working with Prognos to use lab data and analytics to improve health engagement among its Individual and Family Plan customers.

“AI is a game changer in healthcare risk management,” said Craig Cimini, VP Strategy and Business Development at Cigna. “We have seen Prognos’ capabilities first-hand and believe health plans will greatly benefit from integrating real-time lab and diagnostics data intelligence to refine their approaches to risk adjustment, clinical quality, and care management.”

About Prognos

Prognos is a healthcare AI company focused on predicting disease to drive decisions earlier in healthcare in collaboration with payers, Life Sciences and diagnostics companies. The Prognos Registry is the largest source of clinical diagnostics information in 50 disease areas, with over 13B medical records for 180M patients. Prognos has 1000 extensive proprietary and learning clinical algorithms to enable earlier patient identification for enhanced treatment decision-making, risk management and quality improvement. The company is supported by a $42M investment from Safeguard Scientifics, Inc. (NYSE: SFE), Merck Global Health Innovation Fund (GHIF), Cigna (CI), GIS Strategic Ventures, Hikma Ventures, Hermed Capital, and Maywic Select Investments. For more information, visit www.prognos.ai.

November 30, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.