Louisville, Kentucky-based Appriss Health announced today that it has entered into a definitive agreement to acquire the Boston-based care-coordination platform PatientPing.
Appriss Health did not disclose the terms of the transaction, but the deal values PatientPing at approximately $500 million, people familiar with the transaction shared with PE Hub.
The companies expect the deal to close in the second quarter of 2021, subject to customary closing conditions.
WHY THIS MATTERS
Both companies operate care coordination platforms that utilize data and analytics to help providers manage their patients.
Appriss Health has a range of tools aimed at identifying and mitigating substance use disorders. Among its solutions are:
- NarxCare, which assesses patient risk scores for misusing drugs and provides supportive resources.
- MethCheck, which helps pharmacies track methamphetamine precursor transactions.
- OpenBeds, which streamlines real-time behavioral health treatment referrals and acceptances.
The company’s software currently connects nearly one million healthcare professionals across 500 software solutions, during more than one billion patient encounters each year, Appriss Health said.
PatientPing coordinates patient care by giving a notification to providers when a patient receives care at another institution. The platform also shares relevant patient history information at the point-of-care, creates channels for referrals and uses data to identify performance trends.
Its network connects over 1,250 hospitals, 7,000 post-acute care facilities, and hundreds of other providers such as Federally Qualified Health Centers, social and human service agencies, urgent care and behavioral health organizations.
The combined Appriss Health and PatientPing platform will serve 2,500 hospitals; 7,500 post-acute facilities; 25,000 pharmacies, including every national pharmacy chain; and 43 state governments, according to the announcement.
Adding PatientPing’s offerings will also diversify the services currently available from Appriss Health.
Together, the companies will continue to work to deliver software and analytical tools to healthcare stakeholders with a mission to create a more collaborative system that yields better patient outcomes at a lower cost.
THE LARGER TREND
Appriss Health’s OpenBeds platform was deployed in Ohio last November to give clinicians a real-time view of where there are psychiatric care bed openings.
Also last year, PatientPing raised $60 million in Series C funding to propel the expansion of its care-coordination app. Including this funding, the company has raised more than $100 million in venture funds.
Fellow coordinated-care platform Collective Medical was scooped up at the end of last year by PointClickCare Technologies. Together the two companies provide healthcare teams across the acute, ambulatory and post-acute care settings with access to real-time patient data at any stage of a patient’s healthcare journey.
ON THE RECORD
“This combination is transformational for patient care,” PatientPing CEO Jay Desai said in a statement. “PatientPing’s mission since its founding has been to connect providers to seamlessly coordinate and significantly improve patient outcomes while lowering the cost of care.
"Our combined networks will connect providers across all care settings so they can work together better to improve clinical episodes and care transitions for the millions of patients that interact with the nation's healthcare providers.”