FUTURE OF HEALTHCARE, HEALTHCARE ANALYTICS
Rhythmlink | March 20, 2023
Rhythmlink International, LLC is pleased to announce an exciting new investment partnership with Graham Partners, a Pennsylvania-based private equity firm that specializes in industrial technology and advanced manufacturing businesses.
As a market leading designer and manufacturer of disposable neurodiagnostic devices and consumables, Rhythmlink has experienced significant growth since its founding in 2002, and this investment from Graham will ensure that growth continues along with the innovation and quality that Rhythmlink is known for. The investment was completed on March 15, 2023.
“We’re excited about this next phase of Rhythmlink,” said Shawn Regan, CEO and Co-Founder. “Graham is an excellent partner for us because of their experience in medical technology and healthcare, and we see this as a growth opportunity for us to continue to innovate beyond our current capabilities,” said Regan. “I’m extremely proud of how far we’ve come, and this is a chance for Rhythmlink to expand our business without sacrificing what matters to us – improving patient care in our field of neurodiagnostics.”
This new relationship with Graham follows Rhythmlink’s extremely successful partnership with New Heritage Capital, a Boston-based private equity firm that invested in Rhythmlink in 2019. Under partnership with New Heritage Rhythmlink grew rapidly, acquired Chalgren Enterprises and expanded their existing product line to include EMG and NCV diagnostic consumable devices. Joe Straczek, COO and CFO for Rhythmlink, spoke on the success of this relationship.
“Our partnership with New Heritage was extremely beneficial,” said Straczek. “With their support, both financially and strategically, we were able to realize significant growth, particularly with the acquisition of Chalgren. We are immensely grateful for their partnership and guidance over the last four years.”
Rhythmlink sells a full line of consumable neurodiagnostic devices for Critical Care, electroencephalography, intraoperative neuromonitoring, the ER and ICU, and long-term epilepsy monitoring.
Rhythmlink International is a medical device manufacturing company specializing in devices that help connect patients to machines to record or elicit physiologic information. Rhythmlink designs, manufactures and distributes a variety of medical devices for intraoperative neuromonitoring, electroencephalography, evoked potentials, polysomnography, long-term monitoring epilepsy and critical care units. Founded by neurodiagnostic technologists and engineers in 2002, Rhythmlink enhances patient care worldwide by transforming medical device technology that links patients to equipment. Rhythmlink also offers custom packaging, custom products, private labeling and contract manufacturing services.
About Graham Partners
Graham Partners is a private investment firm focused on investing in technology-driven companies that are spurring innovation in advanced manufacturing, resulting in product substitutions, raw materials conversions, and disruptions to traditional end markets. Graham Partners can offer control or minority capital solutions and typically targets companies with EBITDA up to $50 million. Since the firm's founding in 1988 by Steven Graham, Graham Partners has closed over 150 acquisitions, joint ventures, financings, and divestitures. The committed capital raised since inception through the Graham Partners funds together with Graham-led co-investments totals approximately $4.0 billion as of December 31, 2022, which differs from Graham’s Regulatory Assets Under Management of approximately $2.2 billion as of December 31, 2022. Investors include high-net-worth individuals, college and university endowments, foundations, public and private pension plans, funds-of-funds, and other institutional investors. Based in suburban Philadelphia, the firm has access to extensive operating resources and industrial expertise and is a member of The Graham Group, an alliance of independent operating Graham Partners Inc. businesses, investment firms and philanthropic entities, which all share in the common legacy of entrepreneur Donald Graham.
DIGITAL HEALTHCARE, HEALTHCARE ANALYTICS
PointClickCare | March 17, 2023
PointClickCare Technologies, a leading healthcare technology platform enabling meaningful collaboration and access to real‐time insights at every stage of the patient healthcare journey, today announced the acquisition of Patient Pattern. The combination of PointClickCare and Patient Pattern will further the companies' shared vision of enabling better care and outcomes for high-needs populations and provide care teams with the solutions they need to successfully operate at the top of their license.
The shift to value-based care continues to accelerate each year, especially as providers are increasingly taking on more risk. According to a recent McKinsey and Company study, the number of patients treated within the value-based care landscape could roughly double in the next five years. Institutional Special Needs Plans (I-SNPs), demonstrate the enormous potential of aligned value-based care models.
“Senior care providers need support as they navigate new models of care and ultimately take on more risk-bearing responsibilities, inclusive of technology that helps them deliver exceptional care, particularly to high-needs populations,” said Travis Palmquist, Senior Vice President and General Manager of Senior Care at PointClickCare. “As our customers continue to embrace value-based care and see the success of this model, we are excited to deploy Patient Pattern’s care management platform. Care models will continue to evolve, and this strategic investment is another example of our commitment to helping our customers thrive in this evolving market, specifically, the opportunity to succeed with this shift to risk.”
Since its inception, PointClickCare has invested in innovation across the care continuum to close gaps in healthcare delivery through its rich and expansive insights. PointClickCare and Patient Pattern’s combined offerings provide a mechanism to adopt and succeed in risk-bearing arrangements without having to use multiple fragmented solutions. Through this acquisition, PointClickCare will further enable providers to take a comprehensive approach to frailty, ultimately providing better overall care planning.
“Over the past ten years, we’ve worked hard to integrate a care management philosophy and capabilities directly into our EHR,” said Dr. Steven Buslovich, co-founder and Chief Executive Officer at Patient Pattern. “We’re thrilled to join forces with PointClickCare as we march toward our collective goal of helping clinicians better predict and document risk, close care gaps, and improve patient outcomes. The marriage of an integrated care management platform with population health data will prove to be a major differentiator for us.”
Goodwin Procter LLP served as legal advisor and PricewaterhouseCoopers LLP served as tax and accounting advisor to PointClickCare. Nemphos Braue LLC served as legal advisor to Patient Pattern. Terms of the transaction were not disclosed.
PointClickCare is a leading healthcare technology platform enabling meaningful collaboration and access to real‐time insights at every stage of the patient healthcare journey. More than 27,000 long‐term and post‐acute care providers, over 2,800 hospitals and 2,000 ambulatory clinics, every major U.S. health plan across the U.S, and over 75 state and government agencies use PointClickCare, enabling care collaboration and value‐based care delivery for millions across North America.
HEALTH TECHNOLOGY, DIGITAL HEALTHCARE
Avaneer Health | March 15, 2023
Avaneer Health, a trusted and secure digital network catering to the healthcare sector, recently announced that it has initiated its private, peer-to-peer network with various distinguished healthcare organizations.
By utilizing a single connection to Avaneer Network, all stakeholders can efficiently collaborate and exchange real-time data, resulting in a seamless healthcare administration process and an improved healthcare experience for all parties involved.
The healthcare industry has long been grappling with the issues of fragmented data silos, complex point-to-point connections, technology debt, incomplete information, and manual processes. Addressing these challenges, Avaneer Network has designed a secure healthcare data fabric to streamline the healthcare ecosystem. As the first-of-its-kind peer-to-peer network that caters exclusively to healthcare, it fosters connectivity among payers, providers, and innovators to enhance care delivery, optimize costs as well as improve outcomes.
Avaneer Health network streamlines the revenue cycle and reduces costs while enhancing data security and protection. Moreover, it encourages innovation and collaboration, providing an ideal platform for all stakeholders to collaborate and work toward transforming the healthcare landscape.
Avaneer Network will soon include a real-time adjudication application that will significantly accelerate the process and accuracy of submitting and adjudicating healthcare claims. This development is expected to provide a streamlined and efficient workflow, which will ultimately benefit all stakeholders involved in the healthcare industry.
About Avaneer Health
Avaneer Health is a secure digital network and platform that simplifies healthcare administration by connecting, collaborating, and providing real-time data access. Its decentralized network provides healthcare data transparency and interoperability through innovative technologies. The company collaborates with industry stakeholders and technology vendors to launch solutions that streamline administrative operations and improve healthcare.