Botco.ai's Co-Founder & Executive Chairman, Anu Shukla says, 'Instant' is the new mantra

Media 7 | November 15, 2021

Anu Shukla, Co- Founder & Executive Chairman at Botco.ai explores the latest features on Botco.ai 2.0 and how it helps marketers in health and wellness verticals make more personalized, analytical and actionable insight-driven campaigns. Read on to find out about the biggest challenges in the current COVID-19 influenced product marketing landscape.

The millennial and other customer segments have no patience for long hold times, pointing and clicking through endless web pages and trying to read long manuals or 100s of FAQs.

MEDIA 7: Could you please take us through your 20 years of high-tech industry experience?
ANU SHUKLA:
I began my career as a marketing manager in a passive electronic components firm in Silicon Valley. After that, I worked in several software companies as the VP of marketing and Products and all of them went public or were acquired. I felt like I was ready to take the leap to my own venture and I started a company called Rubric which was an early pioneer in marketing automation software and was acquired within 18 months for about $400 million! Some of the features that are now standard fare in a marketer’s toolbox were invented by us like lead nurturing, close loop marketing, and email drip campaigns. After that, I started several companies in AdTech, MarTech, and payments/loyalty. My 3 exits include Rubric, MyBuys, and Tapjoy, for over a billion dollars in enterprise value. I am currently an Angel investor, a venture partner with elevate.vc – supporting underrepresented black, LatinX, and female founders and also co-founded and the executive Chair of Botco.ai. This is our new entrée into marketing automation applying AI and conversational marketing techniques to enhance outcomes for our enterprise health and wellness customers. Other details about my journey can be found here : https://www.linkedin.com/in/anushukla/


M7: Botco.ai has partnered with STChealth. What does this partnership offer new to the table for your clients and customers?
AS:
STC Health is a customer of ours – they provide mass immunization records and have partnerships with all the states. They use our AI chat platform to answer thousands of queries and requests for immunization records from consumers, schools etc. Our platform enables them to provide a valuable service for the general health and safety of the country.

Read More: Khronos Founder Daniel Englebretson predicts the rise of AI to result in consumers expecting more tailored experiences 


Ecommerce has become even bigger, remote work is a necessity, and virtual collaboration is needed.



M7: What is new in Botco.ai’s conversational chat platform Version 2.0?
AS:
Botco.ai 2.0 is rich in features and functionality that are needed for marketing applications in health and wellness verticals. They can be divided into 3 pillars of personalization, AI/NLP and actionable insights, and analytics dashboard. Unlike the do it yourself chatbots, Botco.ai has functionality geared for marketing applications – such as referral code tracking that can initiate a chat knowing which ad campaign or banner you are coming from, our new AI algorithms can analyze a vast amount of texts and create the questions and answers base from it in hours not weeks, as well as new sentiment analysis that can make the bot aware of negative or other sentiments in the responses. And last but not the least, our dashboard can analyze the conversations occurring and present insights such as what product or feature is being requested, what times of day, and what this means in context. Finally, we are always bringing out new integrations with EHR, CRM systems, and other useful and strategic products such as VerifyTx that allow for verification of insurance benefits from a chat interface on a website.


M7: What do you see as the most noticeable change right now happening in the workforce, encouraged by the rise of digital technologies?
AS:
The rise of digital technologies combined with the effects of the pandemic have accelerated the adoption of virtual and digital technologies in industries that have been slow adopters like healthcare. Ecommerce has become even bigger, remote work is a necessity, and virtual collaboration is needed. Botco.ai strives to provide a platform to enable the leap to a digital, virtual world – I guess we could call ourselves a good citizen of the evolving health and wellness metaverse!

Read More: 'I believe in servant leadership,' says Don White, CEO and Co-founder at Satisfi Labs


The rise of digital technologies combined with the effects of the pandemic have accelerated the adoption of virtual and digital technologies in industries that have been slow adopters like healthcare.



M7: What do you believe are the top three product marketing challenges in the post COVID-19 era?
AS:
We live in an on-demand world where “instant” is the new mantra. The millennial and other customer segments have no patience for long hold times, pointing and clicking through endless web pages and trying to read long manuals or 100s of FAQs. The top challenge for marketers is to engage with customers in a meaningful, frictionless way and get them the precise information they are looking for before they jump to another site in about 57 seconds ( studies show). AI/chat is one of the best ways to do that through intelligently layered conversational interfaces over static web pages. The second challenge is to make sense of vast amounts of data that the systems are churning out in an actionable way, and finally to do this in a world where remote and virtual is the new normal and budgets have probably been flat.


M7: What is your advice to young women entrepreneurs of today?
AS:
I would encourage young women to really know and be passionate about the ventures they pursue, to prepare and do the research, to network and build a stable of mentors and funders, and to take the leap without fear of failure because you will learn and build on the failures.

ABOUT BOTCO.AI

Botco.ai is a conversational marketing platform enabling meaningful and intelligent conversations between businesses and their customers. Botco.ai is a HIPAA-compliant platform enabling meaningful and intelligent conversations between providers and consumers. Botco.ai is a fully-automated, AI-powered marketing chat solution that can be implemented at scale. The company offers industry-leading authoring, webchat, and AI machine-learning capabilities to quickly and effectively convert more customers. Botco.ai’s Integrated Analytics Dashboard provides a comprehensive view of chat campaigns across multiple channels such as web and Facebook Messenger. The API-based interface can be used to transfer leads, transcripts, and data into enterprise sales and marketing automation products like Salesforce, Hubspot, Adobe Marketing Cloud, and Zoho. For more information, visit Botco.ai.

More THOUGHT LEADERS

Q&A with Fredrik Sundberg, Global Director Strategic Customer Relations at Cytiva

Media 7 | September 17, 2021

Fredrik Sundberg, Global Director Strategic Customer Relations at Cytiva, is responsible for working with the pharmaceutical industry to improve current workflows with innovative bioanalytical solutions. He also advises on R&D projects and business development activities. Fredrik is the author of several publications on drug discovery and biosimilar strategies. He is also a member of an EMEA Pharmaceutical Industry Expert Panel, and he lectures and discusses regulatory issues with government officials and health authorities....

Read More

Q&A with Cecil Nick, Vice President at Parexel

Media 7 | August 2, 2021

Cecil Nick, Vice President (Biotechnology) at Parexel, is a biochemistry graduate and regulatory professional with over 30 years experience specializing in the clinical development of biological and biotech products. He has supported 7 biosimilar marketing approvals and has over 80 biosimilar Agency interactions in EU, US, Canada and RoW. He offers extensive expertise to clients with respect to biosimilars, comparabilty, clinical development, orphan drugs and training. He is a fellow of TOPRA and has been a guest lecture at Cardiff University for MSc in Clinical Research, and Greenwich University for MSc in Pharmaceutical Sciences, courses and Biotech Module leader for the TOPRA MSc course. He was on the editorial panel of SCRIP Clinical Research and has over 30 publications to his name....

Read More

Q&A with Craig Misrach, President and Board Member at UpLyft

Media 7 | December 8, 2020

Craig Misrach, President and Board Member at UpLyft joined the organization in 2018, spearheading the company's product launch and commercialization efforts. He began his career at Deloitte where he audited various lower middle-market businesses as a Senior Accountant. Maintaining an active Certified Public Accountant (CPA) license, Mr. Misrach serves on the Board of Directors of Aculief and the Jewish Community Foundation, San Diego. MEDIA 7: Could you tell us about your career journey from Deloitte to UpLyft? CRAIG MISRACH: I started my career at Deloitte as a public accountant and auditor just trying to get the work experience necessary to obtain my CPA license in the State of California. Little did I know how working in janitor closets at client’s office locations whereby doing your job entailed asking questions and information requests from people who didn’t want to talk to you could build so much character! I left Deloitte to join my client Silvergate Bank where I was the Controller in charge of managing ~$500M in assets at the age of 25. Not only did I gain management responsibility at Silvergate overseeing and working with a staff of 9 individuals, but I also was able to observe first-hand what it was like working in a fast-paced growing entrepreneurial culture as we grew from ~20 to ~70 employees in a short two year period. I decided to go obtain my MBA at the University of Virginia to round out my skill sets and start a new business from the ground up. This was not a traditional path to do so at the time as most graduate students would go get their MBA from a top-tier program to become an investment banker, management consultant, or marketing manager at a Fortune 500 company. I knew from the time early in my career, and in watching my father start his own real estate business growing up in Ohio, that with hard work and perseverance I could start a successful business from the ground up. I started my first venture, Freedom Meditech, by way of learning about the diabetes field in my MBA program and researching the reasons why it was still status quo (not just in 2006 but also still today 15 years later) for people with diabetes to be pricking their finger to determine their blood glucose information. I thought that was so archaic and not fair to such individuals when there was better technology available (subject to FDA compliance) to obtain this information non-invasively. I spent 8+ years as the Founding CEO of Freedom Meditech, where under my leadership, we became the 1st company in the world to obtain FDA clearance for a non-invasive diabetes diagnostic test. The test worked by shining light in a person’s eye for 6 seconds. It was truly revolutionary and the FDA clearance we obtained (the first in the world – we estimated $1B of venture capital went into failed attempts of companies to obtain this FDA clearance and commercialize) was likely one the proudest moments in my career because it was a team effort and a culmination of hard work, numerous late nights, and extremely tough decisions along the way of reducing to practice a prototype, conducting clinical studies, analyzing data, and performing this process all over again several times to support our FDA submission. We built an entire sales organization, international distribution network, sold millions of dollars of product around the world, and then eventually sold the business to Sinocare LTD in China. Our product (ClearPath DS-120) is still used to this day to early detect diabetes and pre-diabetes in patients by clinicians all over the world. The past 5 years I have spent “giving back” to entrepreneurs and the community by way of participating on Boards of Directors and mentoring aspiring entrepreneurs. This includes positions I have held as a board member on Aculief (sold – June 2020), as a Business/Finance mentor for the San Diego Sports Innovation network, and as a Board Member for the Jewish Community Foundation in San Diego. I was introduced to UpLyft and our Founder in 2018. I was skeptical at first of the product mostly because I was not familiar with the field and I did not have a frame of reference for how “unique” UpLyft was or the value proposition it embodied. With an investor mentality, I performed due diligence on the durable medical equipment (DME) landscape, other “lifts” on the market for transferring individuals from bedside to wheelchair, and the size of the market opportunity in the US and around the world. Additionally, I had the benefit of being introduced to the company by my contract manufacturer at my last venture (who was slated to be the contract manufacturer for UpLyft), and that helped gain the confidence that we could manufacture UpLyft with impeccable quality, reasonable cost basis, and in a reasonable timeline. I then signed on to be UpLyft’s President and CEO and since that time we have raised capital, performed extensive customer validation (both for the direct to consumer home market and the for the institutional healthcare facility marketplace), accepted pre-orders from customers, and now are staging the business and technology for mass manufacturing in an FDA-compliant manner. M7:  UpLyft is the world’s first Self Transfer System from bed to wheelchair for people with limited mobility. What are the challenges you faced to launch a high-tech innovation like this? CM: Just like any pre-revenue medical device venture, capitalization is key, and you need to kiss a lot of frogs to obtain the capital necessary to invest in manufacturing so you can mass scale your product. Some refer to this as the valley of death. Initially, we were getting lots of questions on customer validation. Things like “the data suggests this will be a huge success, but we have no proof that customers will be this.” Accordingly, we embarked on several initiatives including: 1. Circulation of surveys to potential customers (and family members, caregivers, and healthcare facility workers) to ascertain what was most important from a product feature, utility, and pricing perspective. Check out our B2B Healthcare Facilities for Nurses/Caregivers. 2. Providing in-person demonstrations where we captured testimonials of use and purchase interest. 3. Creating video content of UpLyft in use (seeing is believing). 4. After securing some angel capital that we could devote to efforts outside of R&D prototype creation and patent filing costs, we were able to establish a digital footprint in 2020 (website, order taking capability, e-mail outreach, social media utility, and engagement) whereby actual customer interest could be measured via open pre-order commitments. With this customer validation now in hand, we believe we can be successful in obtaining the necessary capital (and reducing financing risk) to commence manufacturing and finally provide our pre-order customers and other potential customers a delivery date certain so they have the confidence to place a deposit with us and manufacture and deliver products to them. ...

Read More

Q&A with Fredrik Sundberg, Global Director Strategic Customer Relations at Cytiva

Media 7 | September 17, 2021

Fredrik Sundberg, Global Director Strategic Customer Relations at Cytiva, is responsible for working with the pharmaceutical industry to improve current workflows with innovative bioanalytical solutions. He also advises on R&D projects and business development activities. Fredrik is the author of several publications on drug discovery and biosimilar strategies. He is also a member of an EMEA Pharmaceutical Industry Expert Panel, and he lectures and discusses regulatory issues with government officials and health authorities....

Read More

Q&A with Cecil Nick, Vice President at Parexel

Media 7 | August 2, 2021

Cecil Nick, Vice President (Biotechnology) at Parexel, is a biochemistry graduate and regulatory professional with over 30 years experience specializing in the clinical development of biological and biotech products. He has supported 7 biosimilar marketing approvals and has over 80 biosimilar Agency interactions in EU, US, Canada and RoW. He offers extensive expertise to clients with respect to biosimilars, comparabilty, clinical development, orphan drugs and training. He is a fellow of TOPRA and has been a guest lecture at Cardiff University for MSc in Clinical Research, and Greenwich University for MSc in Pharmaceutical Sciences, courses and Biotech Module leader for the TOPRA MSc course. He was on the editorial panel of SCRIP Clinical Research and has over 30 publications to his name....

Read More

Q&A with Craig Misrach, President and Board Member at UpLyft

Media 7 | December 8, 2020

Craig Misrach, President and Board Member at UpLyft joined the organization in 2018, spearheading the company's product launch and commercialization efforts. He began his career at Deloitte where he audited various lower middle-market businesses as a Senior Accountant. Maintaining an active Certified Public Accountant (CPA) license, Mr. Misrach serves on the Board of Directors of Aculief and the Jewish Community Foundation, San Diego. MEDIA 7: Could you tell us about your career journey from Deloitte to UpLyft? CRAIG MISRACH: I started my career at Deloitte as a public accountant and auditor just trying to get the work experience necessary to obtain my CPA license in the State of California. Little did I know how working in janitor closets at client’s office locations whereby doing your job entailed asking questions and information requests from people who didn’t want to talk to you could build so much character! I left Deloitte to join my client Silvergate Bank where I was the Controller in charge of managing ~$500M in assets at the age of 25. Not only did I gain management responsibility at Silvergate overseeing and working with a staff of 9 individuals, but I also was able to observe first-hand what it was like working in a fast-paced growing entrepreneurial culture as we grew from ~20 to ~70 employees in a short two year period. I decided to go obtain my MBA at the University of Virginia to round out my skill sets and start a new business from the ground up. This was not a traditional path to do so at the time as most graduate students would go get their MBA from a top-tier program to become an investment banker, management consultant, or marketing manager at a Fortune 500 company. I knew from the time early in my career, and in watching my father start his own real estate business growing up in Ohio, that with hard work and perseverance I could start a successful business from the ground up. I started my first venture, Freedom Meditech, by way of learning about the diabetes field in my MBA program and researching the reasons why it was still status quo (not just in 2006 but also still today 15 years later) for people with diabetes to be pricking their finger to determine their blood glucose information. I thought that was so archaic and not fair to such individuals when there was better technology available (subject to FDA compliance) to obtain this information non-invasively. I spent 8+ years as the Founding CEO of Freedom Meditech, where under my leadership, we became the 1st company in the world to obtain FDA clearance for a non-invasive diabetes diagnostic test. The test worked by shining light in a person’s eye for 6 seconds. It was truly revolutionary and the FDA clearance we obtained (the first in the world – we estimated $1B of venture capital went into failed attempts of companies to obtain this FDA clearance and commercialize) was likely one the proudest moments in my career because it was a team effort and a culmination of hard work, numerous late nights, and extremely tough decisions along the way of reducing to practice a prototype, conducting clinical studies, analyzing data, and performing this process all over again several times to support our FDA submission. We built an entire sales organization, international distribution network, sold millions of dollars of product around the world, and then eventually sold the business to Sinocare LTD in China. Our product (ClearPath DS-120) is still used to this day to early detect diabetes and pre-diabetes in patients by clinicians all over the world. The past 5 years I have spent “giving back” to entrepreneurs and the community by way of participating on Boards of Directors and mentoring aspiring entrepreneurs. This includes positions I have held as a board member on Aculief (sold – June 2020), as a Business/Finance mentor for the San Diego Sports Innovation network, and as a Board Member for the Jewish Community Foundation in San Diego. I was introduced to UpLyft and our Founder in 2018. I was skeptical at first of the product mostly because I was not familiar with the field and I did not have a frame of reference for how “unique” UpLyft was or the value proposition it embodied. With an investor mentality, I performed due diligence on the durable medical equipment (DME) landscape, other “lifts” on the market for transferring individuals from bedside to wheelchair, and the size of the market opportunity in the US and around the world. Additionally, I had the benefit of being introduced to the company by my contract manufacturer at my last venture (who was slated to be the contract manufacturer for UpLyft), and that helped gain the confidence that we could manufacture UpLyft with impeccable quality, reasonable cost basis, and in a reasonable timeline. I then signed on to be UpLyft’s President and CEO and since that time we have raised capital, performed extensive customer validation (both for the direct to consumer home market and the for the institutional healthcare facility marketplace), accepted pre-orders from customers, and now are staging the business and technology for mass manufacturing in an FDA-compliant manner. M7:  UpLyft is the world’s first Self Transfer System from bed to wheelchair for people with limited mobility. What are the challenges you faced to launch a high-tech innovation like this? CM: Just like any pre-revenue medical device venture, capitalization is key, and you need to kiss a lot of frogs to obtain the capital necessary to invest in manufacturing so you can mass scale your product. Some refer to this as the valley of death. Initially, we were getting lots of questions on customer validation. Things like “the data suggests this will be a huge success, but we have no proof that customers will be this.” Accordingly, we embarked on several initiatives including: 1. Circulation of surveys to potential customers (and family members, caregivers, and healthcare facility workers) to ascertain what was most important from a product feature, utility, and pricing perspective. Check out our B2B Healthcare Facilities for Nurses/Caregivers. 2. Providing in-person demonstrations where we captured testimonials of use and purchase interest. 3. Creating video content of UpLyft in use (seeing is believing). 4. After securing some angel capital that we could devote to efforts outside of R&D prototype creation and patent filing costs, we were able to establish a digital footprint in 2020 (website, order taking capability, e-mail outreach, social media utility, and engagement) whereby actual customer interest could be measured via open pre-order commitments. With this customer validation now in hand, we believe we can be successful in obtaining the necessary capital (and reducing financing risk) to commence manufacturing and finally provide our pre-order customers and other potential customers a delivery date certain so they have the confidence to place a deposit with us and manufacture and deliver products to them. ...

Read More

Related News

HEALTH TECHNOLOGY

UPS to Acquire Multinational Healthcare Logistics Provider Bomi Group

UPS | August 08, 2022

UPS announced plans to acquire Bomi Group, an industry-leading multinational healthcare logistics provider. The transaction will add temperature-controlled facilities in 14 countries and nearly 3,000 highly-skilled Bomi Group team members to the UPS Healthcare network in Europe and Latin America. “As a leading global healthcare logistics company, Bomi enhances our portfolio of services and accelerates our journey to become the number one provider of complex healthcare logistics. UPS Healthcare and Bomi Group employees share similar values and our cultures are firmly rooted in a relentless focus on quality. The combination of our two teams will significantly improve our healthcare customers’ ability to continue to develop and deliver life-saving innovations.” EVP and President of UPS International, Healthcare and Supply Chain Solutions Kate Gutmann Since 1985, Bomi Group has provided high value-added services for the Medtech and Pharma sectors with a customized and tailored approach. It is a quality-focused company devoted to healthcare that has built solid and long-lasting business relationships with more than 150 multinational customers worldwide. Key Bomi Group leaders, including CEO Marco Ruini, will continue in their roles to provide seamless service to Bomi Group customers after the transaction closes. Bomi Group’s employees will also continue to play vital roles in the combined organization. “With over 35 years in the healthcare logistics industry, our team has developed best-in-class services designed to meet and exceed the needs of our medical technology and pharmaceutical customers,” said Ruini. “Joining the UPS team will expand those capabilities and create an even more integrated and powerful global network for our customers.” The acquisition will add more than 350 temperature-controlled vehicles and four million square feet to the UPS Healthcare global footprint, offering customers access to faster shipping times, greater production flexibility, and offerings to help them attract new business. The acquisition will play a key role in the delivery of next-generation pharmaceutical and biologic treatments that increasingly require time-critical and temperature-sensitive logistics. “We are focused on building healthcare logistics capabilities and services that allow our customers to deliver the newest healthcare innovations,” said UPS Healthcare President Wes Wheeler. “We are excited to combine Bomi’s talent, expertise and capabilities with UPS Healthcare – together, we will provide unmatched solutions to our customers, powered by UPS’s integrated, global smart logistics network.” The acquisition of Bomi is part of UPS Healthcare’s continued expansion of its network and services to meet growing demand – including Bomi, UPS Healthcare has doubled its global footprint since 2020. Recent expansions include newly constructed and soon-to-be-opened dedicated state-of-the-art healthcare logistics facilities in Germany and Australia, and expanded campuses in Hungary and the Netherlands. UPS Healthcare also recently enhanced UPS Premier, a technology-led service that can prioritize and track critical shipments within 10 feet of their location anywhere in UPS’s global network. UPS Premier brings worldwide visibility, control, reliability and product recovery capabilities to UPS Healthcare customers. These expansions and new services meet the complex and varied needs of UPS Healthcare’s customers, helping them turn logistics into a competitive advantage. The transaction is expected to close by the end of the year, subject to customary regulatory review and approval. The value and terms of the transaction are not being disclosed at this time. J.P. Morgan Securities LLC served as the financial advisor to UPS. About UPS UPS is one of the world’s largest companies, with 2021 revenue of $97.3 billion, and provides a broad range of integrated logistics solutions for customers in more than 220 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s more than 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equity and inclusion. About UPS Healthcare UPS Healthcare delivers unparalleled healthcare logistics expertise to its customers around the world. UPS Healthcare has 11+ million square feet of cGMP and GDP-compliant healthcare distribution space globally. Services include inventory management, cold chain packaging and shipping, storage and fulfillment of medical devices, and lab and clinical trial logistics. UPS Healthcare's global infrastructure, its UPS® Premier visibility service, its track and trace technology, and its global quality system are well-suited to meet today's complex logistics demands for the pharmaceutical, medical device, and laboratory diagnostic industries. About Bomi Group BOMI GROUP is a leading Italian multinational company in the field of integrated logistics serving the Healthcare sector. Bomi is the logistics partner of more than 150 customers worldwide, including major players in the medical device, in vitro diagnostics, biomedical and pharmaceutical sectors. The Group is present through its subsidiaries and affiliates in 14 countries worldwide, with a particular focus on Europe and South America, employs over 3,000 people and has its own fleet of vehicles for daily deliveries to hospitals, clinics, laboratories, pharmacies and home patients.

Read More

HEALTH TECHNOLOGY

Conformis Announces New Agreement with Vizient for Personalized Orthopedic Implants

Conformis, Inc. | August 02, 2022

Conformis, Inc. a leading medical device company that features personalized knee and hip replacement products, announced it has entered into a multi-year agreement with Vizient, Inc., the nation's largest member-driven health care performance improvement company. “We are excited to offer personalized orthopedic implants to Vizient’s large membership of healthcare facilities through this contract. As more orthopedic patients and surgeons seek personalized solutions, increased awareness and ease of access to our product portfolio is more important than ever. The Vizient agreement connects us to a significant number of providers, many of which have limited access and awareness of our products and our new Platinum Services Program,” Mark Augusti, Chief Executive Officer and President of Conformis The agreement gives increased access to the entire Conformis knee and hip portfolio to Vizient’s membership base, which is comprised of academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers, and includes Identity Imprint™, a personalized knee replacement system; Image-to-Implant® Platinum Services Program, a patient-elected deluxe upgrade option to obtain a fully personalized knee replacement implant; and, Cordera™ Match Hip System, a personalized primary hip replacement solution. Conformis implants improve efficiency and reduce overall costs for medical facilities. Researchers at the University of Washington in Seattle found that fully personalized total knee arthroplasty is cost-effective in comparison to a standard, off-the-shelf implant. Ongoing research suggests that fully personalized implants further reduce total costs to the healthcare system because patients recover more quickly and are less likely to require follow-up corrective surgeries. About Conformis, Inc. Founded in 2004, Conformis is a medical technology company focused on advancing orthopedic patient care and creating a world without joint pain. Its product portfolio is designed to maximize surgeon and patient choice by offering fully personalized solutions through its Image-to-Implant® Platinum Services℠ Program as well as data-informed, standardized solutions that combine many benefits of personalization with the convenience and flexibility of an off-the-shelf system. Conformis’ sterile, just-in-time, Surgery-in-a-Box™ delivery system is available with all of its implants and personalized, single-use instruments. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.

Read More

HEALTH TECHNOLOGY

Performant Capital Creates Platform Delivering Managed Technology Services and Revenue Cycle Management to the Healthcare Industry

Performant Capital | August 01, 2022

Performant Capital announced that it has formed Provider Technology, LLC through the acquisitions of DavLong Business Solutions LLC and its affiliate Administrative Advantage LLC and On Demand Solutions Inc. Provider Technology is a leading technology provider of outsourced software and IT services, revenue cycle management (“RCM”) and back-office business support primarily to physician practices and health systems. The businesses will continue to operate independently under their respective brands but share best practices across all functional areas. Performant, investing out of Fund I, closed the DBS and ODS transactions simultaneously in June. The Private Credit business within Goldman Sachs Asset Management provided first lien debt and an equity co-investment to support the acquisitions. “The team at Goldman Sachs has been invaluable as we executed this platform investment. We look forward to meaningfully accelerating the growth of the business given the scale enabled by Goldman’s partnership.” Mike Ciaglia, Partner at Performant Founded in 1983 and headquartered in Savannah, GA, DBS provides turnkey IT solutions for physician practices by fully hosting, maintaining, and supporting all software needs for the medical office, from cloud hosting to cybersecurity. DBS combines its proprietary suite of software offerings with leading third-party solutions to provide medical practices with a fully integrated electronic health record and practice management system from a single vendor. In addition to its best-in-class software offering, DBS also provides complete RCM services designed to manage and optimize the entire collections process for practices. Across both primary functional areas, the company leverages technology, analytics, and the expertise of its skilled teams to improve operational and financial performance for customers. Founded in 2007 and headquartered in Boise, ID, ODS provides practice management software, RCM, staffing support and business advisory services to healthcare service providers and organizations. Its solutions improve business operational efficiency, reduce administrative costs, and assure managerial control so clients can stay focused on providing quality patient care. The combination of DBS, AA, and ODS creates a national back-office and healthcare technology platform servicing more than 3,000 medical providers across the U.S and across medical specialties – developing best-in-class offerings and technology for specific specialties, such as Ophthalmology, EMS and Hospitalist providers. “These businesses are highly complementary acquisitions that together provide enhanced technology capabilities and support services with broader geographic presence to better meet the needs of clients and improve their financial outcomes,” said Chris McLaughlin, Partner at Performant Capital. “Both businesses have a reputation of providing superior customer support as value-added partners to physicians and health organizations. Customers value our company as more than just a service provider, but extensions of their core teams. With an expanded presence and enhanced capabilities to drive further value for clients, we’re excited about the future of the combined business under Provider Technology.” Provider Technology continues to look for best-in-class revenue cycle management and managed service provider software businesses to healthcare customers that would expand its geographic footprint and service capabilities. If you have an opportunity that might be an add-on acquisition candidate for Provider Technology, please contact Mike Ciaglia. About Performant Capital Performant Capital is a Chicago-based, lower middle market private equity firm focused on investments in technology-driven companies. Performant acquires businesses across SaaS, technology-enabled services, and data intelligence products and services. With over 50 years of collective investing and operating experience in these sectors, Performant’s principals seek opportunities where its depth of investing, operating expertise, and partner network can materially impact performance. More information on Performant Capital can be found at www.performantcapital.com. About Goldman Sachs Asset Management Private Credit Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs it delivers investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from its deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for its clients’ performance, it seeks to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1996, the Private Credit business within Goldman Sachs Asset Management is one of the world’s largest private credit investors with over $90 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. Its deep industry and product knowledge, extensive relationships and global footprint position it to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.

Read More

HEALTH TECHNOLOGY

UPS to Acquire Multinational Healthcare Logistics Provider Bomi Group

UPS | August 08, 2022

UPS announced plans to acquire Bomi Group, an industry-leading multinational healthcare logistics provider. The transaction will add temperature-controlled facilities in 14 countries and nearly 3,000 highly-skilled Bomi Group team members to the UPS Healthcare network in Europe and Latin America. “As a leading global healthcare logistics company, Bomi enhances our portfolio of services and accelerates our journey to become the number one provider of complex healthcare logistics. UPS Healthcare and Bomi Group employees share similar values and our cultures are firmly rooted in a relentless focus on quality. The combination of our two teams will significantly improve our healthcare customers’ ability to continue to develop and deliver life-saving innovations.” EVP and President of UPS International, Healthcare and Supply Chain Solutions Kate Gutmann Since 1985, Bomi Group has provided high value-added services for the Medtech and Pharma sectors with a customized and tailored approach. It is a quality-focused company devoted to healthcare that has built solid and long-lasting business relationships with more than 150 multinational customers worldwide. Key Bomi Group leaders, including CEO Marco Ruini, will continue in their roles to provide seamless service to Bomi Group customers after the transaction closes. Bomi Group’s employees will also continue to play vital roles in the combined organization. “With over 35 years in the healthcare logistics industry, our team has developed best-in-class services designed to meet and exceed the needs of our medical technology and pharmaceutical customers,” said Ruini. “Joining the UPS team will expand those capabilities and create an even more integrated and powerful global network for our customers.” The acquisition will add more than 350 temperature-controlled vehicles and four million square feet to the UPS Healthcare global footprint, offering customers access to faster shipping times, greater production flexibility, and offerings to help them attract new business. The acquisition will play a key role in the delivery of next-generation pharmaceutical and biologic treatments that increasingly require time-critical and temperature-sensitive logistics. “We are focused on building healthcare logistics capabilities and services that allow our customers to deliver the newest healthcare innovations,” said UPS Healthcare President Wes Wheeler. “We are excited to combine Bomi’s talent, expertise and capabilities with UPS Healthcare – together, we will provide unmatched solutions to our customers, powered by UPS’s integrated, global smart logistics network.” The acquisition of Bomi is part of UPS Healthcare’s continued expansion of its network and services to meet growing demand – including Bomi, UPS Healthcare has doubled its global footprint since 2020. Recent expansions include newly constructed and soon-to-be-opened dedicated state-of-the-art healthcare logistics facilities in Germany and Australia, and expanded campuses in Hungary and the Netherlands. UPS Healthcare also recently enhanced UPS Premier, a technology-led service that can prioritize and track critical shipments within 10 feet of their location anywhere in UPS’s global network. UPS Premier brings worldwide visibility, control, reliability and product recovery capabilities to UPS Healthcare customers. These expansions and new services meet the complex and varied needs of UPS Healthcare’s customers, helping them turn logistics into a competitive advantage. The transaction is expected to close by the end of the year, subject to customary regulatory review and approval. The value and terms of the transaction are not being disclosed at this time. J.P. Morgan Securities LLC served as the financial advisor to UPS. About UPS UPS is one of the world’s largest companies, with 2021 revenue of $97.3 billion, and provides a broad range of integrated logistics solutions for customers in more than 220 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s more than 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equity and inclusion. About UPS Healthcare UPS Healthcare delivers unparalleled healthcare logistics expertise to its customers around the world. UPS Healthcare has 11+ million square feet of cGMP and GDP-compliant healthcare distribution space globally. Services include inventory management, cold chain packaging and shipping, storage and fulfillment of medical devices, and lab and clinical trial logistics. UPS Healthcare's global infrastructure, its UPS® Premier visibility service, its track and trace technology, and its global quality system are well-suited to meet today's complex logistics demands for the pharmaceutical, medical device, and laboratory diagnostic industries. About Bomi Group BOMI GROUP is a leading Italian multinational company in the field of integrated logistics serving the Healthcare sector. Bomi is the logistics partner of more than 150 customers worldwide, including major players in the medical device, in vitro diagnostics, biomedical and pharmaceutical sectors. The Group is present through its subsidiaries and affiliates in 14 countries worldwide, with a particular focus on Europe and South America, employs over 3,000 people and has its own fleet of vehicles for daily deliveries to hospitals, clinics, laboratories, pharmacies and home patients.

Read More

HEALTH TECHNOLOGY

Conformis Announces New Agreement with Vizient for Personalized Orthopedic Implants

Conformis, Inc. | August 02, 2022

Conformis, Inc. a leading medical device company that features personalized knee and hip replacement products, announced it has entered into a multi-year agreement with Vizient, Inc., the nation's largest member-driven health care performance improvement company. “We are excited to offer personalized orthopedic implants to Vizient’s large membership of healthcare facilities through this contract. As more orthopedic patients and surgeons seek personalized solutions, increased awareness and ease of access to our product portfolio is more important than ever. The Vizient agreement connects us to a significant number of providers, many of which have limited access and awareness of our products and our new Platinum Services Program,” Mark Augusti, Chief Executive Officer and President of Conformis The agreement gives increased access to the entire Conformis knee and hip portfolio to Vizient’s membership base, which is comprised of academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers, and includes Identity Imprint™, a personalized knee replacement system; Image-to-Implant® Platinum Services Program, a patient-elected deluxe upgrade option to obtain a fully personalized knee replacement implant; and, Cordera™ Match Hip System, a personalized primary hip replacement solution. Conformis implants improve efficiency and reduce overall costs for medical facilities. Researchers at the University of Washington in Seattle found that fully personalized total knee arthroplasty is cost-effective in comparison to a standard, off-the-shelf implant. Ongoing research suggests that fully personalized implants further reduce total costs to the healthcare system because patients recover more quickly and are less likely to require follow-up corrective surgeries. About Conformis, Inc. Founded in 2004, Conformis is a medical technology company focused on advancing orthopedic patient care and creating a world without joint pain. Its product portfolio is designed to maximize surgeon and patient choice by offering fully personalized solutions through its Image-to-Implant® Platinum Services℠ Program as well as data-informed, standardized solutions that combine many benefits of personalization with the convenience and flexibility of an off-the-shelf system. Conformis’ sterile, just-in-time, Surgery-in-a-Box™ delivery system is available with all of its implants and personalized, single-use instruments. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.

Read More

HEALTH TECHNOLOGY

Performant Capital Creates Platform Delivering Managed Technology Services and Revenue Cycle Management to the Healthcare Industry

Performant Capital | August 01, 2022

Performant Capital announced that it has formed Provider Technology, LLC through the acquisitions of DavLong Business Solutions LLC and its affiliate Administrative Advantage LLC and On Demand Solutions Inc. Provider Technology is a leading technology provider of outsourced software and IT services, revenue cycle management (“RCM”) and back-office business support primarily to physician practices and health systems. The businesses will continue to operate independently under their respective brands but share best practices across all functional areas. Performant, investing out of Fund I, closed the DBS and ODS transactions simultaneously in June. The Private Credit business within Goldman Sachs Asset Management provided first lien debt and an equity co-investment to support the acquisitions. “The team at Goldman Sachs has been invaluable as we executed this platform investment. We look forward to meaningfully accelerating the growth of the business given the scale enabled by Goldman’s partnership.” Mike Ciaglia, Partner at Performant Founded in 1983 and headquartered in Savannah, GA, DBS provides turnkey IT solutions for physician practices by fully hosting, maintaining, and supporting all software needs for the medical office, from cloud hosting to cybersecurity. DBS combines its proprietary suite of software offerings with leading third-party solutions to provide medical practices with a fully integrated electronic health record and practice management system from a single vendor. In addition to its best-in-class software offering, DBS also provides complete RCM services designed to manage and optimize the entire collections process for practices. Across both primary functional areas, the company leverages technology, analytics, and the expertise of its skilled teams to improve operational and financial performance for customers. Founded in 2007 and headquartered in Boise, ID, ODS provides practice management software, RCM, staffing support and business advisory services to healthcare service providers and organizations. Its solutions improve business operational efficiency, reduce administrative costs, and assure managerial control so clients can stay focused on providing quality patient care. The combination of DBS, AA, and ODS creates a national back-office and healthcare technology platform servicing more than 3,000 medical providers across the U.S and across medical specialties – developing best-in-class offerings and technology for specific specialties, such as Ophthalmology, EMS and Hospitalist providers. “These businesses are highly complementary acquisitions that together provide enhanced technology capabilities and support services with broader geographic presence to better meet the needs of clients and improve their financial outcomes,” said Chris McLaughlin, Partner at Performant Capital. “Both businesses have a reputation of providing superior customer support as value-added partners to physicians and health organizations. Customers value our company as more than just a service provider, but extensions of their core teams. With an expanded presence and enhanced capabilities to drive further value for clients, we’re excited about the future of the combined business under Provider Technology.” Provider Technology continues to look for best-in-class revenue cycle management and managed service provider software businesses to healthcare customers that would expand its geographic footprint and service capabilities. If you have an opportunity that might be an add-on acquisition candidate for Provider Technology, please contact Mike Ciaglia. About Performant Capital Performant Capital is a Chicago-based, lower middle market private equity firm focused on investments in technology-driven companies. Performant acquires businesses across SaaS, technology-enabled services, and data intelligence products and services. With over 50 years of collective investing and operating experience in these sectors, Performant’s principals seek opportunities where its depth of investing, operating expertise, and partner network can materially impact performance. More information on Performant Capital can be found at www.performantcapital.com. About Goldman Sachs Asset Management Private Credit Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs it delivers investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from its deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for its clients’ performance, it seeks to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1996, the Private Credit business within Goldman Sachs Asset Management is one of the world’s largest private credit investors with over $90 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. Its deep industry and product knowledge, extensive relationships and global footprint position it to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.

Read More