NextGen Healthcare, Inc. | December 01, 2022
NextGen Healthcare, Inc. a leading provider of innovative cloud-based healthcare technology solutions, today announced it has signed a definitive agreement to acquire TSI Healthcare, a privately held value-added reseller located in Chapel Hill, NC. The acquisition shall be deemed effective 11:59 p.m. on November 30, 2022. The consideration is comprised of an upfront amount of $68 million, which will be paid in cash with contingent consideration of up to $22 million in cash in the form of an earnout, subject to achieving certain financial targets through March 31, 2025. The acquisition is expected to contribute approximately $10 to 12 million of revenue in the remaining four months of fiscal 2023 and will be accretive to adjusted EBITDA and cash flow within a year. The company plans to update guidance when it reports its fiscal 2023 third quarter results.
“TSI was one of our premier clinical content and technical services partners specializing in comprehensive solutions for specialty physician practices. This acquisition enables NextGen Healthcare to expand its presence in key specialties including rheumatology, pulmonology and cardiology.”
David Sides, president and chief executive officer of NextGen Healthcare
“TSI Healthcare has been part of the NextGen Healthcare family over 16 years, developing specialty specific solutions exclusively on NextGen Healthcare’s platform,” said David Dickson, Jr., president and chief executive officer of TSI Healthcare. “We’re excited to extend our services expertise with NextGen Healthcare’s product and services leadership to further solidify NextGen Healthcare as among the most trusted names in ambulatory healthcare.”
About NextGen Healthcare, Inc.
NextGen Healthcare, Inc. is a leading provider of innovative healthcare technology solutions. We are reimagining ambulatory healthcare with award-winning solutions that enable high-performing practices to create healthier communities. We partner with medical, behavioral and dental providers in their journey toward whole person health and value-based care. Our highly integrated, intelligent and interoperable solutions go beyond EHR and Practice Management to increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a quest to achieve better healthcare outcomes for all.
About TSI Healthcare
TSI Healthcare® is a national leader in the sales and support of customized NextGen® Practice Management and Electronic Health Record software. TSI Healthcare continues to deliver innovative, specialty-specific solutions to maximize revenue, reduce costs, and advance patient care through unmatched customer service that focuses on the human element. TSI's support teams include NextGen Certified Professionals, clinicians, and former practice administrators, based in the U.S. In addition to core products, TSI Healthcare also offers Revenue Cycle Management, Patient Portal, Population Health Management, Cloud Hosting and more.
HEALTHTECH SECURITY, DIGITAL HEALTHCARE
CereCore® | December 09, 2022
CereCore announced they are expanding their healthcare information technology (IT) services including electronic patient record (EPR), technical and IT staffing services into the United Kingdom in order to support the digital transformation that will help patients, clinicians and carers to manage and view healthcare records.
"For close to 30 years, we have been serving communities in the US by supporting hospitals and clinics through the various stages of healthcare technology adoption from EPR implementations and infrastructure to support. There's momentum in the UK for a single patient record, more clinical decision support and efficient healthcare. CereCore has the skills and expertise needed to help care providers accomplish the tremendous amount of work that lies ahead to meet the NHS regulatory requirements and public health goals," said Curtis Watkins, president and CEO, CereCore.
The international team will employ a range of roles specializing in EPR applications, cloud, network and infrastructure, IT staffing and recruiting, business operations, management and administrative roles. CereCore will also rely upon clinical, EPR and technical experts on their US-based team to assist with digitalisation projects, which will help them quickly ramp up to meet project staffing needs and recruit for specialized technology skillsets.
"We have a US team with decades of experience as nurses, clinicians and healthcare technologists, and they have been consulting on IT projects remotely for years," said Craig McCollum, vice president of MEDITECH international services. "Our vision for expanding internationally is to do our part to improve healthcare delivery by offering what we do best — healthcare technology services. We understand what it takes to appropriately staff technology implementation projects and find the best talent for the job, whether that team member is located locally in the UK, US or elsewhere."
CereCore has been working closely with HCA Healthcare UK and HealthTrust Europe as well as several other leading technology companies. "We expect our partnerships to deepen and to work collaboratively with partners and care systems to provide the services and support needed to create an integrated EPR in the UK," said Watkins.
CereCore® provides IT services that make it easier for you to focus on supporting hospital operations and transforming healthcare through technology. With a heritage rooted in top-performing U.S. hospitals, we serve as leaders and experts in technology, operations, data security, and clinical applications. We partner with clients to become an extension of the team through comprehensive IT and application support, technical professional and managed services, IT advisory services, and EHR consulting, because we know firsthand the power that integrated technology has on patient care and communities.
IMPLANET | November 23, 2022
IMPLANET a medical technology company specializing in vertebral implants, announces the signing of an agreement with SMTP Technology Co., a high-tech medical device company specialized in the manufacturing and marketing of ultrasonic medical equipment, for the exclusive distribution of its latest generation ultrasonic surgical scalpel in France.
Adam Li, GMA & International Business Manager at SMTP Technology Co., stated: “We are delighted with the signing of this contract tying us to IMPLANET, which will henceforth ensure the distribution of our latest generation ultrasonic surgical scalpel. This innovative solution will increase surgical efficiency while ensuring greater patient safety. Thanks to this collaboration with IMPLANET, a company recognized for its expertise in the field of spine surgery and its foothold in French medical centers, we are strengthening the credibility of our solutions for their international deployment”.
“This latest contract, which comes close on the heels of the commercial and technological partnership signed with Sanyou Medical, further emphasizes the pertinence of our repositioning on the spine market. The surgical scalpel developed by SMTP, through its innovation and ease of use, should meet the needs of surgeons and patients alike. IMPLANET is proud to be able to work with one of the only players in the world capable of developing this type of product based on ultrasound”.
Ludovic Lastennet, IMPLANET’s Chief Executive Officer
The ultrasonic surgical scalpel developed by SMTP Technology Co. can support both open surgery, minimally invasive surgery and endoscopic intervertebral spine surgery. This product, which has been granted marketing clearance in China, the European Union and the United States, stands out through its innovative design, guaranteeing enhanced surgical safety. Thanks to the smaller amplitude of its cutting tip, the scalpel cuts bone tissue by the acceleration of hundreds of thousands of mechanical vibrations per second while sparing soft tissue.
The agreement signed today between IMPLANET and SMTP Technology Co. follows the signing of the distribution contract and technological partnership with Sanyou Medical, of which SMTP Technology Co. is a subsidiary. This new agreement gives IMPLANET exclusive rights to distribute the scalpel on the French market.
SMTP Technology Co., founded in 2010, is a high-tech medical device company focusing on the innovative research and development, manufacturing and marketing of ultrasonic surgical equipment. The ultrasonic osteotomy surgical system manufactured by SMTP Technology, which supports both open surgery and minimally invasive surgery under the channel and intervertebral endoscope, has been granted marketing approval in China, the European Union and the United States. Based in the Zhangjiagang free trade zone in Jiangsu province, SMTP is a subsidiary of the Sanyou group with 100 employees and revenue of 14 million euro.
Founded in 2007, IMPLANET is a medical technology company that manufactures high-quality implants for orthopedic surgery. Its activity revolves around a comprehensive innovative solution for improving the treatment of spinal pathologies complemented by the product range offered by Orthopaedic & Spine Development (OSD), acquired in May 2022. Implanet’s tried-and-tested orthopedic platform is based on the traceability of its products. Protected by four families of international patents, JAZZ® has obtained 510(k) regulatory clearance from the Food and Drug Administration in the United States, the CE mark in Europe and ANVISA approval in Brazil. IMPLANET employs 39 staff and recorded a consolidated revenue of €6.1 million in 2021. Based near Bordeaux in France, IMPLANET opened a US subsidiary in Boston in 2013. IMPLANET is listed on the Euronext Growth market in Paris.
FUTURE OF HEALTHCARE, MEDICAL DEVICES
Novateur Ventures | December 13, 2022
Novateur Ventures, a leading global life sciences advisory firm and Biotechnology Innovation Organization the world's largest advocacy association for biosciences, research and academic institutions, launched an industry networking information app, Event Guide to JPM 2023, which provides listings for an anticipated >200 satellite networking events taking place during the 41st Annual J.P. Morgan Health Care Conference on January 9-12, 2023, in San Francisco, CA.
The Event Guide to JPM 2023 app, developed by Novateur Ventures and co-managed by BIO, features event search and filter capabilities, provides links to event and registration information, and in the case of in-person events, loads mapping software for directions to the event. Organizations can also use the app to list their scheduled events being held during the conference timeframe.
"It was important for me to develop an app that allowed life science professionals to make important industry connections because, over my career, some of the most transformational relationships I have developed are the direct result of industry networking events. Novateur is delighted to be collaborating with BIO, to give the app a global reach,"
Ali Ardakani, Founder and Managing Director of Novateur Ventures
“I see the app as a natural addition to BIO Partnering at JPM Week. We’re always working to help the industry partner more easily and effectively, and I’m excited to bring the whole JPM Week networking landscape to the palm of your hand. We are excited to be partnering with Novateur on managing and launching this app,” says Mackensie Vernetti, BIO’s Director of Partnering Operations.
About Novateur Ventures
Novateur Ventures is an established life sciences advisory and investment firm with extensive experience in business development and product development of therapeutics, medical devices, and digital health products.
About Biotechnology Innovation Organization
BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. Good Day BIO is the only daily newsletter at the intersection of biotech, politics and policy. Subscribe here.