HEALTH TECHNOLOGY

Healthcare Triangle (HCTI) Acquires DevCool, an Electronic Health Record (EHR) Focused Healthcare IT and Managed Services Company

Healthcare Triangle, Inc. | December 14, 2021

Healthcare Triangle, Inc. (HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform company, announced today that it has acquired DevCool, Inc. (“DevCool”), ranked by Inc. 5000 as among the fastest growing private companies in USA in 2021.

DevCool provides EHR Implementation and Managed Services to 6 of the top 10 hospitals in the USA and specializes in providing services to cancer research hospitals and university medical centres. The combined entity will focus on accelerating healthcare providers to adopt cloud technologies in improving clinical, operational, and financial performance. This will open up significant opportunities for HCTI, a premier partner of AWS, Google Cloud, and Microsoft Azure, to upsell its SaaS Platforms like CloudEz, DataEz, and Readabl.AI to the existing client base of DevCool.

“With the acquisition of DevCool, Healthcare Triangle will implement technological advancements designed to improve hospitals' provisioning of patient care, reduce information technology costs, and enable faster EHR deployments for hospital clients as part of its strategy to consolidate its leadership position in the healthcare space. This will further allow clients to host their EHR on public clouds (Amazon Web Services, Google Cloud, and Microsoft Azure) with the HCTI’s CloudEz Platform and expertise.”

Suresh Venkatachari, Chairman and CEO of Healthcare Triangle, Inc

He added that, "With the acquisition of DevCool, we will add large health systems and Integrated Delivery Networks (IDN) to HCTI’s client portfolio, and we expect it to be accretive to EBITDA.”

“We see the acquisition of DevCool improving patient outcomes by implementing AI and Data driven platforms across medical centers and clinical facilities. Healthcare Triangle (HCTI) expects significant opportunities in cloud transformation services, further growth of data analytics and AI platforms based recurring revenues in the healthcare domain,” said Shibu Kizhakevilayil, Head of M&A and Board of Director of Healthcare Triangle Inc. “We look forward to working with Sandeep Deokule and the DevCool team in our continued journey to become a top 10 healthcare IT company in US,” said Mr. Kizhakevilayil.

"We are excited to be part of HCTI, and our goal is to continue helping hospitals innovate and at the same time keep EHR Managed Services cost lower,” said Sandeep Deokule, founder of DevCool. "DevCool along with HCTI will now be able to scale faster, deliver large scale EHR implementations, and host applications on the cloud.”

About Healthcare Triangle, Inc. (HCTI)

Healthcare Triangle, Inc., based in Pleasanton, Calif., reinforces healthcare progress through breakthrough technology and extensive industry knowledge and expertise. We support healthcare organizations—including hospitals and health systems and health plans—as well as pharma and life sciences organizations, in their efforts to improve health outcomes. Healthcare Triangle enables the rapid adoption of new technologies, data enlightenment, business agility, and response to immediate business needs and competitive threats. The highly regulated healthcare and life sciences industries rely on Healthcare Triangle for expertise in digital transformation encompassing the cloud, security and compliance, data lifecycle management, healthcare interoperability, and clinical and business performance optimization. 

About DevCool

DevCool, Inc., Fastest Growing Company in USA in 2021 (by Inc. 5000 Magazine) is a trusted technology and business solutions provider for America's top healthcare organizations by providing EHR IT Managed Services. DevCool helps to rethink Healthcare delivery models by combining cutting edge Healthcare IT solutions and EHR Managed Services. 

Spotlight

Patient Online talked to Trevor. He uses his online GP records to manage his own health and his partner's too. She has dementia and as her carer, Trevor has proxy-access to her online GP records as well. This video is subtitled. Please click the second icon on the right-hand side video toolbar.


Other News
HEALTH TECHNOLOGY

WELL Forms Canadian Clinics Business Unit, Expands Credit Agreement, and Ramps up Clinic Growth

WELL Health Technologies Corp. | July 15, 2022

WELL Health Technologies Corp. a practitioner focussed digital health company positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has formed a new legal entity called WELL Health Canada Clinics Inc. to house its Canadian omni-channel clinical businesses. These businesses include the Company's previous Primary Care, Allied Care and MyHealth Specialized Care business units. The Canadian Clinics Business Unit represents WELL's owned and operated fleet of Omni-Channel outpatient clinics leveraging WELL's highly integrated 'hybrid' brick and mortar and virtual service capabilities and includes the Company's primary care, specialized care, allied health, and diagnostics services but does not include the Company's TiaHealth.com service which is part of WELL's Virtual Services division. This business unit supports almost 1,300 healthcare practitioners who provide 1.87 million patient visits annually on a run-rate basis(2); over 40% of these patients are seen remotely via one of WELL's virtual or telehealth platforms, with the remainder treated in one of WELL's 81 Canadian clinics(3). This business is also expected to generate revenues exceeding $160 million with double digit operating Adjusted EBITDA(4) margins. Driven by WELL's consolidation and capital allocation efforts, this business has been experiencing organic growth rates approaching double digit percentage growth. The Canadian Clinics business unit is a key pillar in WELL's mission to empower practitioners. Dr. Michael Frankel, WELL's Chief Medical Officer, said "This consolidation of our Canadian clinics business provides WELL with the proper foundation to become a national health system providing the very best in highly integrated 'bricks and clicks' care. We are excited to provide healthcare practitioners with a compelling home where they are supported with exceptional front and back-office support and technology solutions so they can provide critical care to their patients. We intend on further developing our services from coast to coast." WELL will look to continue its consolidation and modernization of healthcare resources in Canada powered by its organic growth and with the help of its funding partners RBC, the Bank of Montreal, HSBC Bank Canada, The Toronto-Dominion Bank, ICICI Bank Canada and Laurentian Bank of Canada (collectively the "Lenders"). RBC is the Lead Arranger, Sole Bookrunner, and Administrative Agent on the financing. The Lenders have amended previous MyHealth credit facilities to include the newly formed Canadian Clinics Business Unit, as well as provided an extension of their credit commitments for an incremental year, extending the maturity to June 2026. The facilities are currently priced at an interest rate which is equivalent to SOFR/CDOR plus 1.25% to 3.25%(5), depending on the debt to Adjusted EBITDA ratio of the consolidated results for the Canadian Clinics Business Unit. WELL's goal is to continue to grow Canada's largest network of outpatient clinics using a combination of greenfield sites and new acquisitions. WELL is pleased to confirm that it has added a primary care clinic in Vancouver to its network and a new greenfield haemorrhoid treatment center in Hamilton, Ontario. The Company's combined investment to add these two clinics to the network is less than $100k. The combined annual revenues of the two clinics are expected to exceed $2 million in their first year under WELL and be profitable. The Company's recently announced acquisition of Calgary based InLiv, a premium provider of healthcare services in the Province of Alberta, will also be part of the Canadian Clinics Business Unit upon closing and is expected to exceed $7 million per year in revenues with 85% of such revenue reflecting recurring membership revenue. "We are thrilled to have the continued support of our banking partners and to announce the amendments to our existing Canadian credit facilities. Our ability to expand our Canadian credit agreement with favourable terms in the present challenging macroeconomic environment is not only a testament to the fantastic support we are receiving from our banking partners but also the strength of WELL's outpatient clinic business. The updated credit facilities allow us to more efficiently deploy capital towards our strategic priorities and generate more shareholder value by improving our revenue and Adjusted EBITDA per share metrics." Hamed Shahbazi, CEO and Founder of WELL WELL's objective is to continue to grow its Canadian Clinics Business Unit both organically and inorganically and continue to demonstrate market leadership as the country's first pan-Canadian clinical network with a highly integrated network of tech-enabled outpatient healthcare clinics across the country. About WELL Health Technologies Corp. WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on OTCQX under the symbol "WHTCF".

Read More

HEALTH TECHNOLOGY

Harris Williams Advises The CM Group on its Pending Sale to OPEN Health

Harris Williams | August 01, 2022

Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising The CM Group, a portfolio company of NaviMed Capital (NaviMed), on its pending sale to OPEN Health, a portfolio company of Astorg. The CM Group is a leading medical communications platform offering a set of integrated solutions to the U.S. domestic biotech and pharma industries. The transaction is being led by Paul Hepper, Nick Owens, Lucas Scholl, Rob Crampton and Gabby Struckell of the Harris Williams Healthcare & Life Sciences Group. “Investor interest in outsourced pharma commercialization services is driven by complex therapies becoming an increasing portion of new drug launches, declining access to physicians, and the increasing importance of directly reaching patient populations. Differentiated platforms such as The CM Group are benefiting disproportionally from these trends,” said Paul Hepper, a managing director at Harris Williams. “The combination of OPEN Health and The CM Group brings together two best-in-class commercialization businesses, with stellar reputations in the industry and an exciting opportunity to service leading pharmaceutical companies globally,” said Nick Owens, a director at Harris Williams. “Harris Williams was a phenomenal partner and exceeded our expectations throughout the transaction. The team’s knowledge of the sector and extensive buyer relationships led to an optimal outcome. We look forward to the next phase of growth with the OPEN Health and Astorg teams and are excited about building a global leader in pharma commercialization,” Daniel Leonard, CEO of The CM Group Grounded in science—and powered by the patient voice—The CM Group is an integrated healthcare agency of innovative and imaginative subject-matter experts dedicated to providing scientific and commercialization strategies and services to the life sciences industry. NaviMed is a Washington, D.C.-based private capital firm with over $400 million of assets under management, focused exclusively on the healthcare industry. NaviMed invests in fast-growing lower-middle market healthcare businesses that it believes are poised to benefit from the reform and technology innovation reshaping the healthcare industry. The firm focuses on healthcare services, healthcare IT, hospital products and pharmaceutical services businesses. NaviMed targets profitable private companies with up to $10 million of EBITDA and double-digit revenue growth. NaviMed’s senior investment team has a track record of value creation spanning, in the aggregate, dozens of investments and more than $11 billion of enterprise value created over the course of their combined careers. OPEN Health brings together deep scientific knowledge, global understanding, and broad specialist expertise to support its clients in improving health outcomes and patient wellbeing. OPEN Health is united as one flexible organization, harnessing the power of the collective to solve complex challenges. Astorg is a European private equity firm with over €17 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the U.S., providing them with the strategic guidance, governance and capital they need to achieve their growth plans. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Astorg has offices in London; Paris; New York; Frankfurt, Germany; Milan; and Luxembourg. Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi.Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

Read More

HEALTH TECHNOLOGY

Base Business Solutions and Uniphore Partner to Bring Emerging Technology to Vietnam’s CX Industry

Uniphore | September 12, 2022

Base Business Solutions a leading provider of cloud and hosted customer experience and contact center solutions in Vietnam announced it has entered into a strategic partnership with Uniphore, the leader in Conversational AI and Automation. Through this partnership, BaseBS will be well positioned to enhance customer experiences, improve employee performance, and better understand customer insights to achieve superior business outcomes. As part of the agreement, BaseBS will offer customers Conversational AI and Automation capabilities across their initiatives around self-service and assisted service channels. Uniphore’s X platform is an integrated conversational AI and automation platform that combines automatic speech recognition (ASR) including the Vietnamese language, natural language processing (NLP), robotic process automation (RPA), emotion AI and knowledge AI that enterprises need in today’s tech-savvy customer era. These technology components translate into specific offerings for customers in the form of chatbots, voice bots, conversational analytics for quality automation, and customer analysis and agent guidance in real-time. The partnership will have far-reaching benefits for customers, employees, and organizations that will impact not only how they do business today as they continue to adjust to the current global situation, but also in the long term. Benefits include Personalized automated resolutions for customers thus bringing in time to value through Uniphore’s U Self Serve product Contact center employee productivity and efficiency will see a boost through U-Assist, a Uniphore product that can guide agents in real-time with in-call alerts, next-best-action and reduce their after-call work Businesses will be able to make data-driven decisions with smarter conversational analytics. Through Uniphore’s U Analyze solution, businesses can transform CX by analysing conversations from across platforms including voice, email, and text to increase effectiveness with omnichannel support and an integrated view of conversations to discover customers' intent and sentiments “BaseBS is extremely pleased to partner with Uniphore on our journey to bring emerging technology such as Artificial Intelligence (AI), machine learning and automation to the CX industry in Vietnam. With Uniphore’s conversational AI and automation platform we will be better positioned to enable our customers to personalize conversations, enhance contact center employee productivity and use conversation insights for better decisions.” Mr. Pham Xuan Phuc, Vice President, Base Business Solutions “We are excited about the partnership with BaseBS as they look ahead to strengthen and offer more comprehensive CX solutions for contact centers in the local market,” said Mr. Gokul Gopalakrishnan, Senior Vice President & Business Head, Asia, Uniphore. “We see a natural synergy with BaseBS thereby creating strong joint value propositions, go-to-market strategies, and unmatched CX solutions for enterprises, and experiences for customers.” BaseBS is part of Uniphore’s Reseller partner program. The program provides partners with the necessary resources to leverage cutting-edge technology and enhance their portfolio and offerings resulting in increased revenue growth. Uniphore also launched the Unite App Alliance Partner Program, which enables value-driven collaboration and cross-selling for participating Independent Software Vendors (ISV) to have greater access to and involvement in shaping the direction and strategy of tomorrow’s conversational AI and automation, and supporting CX technology innovation. About Uniphore Uniphore is the global leader in Conversational Automation. Every day, billions of conversations take place across industries — customer service, sales, HR, education and more. Whether they are human to human, human to machine or machine to machine, conversations are at the heart of everything we do, and the new currency of the enterprise. At Uniphore, we believe companies that best understand and take action on those conversations will win. We have built the most comprehensive and powerful conversational automation platform that combines conversational AI, workflow automation and RPA (Robotic Process Automation) with a business user friendly UX in a single integrated platform to transform and democratize customer experiences across industries. Follow our blog and connect with us on LinkedIn, Twitter, Facebook, and Instagram. About Base Business Solutions Founded in 2005, BaseBS is one of the leading companies providing cloud and hosted customer experience and contact center solutions in Vietnam. BaseBS offers tailor-made CX solutions to hyper-scale and large enterprise clients that empower them to achieve customer service excellence and gain competitive advantages in the market. We are honored as Advanced Technology Partner of Cisco in implementing Call Center & Contact Center infrastructure. A combination of comprehensive industry expertise, a professional team and leading-edge technologies enables our clients to modernize their customer journey and maximize business productivity. Our portfolio is active in a wide range of business areas such as Banking & Finance, Insurance, Retail, Logistics, Hospitality, Medical & Healthcare, etc.

Read More

HEALTH TECHNOLOGY

Aktana Welcomes New Medical Affairs Lead from IBM Watson Health (Now Merative)

Aktana | September 28, 2022

Aktana, the leader in intelligent customer engagement for the global life sciences industry, welcomes Deepak Patil as its new senior director of medical strategy. Patil comes to Aktana after leadership roles at IBM Watson Health, IQVIA, and Sun Pharma Industries where he managed medical affairs in conjunction with six key product launches and developed lasting relationships with key opinion leaders in targeted therapeutic areas. At Aktana, Patil will lead the company’s medical affairs program, initially helping to build modern, data-driven solutions for medical science liaisons but over time, also expand to other areas within medical affairs. Medical Affairs is the “third strategic pillar of the pharmaceutical organization alongside R&D and commercial, as science and data merge,” according to a McKinsey report. Business models are starting to evolve both around and beyond the “product” to encompass the wider therapeutic context, while organizations seek to explain and contextualize the ever more complex medical science to a diverse range of stakeholders. In outreach efforts, MSLs and commercial teams can unintentionally overlap, causing major compliance issues and frustrating doctors. Aktana’s intelligence solutions will not only help medical affairs improve key opinion leader relationships but also better orchestrate outreach to the physician community in compliance with regional engagement regulations. “Deepak brings a unique blend of medical experience – he received his medical degree in India – plus data science and operational expertise from IQVIA and IBM. As we prioritize new, AI-driven solutions for medical affairs teams, Deepak will help expertly shape our new offerings while building a powerhouse team focused on this increasingly important area of life sciences.” Clay Hausmann, chief revenue officer at Aktana Aktana has also announced a strategic partnership with Envision Pharma Group, a global, technology-enabled scientific communications company operating across many areas of medical affairs. Envision and Aktana will combine their offerings to help MSLs address HCP demands for personalized scientific content and coordinated omnichannel engagement. “Aktana is committed to enabling the medical affairs organization in a new era, and I’m excited to serve in a leadership role as part of this endeavor,” said Deepak Patil. “The real-world data is there. With the right technology, we have the power to improve the generation and dissemination of scientific insights to physicians, leading to better treatment decisions and outcomes for their patients.” With more than 300 deployments across 50+ use cases, Aktana has been refining its commercial life sciences intelligence platform for more than a decade. More than half of the world's top-20 pharmaceutical companies rely on Aktana to coordinate and optimize personalized omnichannel engagement with HCPs. Aktana’s Contextual Intelligence 360 platform is powered by the company’s next-generation Contextual Intelligence Engine, which uses AI-driven optimization to predict the value of all potential customer experiences, then prioritize and recommend Next Best Engagements that will deliver the highest ROI. About Aktana Aktana is the category creator and leader of intelligent engagement in the global life sciences industry. By ensuring that every customer experience is tailored to individual preferences and needs, Aktana helps life science companies strengthen their relationships with healthcare providers to inspire better patient care. Today, commercial and medical teams from more than 300 brands use Aktana’s AI-enabled Contextual Intelligence Engine to coordinate and optimize personalized omnichannel engagement at scale. More than half of the top-20 global pharmaceutical companies are Aktana customers. Headquartered in San Francisco, Aktana has offices in every major biopharma region around the world.

Read More

Spotlight

Patient Online talked to Trevor. He uses his online GP records to manage his own health and his partner's too. She has dementia and as her carer, Trevor has proxy-access to her online GP records as well. This video is subtitled. Please click the second icon on the right-hand side video toolbar.

Resources