Francisco Partners | October 04, 2022
Francisco Partners a leading global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to acquire bswift, a leading provider of benefits technology and services, from CVS Health.
Founded in 1996, bswift is a provider of software and services that streamline benefits and human resources administration, offering a cloud-based technology platform with best-in-class service. The company combines its deep expertise and passion for technology innovation with strong customer service and a unique consumer-driven approach. bswift helps its partners and employers simplify administration, manage employee benefits, reduce administrative costs, and connect employees with resources needed to achieve their health ambitions. The company serves millions of employees with a single benefit destination across all life events from hire to retire.
bswift will continue to partner with CVS Health and Aetna, a CVS Health company, to provide benefits technology to its employees and client base.
“CVS Health and Aetna remain committed to bswift and to the clients, partners and members we support in benefits administration. FP’s deep expertise in technology and proven track record in nurturing and growing technology businesses will enable bswift’s loyal base of employees to continue delivering innovative solutions.”
Mark Santos, Vice President, Diversified Commercial Solutions at Aetna
Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and long-standing investors in the technology industry. Francisco Partners has experience in the healthcare and human capital technology market and its investments have focused on companies that provide the best possible products and service for its customers and partners. Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as IBM’s Watson Health business (now Merative) and Discovery Inc.’s Discovery Education business.
Justin Chen, Partner at Francisco Partners, said, “We are excited to partner with bswift and help the team continue to grow its robust technology and service offerings across benefits and healthcare. bswift is uniquely positioned as a market leader to help employers navigate the evolving industry trends and opportunities to holistically engage employees through health, wellness and financial benefits.”
“We appreciate CVS Health’s work in growing this business and are confident that our partnership will help bswift drive crucial focus in executing on organic and inorganic growth strategies,” said Anders Mikkelsen, Vice President at Francisco Partners. “We look forward to supporting the talented employees and management team.”
Financial terms of the transaction have not been disclosed. The acquisition is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions.
Kirkland & Ellis LLP served as legal advisor and Wells Fargo Securities, LLC served as financial advisor to Francisco Partners. CVS Health engaged Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP as legal counsel and Goldman Sachs as exclusive financial advisor.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential.
bswift helps customers change the way their employees perceive and engage with their benefits through a proven blend of adaptive technology, service excellence, and compassionate service. Their intuitive, personalized enrollment experience inspires confidence and connects employees to the resources they need to achieve their personal ambitions. Partnering with enterprises nationwide and serving millions of employees, bswift offers cloud-based technology and services for online enrollment, interactive decision support, ACA compliance reporting and employee engagement.
Annuo Medical Technology Solutions Pty Ltd | October 17, 2022
New health networking platform, Annuo™, has entered a working agreement with WeKo GP to assist with the identification and treatment of patients with chronic disease in Australia.
This key partnership will facilitate the management of people living with chronic disease by General Practice teams using WeKo and Annuo™.
WeKo’s Clinical System solution launched in 2019 and provides proactive chronic disease screening and detection based on patient medical data.
“We believe our solutions are highly complementary and have the ability to offer an amazing patient and clinician experience,” commented WeKo Founder, Ross Hadfield.
“We are excited to announce a trial partnership between Annuo and WeKo GP which will open up more possibilities for Annuo™ to help the 10.8M Australians currently living with chronic disease,”
Dr Jeni Wellington, Founder and CEO of Annuo Med Tech Solutions
At a high-level, the partnership will facilitate the identification and treatment of patients at high risk of chronic disease, using the Annuo platform and WeKo’s Clinical System. It will ensure patients are engaged in the creation of an agreed care plan and that the clinical teams involved are fully supported.
About Annuo Med Tech
Annuo Med Tech Solutions is a new Australian digital health technology company developing Annuo - a healthcare networking platform for doctors, patients and allied health professionals. Annuo™, is the first medical networking platform in Australia designed by specialists.
More than that, Annuo™ is advocating for collaborative care for patients living with chronic disease in Australia. With 47% of Australians today living with one or more chronic diseases, there has never been a better time to help improve the lives of everyday people trying to navigate their treatment.
Annuo™ encourages people living with chronic disease to engage with their treatment in an holistic way. Annuo promotes collaborative care for patients and is inclusive of those seeking to make diet, exercise and alternate therapies as part of their treatment planning. Annuo™ will engage with healthcare providers and enable them to better connect with their patients through the digital health space. The platform comes fully customised for each medical specialty at a competitive price.
Carestream Health | November 29, 2022
Carestream’s legacy of delivering quality medical imaging technology continues with the launch of new digital X-ray detectors that help improve clinical outcomes, while enhancements to its existing product portfolio reflect the company’s deep understanding of the radiology profession.
At the annual meeting of the Radiological Society of North America (RSNA) in Chicago, the company is displaying its expanding portfolio of medical imaging systems that provide quantifiable benefits to healthcare organizations and their patients, including
New Carestream Focus HD 35 and Focus HD 43 detectors that offer higher resolution with a 100 micron pixel pitch that allows for image magnification for better visibility of small objects and microstructures. The detectors’ Cesium (CsI) scintillator is ideal for dose-sensitive pediatric patients; and the detectors have an IP56 rating for better protection against dust and fluid ingress.
Next generation of long-length imaging, the Carestream DRX-LC Detector (INVESTIGATIONAL – NOT AVAILABLE FOR COMMERCIAL SALE) captures long-bone and spine images with a single exposure, making it ideal for pediatric imaging and long-bone and spine images of people with limited mobility. In contrast, the traditional multi-shot approach requires three to five exposures followed by manipulation and stitching of the images. The new detector is designed to capture the full image in a single exposure to minimize dose and mitigate motion artifact that can appear from patient movement with a multi-shot exam. The DRX-LC Detector is designed with X-Factor so the detector can be shared across different Carestream X-ray systems and is compatible with both rooms and mobile units.
Enhancements to the Carestream DRX-Evolution Plus that provide improved patient comfort and a better ergonomic experience along with improved workflow for the radiographer. Its new tabletop design eliminates rails that can cause strain and discomfort for both radiographer and patient, enabling patients to be moved more smoothly and with less effort to the exam table.
New features in the Carestream DRX-Excel Plus provide a better staff experience with faster workflow and better diagnostic image quality. Designed specifically for large and mid-size hospitals and medical centers, this innovative system combines fluoroscopy and general radiology capabilities in one compact unit. It delivers accelerated workflow, high-resolution images and a wide range of patient exam options.
“Our commitment to quickly respond to the needs of the radiology community with ideas that clearly work is as strong as ever, and we are solidly positioned to continue developing solutions that have quantifiable benefits to our customers and their patients. Organizations can have complete confidence in our ability to provide high-value technology that helps lower costs, and improves imaging workflow for radiology departments, technologists and other healthcare professionals—all with the goal of improving patient care.”
David C. Westgate, Chairman, President and CEO of Carestream
About Carestream Health
Carestream is a worldwide provider of medical imaging systems; X-ray imaging systems for non-destructive testing; and precision contract coating services for a wide range of industrial, medical, electronic and other applications—all backed by a global service and support network.
Osmind | September 16, 2022
Osmind, the public benefit corporation helping clinicians and researchers advance life-saving mental health treatment, announced the launch of integrated Zoom Virtual Visits within its technology platform for mental health clinicians. Now clinicians can access both asynchronous and synchronous digital communication tools, all within the Osmind patient app. Virtual visits extend Osmind’s already integrated experience—between clinicians and patients—and generalist and specialist mental health clinicians, making it easier and safer to meet high patient demand.
”The future of mental health care requires omnichannel care where telehealth plays a role in a larger continuum of treatments. As clinicians, we have a professional obligation to only use telehealth platforms that are HIPAA-compliant. Zoom offers a strong product with powerful user experience over alternatives. We are thrilled to partner to offer their industry-leading solution.”
Carlene MacMillan, MD and Vice President of Clinical Innovation at Osmind
Osmind’s platform today fosters a therapeutic alliance between researchers, psychiatrists, mental healthcare specialists, and the patients they serve. With this launch, Osmind is expanding treatment options for mental health clinicians treating those vulnerable: people with moderate-to-severe mental health conditions, including patients with treatment-resistant depression and anxiety who may not have the ability to leave their homes to commute, or are geographically restricted from in-person visits.
Clinicians and patients stay empowered through progress monitoring and journaling tools. This alliance is strengthened with virtual visits, allowing clinicians to create a virtual visit appointment, share that link with the patient, and launch the virtual visit directly from the Osmind app. With Osmind now a part of Zoom’s ISV Partner Program, clinicians can take advantage of Zoom’s secure, HIPAA-compliant video technology without needing to manage additional vendor overhead or requiring patients to install new technology on their phones or computers.
The demand for psychiatric care in the U.S. is only growing. In 2019, 47.7% of adults with a serious mental illness reported an unmet need for mental health services in the previous year, according to the U.S. Department for Health and Human Services.
“With the integration of Zoom technology and the Osmind EHR, we are together addressing a significant need in healthcare: clinics can now treat the most at-risk patients securely from where they’re most comfortable with a click of a button, revolutionizing access to care,” said Matt Cipolla, ISV Partner Account Manager, Zoom Video Communications. "We are proud to welcome Osmind into our ISV Partner Program to help transform the mental health landscape.”
Clinicians need flexibility in service delivery to meet demand and expand access. Patients save time and money from not needing to commute. Clinicians, patients, and caregivers are additionally frequently already familiar with Zoom, making it seamless for parties to log in to their session.
Osmind is a San Francisco–based public benefit corporation led by scientists, technologists, and psychiatrists to advance new evidence-generating medicine that helps people living with moderate to severe mental health conditions.