WellSky | October 13, 2023
WellSky has officially declared its acquisition of Corridor, a comprehensive technology-enabled service platform tailored to address the most formidable challenges in the post-acute care industry.
This strategic move is intended to aid care providers in enhancing their efficiency and overall performance across various domains, encompassing clinical, financial, operational, and compliance aspects. The acquisition has been facilitated through the purchase of Corridor from HealthEdge Investment Partners, a private equity firm with a dedicated focus on healthcare.
Bill Miller, CEO of WellSky, highlighted providers' need for quality care support and reduced administrative burdens. He stated,
As we looked to strengthen our services offerings, Corridor emerged as an ideal partner. Together, WellSky and Corridor help more post-acute care organizations succeed against industry challenges.
[Source – Business Wire]
Des Varady, CEO of Corridor, expressed that for over three decades, Corridor has remained dedicated to its mission of enabling clients to optimize their performance and resources through robust technology-based solutions. He conveyed his enthusiasm for Corridor's continued commitment to advancing this mission as an integral part of the WellSky team. By gaining access to WellSky's technology-driven solutions, focusing on enhancing outcomes, reducing expenses, and enhancing patient and family satisfaction, Corridor is better positioned to serve its clients more effectively.
With the integration of Corridor into its portfolio, WellSky aims to broaden its spectrum of services in medical coding and revenue cycle management.
Known for its proven software, analytics, and services, WellSky, a prominent U.S. healthcare technology company, drives better outcomes and cost savings across the healthcare and community care spectrum. It empowers providers, payers, health systems, and community organizations to streamline processes, enhance collaboration, leverage data analytics, and improve results by integrating clinical and social care.
The Corridor Group Holdings, LLC (Corridor) is a prominent post-acute healthcare sector entity offering top-tier technology-driven outsourced coding, revenue cycle, and educational solutions. It specializes in improving documentation quality and getting better client reimbursement outcomes, including for large health systems, national chains, and smaller, independently managed agencies.
Health Technology, Digital Healthcare
Aspect Imaging | September 25, 2023
Aspect Imaging, a global leader in MRI systems for neonatal patients, has been awarded an Innovative Technology contract by Vizient, the nation's largest provider -driven healthcare performance improvement company. This contract recognizes the unique qualities of Aspect Imaging's Embrace Point of Care Neonatal MRI System and its potential to bring improvements to the healthcare industry. The Embrace Point of Care Neonatal MRI System is designed specifically for the imaging needs of prematureand newborn infants, making it a critical tool in neonatal intensive care units (NICUs).
The Embrace is the world's first FDA-cleared and CE-approved MRI system for neonatal patients. It is designed to be placed directly within NICUs, overcoming the size and risk limitations associated with adult MRI scanners. The system includes features such as a temperature-controlled patient bed and a Whisper Quiet sound profile to meet the specific care needs of neonatal patients. This technology enables safer and more accessible MRI imaging for fragile neonatal patients and provides critical information to the clinical care team.
Chief Commercial Officer at Aspect Imaging, Wendy Slatery, stated,
It is an honor to have the Embrace recognized by the clinical experts at Vizient, as an Innovative Technology, and an exciting opportunity to bring valuable solutions to Vizient customers. We are looking forward to working with Vizient members seeking to expand and elevate neurocritical care of the smallest patients while reducing patient risks and staff time associated with transporting newborns to a traditional MRI. The Embrace MRI gives the neonatal medical team access to information from the life’s first hours and throughout the patient’s time in the NICU, on which critical care decisions will be based.
[Source: Business Wire]
Vizient's provider customer-led councils recommended the Embrace system for an Innovative Technology contract after evaluating its potential to enhance clinical care, patient safety, and healthcare worker safety, or improve business operations in healthcare organizations. The recognition and award of this contract highlight the potential of the Embrace Point of Care Neonatal MRI System to improve neurocritical care for the smallest patients while reducing risks associated with transporting newborns to traditional MRI facilities.
About Aspect Imaging
Aspect Imaging, a pioneering force in the field, stands as the global frontrunner in crafting and advancing compact MR imaging systems tailored for both research and clinical use. Their groundbreaking technology centers on compact, high-performance permanent magnets, introducing transformative MRI solutions to tackle unmet requirements in research and medical contexts. These innovations ensure the delivery of the finest quality images, whether at the benchtop or in point-of-care scenarios.
Health Technology, Digital Healthcare
PR Newswire | September 29, 2023
Virgin Pulse, a leading global digital-first health, wellbeing, and navigation company, today announced its intent to merge with HealthComp, a next-generation benefits and analytics platform. The merger will create a technology and data powered health platform-as-a-service organization poised to tackle some of the industry's biggest challenges. The combined entity will aim to improve health outcomes and lower costs for members and employers by empowering better information and decision making. By using an advanced technology and data platform that leverages AI, the combined organization will deploy innovative and flexible health plan designs that drive improved member health outcomes, engagement, and awareness across the most important aspects of a person's healthcare journey.
As the healthcare industry evolves, the desire for an integrated experience in the employer-sponsored benefits ecosystem has grown exponentially. This combination will create a set of assets that will integrate plan design, plan management, payment integrity, health navigation, preventative care, and digital therapeutics through the Homebase for Health® user-centric platform. Together, the combined entity expects these assets will create a better experience and lower costs for members and employers, while providing expanded opportunities for insurers and brokers to continue to partner with the combined entity.
"This combination with HealthComp creates a new category in the health space that will change the way employers address the two-fold challenge of reducing costs and improving member outcomes. Our two companies have a shared mission to improve individual outcomes by engaging users early and often, and making health and wellbeing more accessible, affordable, and personal for all," said Chris Michalak, Virgin Pulse CEO. "Together, we are addressing a problem that has plagued the industry for years – a misaligned, complex benefit structure that results in unmet needs and escalating costs. We are eliminating waste, friction, and preventable risks by putting members and their needs at the center of the ecosystem."
"Self-insured employers pay for almost half of the nation's healthcare expenditures and now require more innovative and affordable solutions,"
said Chad Harris, HealthComp CEO.
"With concierge-level service, rich analytics, and expert medical cost management, HealthComp ensures that employers can make informed benefits decisions that align with the needs of their employees and businesses. Powered by Virgin Pulse's daily wellbeing engagement and data-driven personalization, this transaction creates an end-to-end platform that will radically lower costs and improve member outcomes."
[Source – PRNews Wire]
"The combination of Virgin Pulse and HealthComp creates the first national value-based care platform company focused on employee health and outcomes. We are excited to work with Morgan Health, Blackstone, and Marlin to bring innovation at scale to this market," said Matt Holt, President, Private Equity and Managing Director at New Mountain Capital.
"We have been working to build an innovation platform company in the employer space for more than five years. This transaction represents a significant milestone by forming a leading platform-as-a-service company focused on delivering better outcomes and greater affordability," added Kyle Peterson, Managing Director at New Mountain Capital.
"The employer-employee health landscape is ripe for change and the mission of the combined HealthComp and Virgin Pulse is aligned with Morgan Health's mission to improve the quality, equity, and affordability of employer-sponsored health care," said Dan Mendelson, CEO of Morgan Health.
Upon closing of the transaction, Chris Michalak will serve as CEO of the combined entity, where he will continue building upon the Homebase for Health vision and expanding the value proposition for clients and the market at large. The combined entity will serve more than 20 million members and address costs for more than 1,000 self-insured employers. HealthComp's powerful analytics will also benefit Virgin Pulse's health plan and health system clients by providing closed-loop data on health outcomes and the true ROI of investing in member experience and wellbeing programs.
The merger is expected to close in Q4 2023, subject to regulatory approvals and satisfaction of all closing conditions under the definitive agreement. Financial details of the transaction have not been disclosed. HealthComp is backed by New Mountain Capital and Virgin Pulse is backed by Marlin Equity Partners. New Mountain Capital will be the majority owner of the combined entity. Blackstone Credit has committed to support the deal with strategic financing.
J.P. Morgan Securities LLC acted as financial advisor to HealthComp. HealthComp's legal counsel was Ropes & Gray LLP. Evercore acted as financial advisor to Virgin Pulse, with Kirkland & Ellis LLP and McDermott Will & Emery LLP serving as legal advisors.
About Virgin Pulse
Virgin Pulse is a leading digital-first health, wellbeing, and navigation company that empowers organizations across the globe to activate populations, improve health outcomes, and reduce spend in an era of accelerating cost and complexity. Virgin Pulse's Homebase for Health® connects data, people, and technology to deliver high tech, human touch experiences that engage and reward individual journeys. Virgin Pulse impacts over 100 million people across 190 countries by helping Fortune 500, national health plans, and many other organizations change lives – and businesses – for good.
HealthComp, a New Mountain Capital company, has a customized and responsive approach to health benefits administration. We advocate for our members to get the best possible care suited for their unique needs. Our next generation benefits and analytics platform brings together concierge-level service, best-in-class operations, powerful analytics, and expert medical cost management. HealthComp integrates seamlessly with any benefits ecosystem to drive a personalized experience that delivers higher clinical outcomes at lower costs. HealthComp has offices in California, Illinois, Kentucky, West Virginia, Louisiana, and Pennsylvania.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $45 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with approximately $9 billion of capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company's outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions.
About Morgan Health
Morgan Health is a JPMorgan Chase business unit focused on improving employer-sponsored health care. Through its investments and the advancement of accountable care, Morgan Health is working to improve the quality, equity and affordability of employer-sponsored health care for JPMorgan Chase employees, their families and the U.S. health system. The business is led by Dan Mendelson, CEO of Morgan Health, reporting to Peter Scher, Vice Chairman of JPMorgan Chase & Co. and a member of the firm's Operating Committee. Morgan Health is headquartered in Washington, D.C.
Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
PR Newswire | October 19, 2023
WELL Health Technologies Corp. a digital health company focused on tech-enabling healthcare providers, and its investee company, HEALWELL AI are pleased to announce the launch of "WELL AI Decision Support", a groundbreaking new service for healthcare providers. This partnership is the first major collaborative initiative between the two companies since the announcement of the Strategic Alliance Agreement on October 3, 2023. Both companies view this as the beginning of a long-term, mutually beneficial partnership, with a shared vision and commitment to ongoing innovation.
Hamed Shahbazi, Founder and CEO of WELL commented, "We firmly believe the physician experience of the not-too-distant future will involve a number of safe, secure and helpful digital diagnostic tools that will better support healthcare providers in detecting acute and chronic diseases earlier. The launch of 'WELL AI Decision Support' perfectly aligns with our core strategy to empower healthcare providers with transformative technology, enhancing their capacity to improve patient outcomes and promote preventative health."
Dr. Michael Frankel, Chief Medical Officer of WELL, added, "The arrival of 'WELL AI Decision Support' marks more than just technological advancement; it's a watershed moment in our pursuit of superior patient care. By harnessing AI's potential, we are equipping healthcare professionals with tools that refine and elevate their practice. Each patient deserves individualized attention and precision in care, and this module is a step forward in realizing that vision."
Dr. Alexander Dobranowski, CEO of HEALWELL AI, said.
Our partnership with WELL is a strategic imperative in healthcare. The alignment between HEALWELL's pioneering data science and WELL's expansive clinical network underscores the strength of our collaboration. Together, with WELL's robust healthcare software solutions, we are creating a synergy poised to redefine healthcare standards. This partnership amplifies our combined commitment to leveraging data science for healthcare applications, ultimately benefiting patients and healthcare providers alike.
[Source: PR Newswire]
The 'WELL AI Decision Support' module is a groundbreaking solution that bridges a critical gap in healthcare diagnostics and patient care, heralding a new era of precision in healthcare delivery. WELL AI Decision Support leverages artificial intelligence (AI) technologies to enable the earlier diagnosis, treatment and improved quality of life for the patient. The technology behind WELL AI Decision Support has been meticulously developed by HEALWELL, in close collaboration with dedicated physicians, leading researchers, data privacy professionals, pharmaceutical companies, and other domain experts. This rigorous process of development and refinement has led to its validation in both Canadian and U.S. healthcare systems. WELL AI Decision Support is also a highly modular service that will be expanded with time. Initially, the service enables healthcare providers to accurately identify over 110 complex or rare diseases often overlooked by traditional methods, providing hope to thousands of patients across Canada.
'WELL AI Decision Support' is the second significant product release under the WELLHealth.ai program, following the successful "WELL AI Voice" module, and further exemplifies WELL's unwavering commitment and leadership in delivering effective AI solutions in healthcare. WELL AI Decision Support is featured on apps.health, WELL's premium digital marketplace for EMR tools and applications.
Rare and complex diseases affect over 300 million patients worldwide, and in Canada, 1 in 12 individuals lives with a rare disorder. What's even more alarming is the substantial number of people who remain undiagnosed and unaware of their underlying conditions. For those who do exhibit symptoms, the journey to a correct diagnosis is an arduous one. On average, they consult 8 physicians, endure 2-3 misdiagnoses over a span of 4.8yrs before receiving an accurate diagnosis.
This partnership represents a significant win for HEALWELL, granting expansive channel access to healthcare providers. The launch of 'WELL AI Decision Support' module underscores the trust and validation of HEALWELL's expertise within the industry. Both WELL and HEALWELL plan to continue to collaborate to combine their expertise and capabilities for more groundbreaking developments in the future.
About WELL Health Technologies Corp.
WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 31,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 148 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF".
About HEALWELL AI Inc.
HEALWELL AI is a health care technology company focused on AI and data science for preventive care. Its mission is to improve health care and save lives through early identification and detection of disease. As a physician-led organization with a proven management team of experienced executives, HEALWELL AI is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the company's road map.