Post-acute electronic health record (EHR) company PointClickCare Technologies plans to acquire Collective Medical to expand its reach into care coordination across the acute, ambulatory and post-acute markets.
The deal is for nearly $650 million, according to Business Insider, which first reported the news on Tuesday.
PointClickCare did not disclose terms of the deal.
PointClickCare is a cloud-based software provider for the long-term post-acute care and senior living provider markets, and its EHR is used in 70% of U.S. skilled nursing facilities, according to the company.
Collective Medical provides a network-enabled platform for real-time cross-continuum care coordination.
With the acquisition of Collective Medical, PointClickCare will solidify its position as a high-growth, cloud-based healthcare software leader, serving a large, diversified customer base of 21,000 providers across the acute, ambulatory, post-acute and payer spectrum, the company said in a press release.
Through the acquisition, PointClickCare and Collective Medical will provide diverse care teams across the continuum of acute, ambulatory and post-acute care with point-of-care access to real-time patient insights at any stage of a patient’s healthcare journey, enabling better decision-making and improved clinical outcomes at lower cost.
The acquisition is subject to receiving regulatory approvals and other customary closing conditions and is expected to be completed by the end of December.
RELATED: PointClickCare expands reach into post-acute care with QuickMAR acquisition
"The healthcare ecosystem is a mix of disconnected providers, systems, plans, processes, and data. Healthcare costs and risk are on the rise, while patient care and provider-to-provider coordination are inconsistent. Our mission is to improve the lives of seniors, and we believe the best way to meaningfully advance this goal is by connecting disparate points of care,” said Mike Wessinger, founder and CEO of PointClickCare Technologies, in a statement.
“Collective Medical offers the right fit of people and technology and together we will initiate a new era of data-enriched collaboration across the continuum that radically transforms how data and people are empowered to liberate health," he said.
PointClickCare also has expanded its reach into the long-term post-acute care market with the acquisition of QuickMAR, an electronic medication administration platform, in 2019.
PointClickCare supports a network of more than 21,000 skilled nursing facilities, senior living communities and home health agencies. In the U.S., 97% of all hospitals discharge patients to skilled nursing facilities using PointClickCare. Collective Medical’s platform connects more than 1,300 hospitals, thousands of ambulatory practices and long-term post-acute care providers, as well as accountable care organizations and every national health plan in the country, across a 39-state network.
These providers come together via the Collective platform to support patients suffering from a variety of complex conditions, including substance use disorder, mental and behavioral health issues, and other care needs requiring multiple interventions and transitions across disparate care settings. The combination of PointClickCare and Collective Medical will enable care to be more seamlessly delivered for the most complex (high-cost, high-needs) patients, including the rapidly growing aging population, the companies said.
“There is near-perfect alignment between Collective Medical and PointClickCare given our shared values and mission to support vulnerable populations,” says Chris Klomp, CEO of Collective Medical.
As the shift to value-based care fuels growing market demand for intelligence and collaboration tools, PointClickCare will be better positioned to provide a fully integrated set of real-time care coordination tools across the entire continuum of care, powered by the largest network of its kind in the U.S.
The acquisition will follow a partnership, created between the companies in August 2019, which streamlined the integration of Collective Medical’s solution for care transitions with PointClickCare’s leading cloud-based software platform.