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MARLIN & ASSOCIATES Healthcare IT Review Dear Clients and Friends, July 2013 In June, Farzad Mostashari, National Coordinator for For further information contact: Health IT at the US Department of Health and Human Afsaneh Naimollah Services (HHS), reiterated that the ICD-10 implementation deadline (October 1, 2014) will not Partner change and there are no more extensions in the [email protected] offing. For those of us who were around to witness the +1 (212) 257-6055 grand effort to make all databases Y2K compliant, the magnitude of migrating to ICD-10 appears similar in scope and complexity. Hits Businesses and governments around the globe spent $600Bn in anticipation of the Y2K problem and for the most part, it worked. We entered year 2000 with little disruption. Navigating the ICD-10 cliff will be more traumatic for both payors and providers, and it is the providers’ core operation that will see the most drastic impact. We will not be surprised if this migration significantly cut productivity in the healthcare industry for some time before the benefits are fully realized. We hold the opinion that despite the extreme challenges faced with the migration, this change is necessary and its long-term benefits will far outweigh the short term pains of adoption. After all, the U.S. is the only industrial nation that still uses ICD-9 which was developed in the 1970’s. The practice of medicine has materially changed since then and many of the ICD-9 codes are now clinically inaccurate. Marlin & Associates is one of the most active investment banking and strategic advisory firms ICD-10 touches all aspects of clinical and providing strategic and financial advice to administrative functions; over the long term, its worldwide buyers and sellers of middle-market granularity holds the promise of improving care, technology firms. Our firm is headquartered in expediting payments for physicians and hospitals and New York, NY and has additional offices in San Francisco, CA; Washington, DC; Toronto, providing better information and data opportunities. Canada; and Hong Kong, China serving ICD-10 may be a regulatory requirement, but it is a companies that provide information and giant step in the right direction. technology to a wide range of communities including those that serve the healthcare, banking, capital markets, insurance, and Sincerely, marketing industries. H.I.T. Greatest H.I.T. Afsaneh Naimollah www.MarlinLLC.com © Marlin & Associates Holding LLC. M&A is a registered trademark of Marlin & Associates. Other names, trademarks, and logos are properties of their respective holders. Marlin & Associates Securities LLC, a wholly-owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC. The information and any opinions contained in this report are for information purposes only. While they have been obtained from sources that we consider reliable, we do not represent such information and opinions are accurate or complete, and thus should not be relied upon as such. The information contained in this report does not constitute an offer to sell or a solicitation of an offer to buy any security. The price and value of the companies referred to in this communication may fluctuate. Past performance is not indicative or a guarantee of future performance. IMPORTANT INDUSTRY NEWS NOTABLE TRANSACTIONS / INVESTMENTS Cleveland Clinic providing patients with access Harris acquires QuadraMed to their Electronic Medical Records Constellation Software, through its subsidiary N. Harris Cleveland Clinic is taking steps to make their Computer Corp, completed the acquisition of patients’ electronic medical records (EMRs) more QuadraMed, a leading provider of healthcare IT transparent and accessible. Starting in 2014, patients solutions (including EHR and RCM) primarily to will be able to view nearly everything the doctors see hospitals. Harris plans to use QuadraMed’s platform to in their EMR. support its entry into the U.S. HIT market. Recall, in 2009 Francisco Partners purchased QuadraMed for Currently, Cleveland Clinic patients can use the ~$125 mil. MyChart patient portal to view their after-visit summary, medications, allergies, lab results, QuadraMed is an extension of Harris’ existing software radiology reports and other items. The new version of portfolio and complements its Canadian healthcare MyChart will also include pathology records, x-ray offering. QuadraMed’s Access/Identity Management reports, physician notes and current health issues. solutions have earned top rankings and may be the Cleveland Clinic hopes improved patient access to ‘hidden jewel’ in this deal. medical records will result in more active Parallon (HCA subsidiary) buys The Outsource collaboration with their care teams. With connectively Group and interoperability improving throughout the healthcare system, full access to EMRs by patients Parallon, which provides healthcare business and might decrease the need for PHRs. operational services mainly to hospitals, announced it plans to acquire The Outsource Group (TOG). TOG is Mostashari: No more delays to ICD-10; backed by ClearLight. TOG generates revenue greater SNOWMED critical than $100 million annually. Farzad Mostashari, MD, the National Coordinator for Although some of TOG’s solutions, such as Third Party Health IT at HHS, announced in a recent speech that Liability (TPL), are not necessarily technology driven, with regard to ICD-10 there were “no plans for TOG’s presence in more than 800 hospitals is an anymore extensions”. Despite industry pushback and attractive footprint for HCA. the looming October 2014 deadline (which was already delayed a year in 2012), Dr. Mostashari has Vitera acquires SuccessEHS faith in the market to make the conversion smoother Vitera, owned by Vista Equity Partners, is a leading and added “there is a lot of money to be made in provider of ambulatory-based EHR and practice helping doctors get ready for ICD-10”. management solutions. Vitera acquired SuccessEHS, Dr. Mostashari stated that the delay has been used to which provides a number of healthcare technology develop a crosswalk from ICD-9 to ICD-10 via solutions for physician practices and community Systematized Nomenclature of Medicine Clinical hospitals. Terms were not disclosed. Terms (SNOMED). Bridging SNOMED, which is Since Vista took over, Vitera (formerly a division of Sage inherently more suitable for clinical documentation in Software) has taken steps to improve its product the EMR with ICD-10, which is designed for coding offering. This acquisition is an entré into the community professionals after the incidence of care, should hospital market, a sector that has been slow to embrace bring many benefits including reducing billing errors the newer HIT technologies. and improving the quality of clinical and administrative data. © 2013 Marlin & Associates Holding LLC Page 2 CareCloud raises $20 million in Series B financing ZocDoc intends to raise $55 million in debt CareCloud, a cloud-based EHR vendor, announced ZocDoc, a NYC-baed company which helps patients that it has received an investment led by Tenaya find and review doctors (and book appointments), is in Capital, and returning investors Norwest Venture the market to raise $55 million of debt. To date, the Partners and Intel Capital. CareCloud, which targets company has raised over $170 million in equity. physicians in small group practices, plans to use the The consumer search, appointment booking and funds to develop its products and hire more software reviews of physicians space is a bit crowded. engineers. Companies such as Vitals, have also raised over $35 CareCloud has now raised $44 million in total and is million of capital. We struggle to see a viable long term expected to generate over $10 million in revenue. strategy for these companies as stand alone Companies resembling the athena model are attracting businesses unless they move up the value chain and many investors. Kareo, another cloud-based medical offer services such as providing patient payment office software and services company, raised $20 portals. million in November 2012. Mediware acquires Fastrack Medivo raises $15M, led by Merck GHIF Mediware Information Systems, a Thoma Bravo Medivo, a NY-based online health monitoring platform company, acquired Fastrack Healthcare Systems, connecting doctors, consumers and clinical labs, which provides software solutions for the home announced that it has raised $15 million in Series B medical equipment and infusion therapy markets. financing. This investment was led by Merck Global Mediware plans to combine Fastrack with its existing Health Innovation Fund (GHIF) with participation from Alternate Care Solutions business. existing investors Safeguard Scientifics and MentorTech Ventures. Mediware software will now support over 700 customers in the homecare market, an area with To date, Medvio has raised $22 million for its platform favorable growth prospects. This is the second that leverages diagnostic tests into better patient acquisition by Mediware since it was acquired in outcomes. Analytics technologies that can integrate November 2012. clinical and patient information are attractive sectors for many investors. Merck’s participation in this round Ascension Health Ventures makes strategic is an endorsement for the quality and usefulness of investment
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