Health Care Tuners — Athenahealth Sells For $ 17 Billion; Tenet drops $ 1.2 billion on CHWs
There is no shortage of mergers and acquisitions in the healthcare industry as vendors, healthcare technology companies, payers and others in the industry seek to grow their businesses and gain a competitive advantage. Here’s a look at the new offers that have been revealed, closed, announced or canceled during the month of November.
Tenet Healthcare acquired the outpatient surgery center business of SurgCenter Development for approximately $ 1.2 billion, a portfolio that includes controlling interests in 92 outpatient surgery centers. Tenet said he plans to purchase the remaining equity in the centers in the coming months and will also have the exclusive option to acquire ownership of at least 50 future centers in the coming years.
DocGo, formerly known as Ambulnz, has completed its merger with special purpose acquisition company Motion Acquisition Corp. The deal involved a net worth of around $ 1.1 billion and brought in $ 158 million in cash for the company. DocGo currently operates in 28 states and hopes to expand its mHealth business to 35 by 2022 with the new money.
Ballad Health secured the remaining capital of two rural Virginia hospitals: the Johnston Memorial Hospital and the Smyth County Community Hospital. The deal will allow Ballad to invest more than $ 310 million in two local foundations that previously controlled these minority stakes, which will support community health, workforce development and education in their regions.
LHC Group completed its acquisition of 47 Brookdale Health Care Services branches from HCA Healthcare and Brookdale Senior Living. The purchase includes 23 home care centers, 11 hospitals and 13 therapy agencies in 22 states. It is expected to bring in around $ 130 million in annualized revenue to the LHC Group.
CommonSpirit Health has revealed in financial documents that it is “currently in talks” to transfer ownership of 14 hospitals and other locations in North Dakota and Minnesota to an anonymous third party. CommonSpirit’s initial plan to sell the facility to Essentia Health failed earlier this year.
The Southern California Methodist Hospital and Keck Medicine of USC have submitted a formal written notification to the California Attorney General regarding their intention to partner in 2022. The potential partners have discussed an agreement over the past 18 months and signed a letter of intent in March. . If given the green light, the Methodist Hospital would be renamed USC Arcadia Hospital.
Anthem has announced that it will acquire the New York-based Integra Managed Care long-term plan for an undisclosed amount. Integra currently serves 40,000 Medicaid members, providing them with a dedicated care management team. The deal is expected to be finalized by the end of the second quarter of 2022.
Zing Health Companies finalized deal to acquire Lasso Healthcare Insurance Co. Medicare Advantage plan provider said it would integrate “almost all” Lasso employees into Zing’s team and expand Zing’s reach to a total of 32 states and in Washington, DC Financial terms of the deal were not disclosed.
Bain Capital and Hellman & Friedman will buy cloud-based electronic medical records provider Athenahealth for $ 17 billion in a deal expected to close in the first quarter of 2022, the companies said. Athenahealth partners with more than 140,000 ambulatory care providers, in all 50 states and in more than 120 specialties. The purchase of the private equity firms will mark the second time in three years that Athenahealth has changed ownership.
Best Buy revealed in its quarterly results this month that it has spent nearly $ 400 million to acquire remote patient monitoring technology provider Current Health. The deal, announced in October and concluded earlier this month, is expected to have a slightly negative impact on the company’s non-GAAP operating income in the fourth quarter.
Nanox completed its previously announced purchase of Zebra Medical Vision in an all-equity transaction valued at approximately $ 110 million, with an additional $ 84 million of shares expected once performance milestones are met. The medical imaging company has announced that it will rename Zebra to Nanox.AI in the future. Additionally, Nanox announced that it has purchased MDWeb, a decentralized marketplace for connecting imaging facilities to radiologists, and USARAD Holdings, a provider of teleradiology services, for approximately $ 20 million in shares plus $ 10 million in shares and cash for the completion of performance milestones.
Light beam health solutions, a population health management technology company, announced the acquisition of remote patient monitoring technology company CareSignal. Lightbeam said the purchase would allow it to integrate remote monitoring capabilities into its platform. Terms of the contract are not disclosed.
tailored, a financial navigation platform for patients, announced the acquisition of Vivor, a financial aid platform targeting providers and life science companies. Terms of the deal were not disclosed, although TailorMed said it opened a new office in Portland, Oregon following the purchase.
Kaufman Hall acquired Healthcare Real Estate Capital, a national consulting firm focused on the healthcare and higher education real estate markets, for an undisclosed amount. The purchase will help the consulting firm advise healthcare systems on their real estate strategies and respond to growing interest in these types of assets, executives at Kaufman Hall said.