Transaction Brings Leading Schedule Optimization Solution for Doctors; Adds Machine Learning and Predictive Analytics Capabilities to athenahealth’s Network
First “More Disruption Please” Accelerator Company Demonstrates Program’s Success as Value Added Investor and Partner to Young Health Tech Companies
WATERTOWN, Mass., April 14, 2016 (GLOBE NEWSWIRE) -- athenahealth, Inc. (NASDAQ:ATHN), a leading provider of network-enabled services and mobile applications for health care providers nationwide, today announced the acquisition of Arsenal Health. With its flagship schedule optimization service that allows providers to take control of their daily appointment volume by predicting no-shows and cancellations, Arsenal Health has successfully brought the power of machine learning to the forefront of health care. Arsenal Health was athenahealth’s first investment via the ‘More Disruption Please’ (MDP) Accelerator and benefitted from direct access to athenahealth’s internal resources, expertise, and network of over 75,000 providers.
The acquisition will make Arsenal Health’s schedule optimization solution widely available as a native part of athenaNet® – moving Arsenal Health from third-party service delivered via the athenahealth® Marketplace to a native capability that will be available to customers via athenaCoordinator®. Looking ahead, athenahealth expects this acquisition to accelerate its capabilities in machine learning and predictive analytics. This competence, when married to strong data-sets like that of athenahealth’s 74 million plus patient records, offers tremendous potential to broaden the scope of network insights, and enhance existing offerings through the development of a smarter platform.
"We are thrilled to welcome the Arsenal Health team to athenahealth as it represents numerous opportunities and proof points," said Doran Robinson, Vice President of athenaCoordinator. "First, the scheduling service has proven it can be highly impactful to providers, helping ensure that days run smoother, more patients get seen, and more revenue flows in. Second is its potential as an additional on-ramp to the machine learning, predictive analytics and artificial intelligence space in health care. The prospect of building on Arsenal Health’s technology and combining it with our own valuable data to positively impact care and expand the power of our network is extremely compelling. Finally, the company is a testimonial to what we’re trying to do with our ‘More Disruption Please’ program – provide young health tech companies the opportunity to develop and scale with athenahealth’s support and resources.”
Arsenal Health CEO Chris Moses added, “By joining athenahealth, we believe we can accelerate our growth while effectively testing and advancing our predictive analytics technology. To date, our success lies in our ability to track client performance, learn the intricacies of how providers work, and ultimately predict their needs. We believe that with athena we can continue to improve this offering by leveraging athena’s volume of data to develop a new class of network intelligence-based services that will be well-positioned in an industry moving towards data-driven care."
Arsenal Health was founded by a team who met at an MIT hack-a-thon and decided to apply data science to health care’s scheduling problem. The company quickly advanced through the Healthbox accelerator program, developed a solid technology platform, and proved early traction before partnering with athenahealth to scale. Having made an investment in 2014, athenahealth installed Arsenal Health at its Watertown campus, and has since fast-tracked adoption of the company’s service —helping them grow from one client to 700+ providers by winning large, complex health systems and small provider offices as clients through the athenahealth Marketplace. Arsenal Health’s success is a true example of athenahealth’s ability to serve as a value added investor and a partner for up-and-coming companies.
A Revenue-Driving Service Powered by Top Data Expertise
- Arsenal Health’s schedule optimization solution currently serves over 700 athenahealth providers, including many from signature clients.
- Arsenal Health’s service is proven to decrease no show-rates and increase patient visits. The scheduling optimization solution shows a statistically significant lift in RVUs (Relative Value Units), driving up to $700 per-provider per-month to the bottom line by accurately predicting no shows and optimizing the providers’ schedule.
- Chris Moses and Arsenal Health’s current team of data scientists and developers will join athenahealth working under Doran Robinson, who heads athenaCoordinator. Together they will work to build out intelligence-enhanced, data-driven services to power athenaNet.
Financial terms of the transaction were not disclosed.
About Arsenal Health (formerly known as Smart Scheduling, Inc.)
Arsenal Health helps health care providers maximize patient appointment access and practice revenues while minimizing double-booking. Arsenal Health also offers a Smart Call List, automated appointment rescheduling via SMS, real-time drill-down reports, administrative tools, and phone and email support - all with full integration with athenahealth.
About ‘More Disruption Please’
Health care needs less distraction and more disruption. Through collaboration and seamless integration on an open cloud platform, More Disruption Please offers innovative solutions to help health care professionals thrive in the face of industry change and pressure.
MDP partners with innovators, entrepreneurs, providers, and companies that are passionate about disrupting established approaches in health care that simply aren’t working, aren’t good enough, or aren’t advancing the industry. The MDP Network brings together a community of great minds looking to improve the status quo in health care. The MDP Accelerator invests in high-potential, early-stage startups and provides resources and customer access critical to their scalability and success. The athenahealth Marketplace delivers solutions seamlessly integrated with athenaNet, enabling providers to get the most out of their care giving experience.
About athenahealth, Inc.
athenahealth is a leading provider of network-enabled services for electronic health records (EHR), revenue cycle management and medical billing, patient engagement, care coordination, and population health management, as well as Epocrates® and other point-of-care mobile apps. We connect care and drive meaningful, measurable results for more than 75,000 health care providers nationwide. For more information, please visit www.athenahealth.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the anticipated benefits of the transaction, our ability to build on Arsenal Health’s technology and combine it with our own, the goals of our MDP program, expectations regarding the combined businesses and our opportunities as a result of the combination. Forward-looking statements may be identified with words such as “will,” “may,” “expect,” “plan,” “anticipate,” “upcoming,” “believe,” “estimate” or similar terminology, and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. These risks and uncertainties include: our ability to effectively integrate the Arsenal Health business and its employees into our business; our ability to capitalize on the opportunities we believe the transaction presents; our highly competitive industry and our ability to compete effectively and remain innovative; our ability to retain members of the Arsenal Health team; our ability to retain Arsenal Health customers; changes in the health care industry and their impact on the demand for our services; and current and future litigation, including for intellectual property infringement. Forward-looking statements speak only as of the date hereof and, except as required by law, we undertake no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, refer to our public filings with the Securities and Exchange Commission (“SEC”), available on the Investors section of our website at www.athenahealth.com and on the SEC’s website at www.sec.gov.
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