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Intuit to Acquire Medfusion

May 11, 2010
by root
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Intuit Inc., based in Mountain View, Calif., and provider of business and financial management solutions Quickbooks, Quicken, and TurboTax, has signed an agreement to acquire Medfusion, a Cary, N.C.-based patient-to-provider communications company. The cash transaction is valued at approximately $91 million.

Medfusion is the creator of an online solution to help patients better communicate with their providers to schedule appointments, pay bills, request prescription refills, complete medical forms, review lab results and clinical summaries, receive reminders and exchange secure messages for related care and administrative issues. Intuit plans to build upon its existing Quicken Health programs, combining Intuit’s user interface and design with Medfusion’s portal offering and bill presentment and payment solutions.

Medfusion’s patient-to-provider communication solution, combined with an electronic health record, allows patients to electronically access their health information in a timely manner, which is a current requirement for eligible providers to receive $44,000 per provider under the American Recovery and Reinvestment Act stimulus bill.

Under the terms of the transaction, Stephen Malik, Medfusion’s founder and chief executive officer, will become a senior vice president and general manager reporting to Brad Smith, Intuit president and chief executive officer.

The transaction is expected to close during the fourth quarter of Intuit’s fiscal year 2010, which ends July 31st.

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