The year of mergers and acquisitions in healthcare IT continues as Frisco, Texas-based Conifer Health Solutions has bought revenue cycle management (RCM) and health information management (HIM) software vendor, SPi Healthcare (Tinley Park, Ill.) for $235 million.
Conifer, which operates in the clinical integration, risk management, population health and RCM space, expects to complete the transaction in the fourth quarter of 2013. John O’Donnell, SPi’s chief executive officer, will join Conifer’s senior management team reporting to Stephen M. Mooney, President and CEO. SPi's 600 employees, in Tinley Park and six service centers, will continue to work in those places.
SPi provides its solution specifically to physician practices and independent practice associations (IPAs), a market which Conifer is looking to improve. The acquisition also allows Conifer to provider recovery audit contractor (RAC) audit defense and preparedness services and ICD-10 gap analysis and education, as well as payer contract management and software consulting.
“Nearly 50 percent of large practices utilize GE or Epic EHRs. SPi’s long-term experience with these technology platforms represents an important pathway for additional growth for Conifer,” Mooney said in a statement.
Last year, SPi had approximately $62.5 million in revenue, ranking it 80th on the Healthcare Informatics 100. This acquisition makes it the latest company on the list to either be acquired or do the acquiring themselves. Recently, Cerner bought Siemens' health IT division and TriZetto was acquired by Cognizant.
Get the latest information on Health IT and attend other valuable sessions at this two-day Summit providing healthcare leaders with educational content, insightful debate and dialogue on the future of healthcare and technology.