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The acquisition will give Syntellis' healthcare customers more timely data to make better decisions
There's more data than ever flowing through the healthcare system, thanks to the implementation of EHR systems, as well as the proliferation of digital health, which rose exponentially during the pandemic. Trying to make some kind of use of that data has proven to be extremely difficult, however, just due to the sheer volume that's coming in.
Stratasan solves that problem by providing market intelligence and data analytics to healthcare providers and payers so they can improve both efficiency and effectiveness.
Its solution caught the eye of Syntellis Performance Solutions, a provider of intelligent planning and performance solutions for healthcare, higher education, and financial institutions, and now the two companies are combining forces: on Monday, Syntellis announced that it completed its acquisition of Stratasan after first revealing its intent to buy the company in July. No financial terms of the deal were disclosed.
Founded in 2010, the Nashville-based Stratasan works with strategic planners and hospital executives, giving them access to healthcare intelligence, while also allowing planning teams to spend less time curating data and more time leveraging that data to make informed decisions. The company has raised $27.2 million, including a $26 million round in 2019.
Syntellis Performance Solutions, meanwhile, provides enterprise performance management software, data and intelligence solutions, helping finance professionals acquire insights, accelerate decisions and advance their business plans. The company works with 2,800 organizations and has 450,000 users.
The acquisition of Stratasan expands the value of Syntellis' data and intelligence solutions beyond the office of the Chief Financial Officer, Flint Brenton, the company's CEO, told VatorNews.
"By adding Stratasan’s powerful capabilities to our suite of intelligent planning and performance products, Syntellis will deliver unparalleled intelligence and insights to help healthcare leaders strategically determine when, where, and how to grow," he said.
Syntellis' healthcare customers will benefit from this acquisition through expanded strategic planning capabilities, which will provide them with a clear picture of what’s going on in their target markets, Brenton explained.
More specifically, these strategic planning solutions can help them identify which service lines to grow to meet patient needs, attract patients and reduce outmigration, improve physician recruitment, identify the best location for new healthcare access points, negotiate for higher reimbursement, improve post-acute care, and reduce readmissions.
"This acquisition is a natural step forward aligned to our strategic priorities. This combination further demonstrates Syntellis’ focus on growth, providing podium products and our strong commitment to connecting operational, financial and strategic data so our customers can grow profitably and improve outcomes in an ever-changing healthcare environment. Additionally, it further solidifies Syntellis’ already strong record of leadership and superior results," said Brenton.
In regards to what will happen to Stratasan now that it has joined Syntellis, including if the company will remain independent or be folded into Syntellis, as well as how the two companies will integrate with each other going forward, that is still being worked out.
What Brenton would say, though, was that, by adding of Stratasan’s team and technology, it gives Syntellis "a unique opportunity to build on each other's strengths," including combining financial and strategic planning data with clinical and market utilization data to deliver intelligence and insights "at a time when healthcare organizations need them most."
"As healthcare organizations continue to navigate one of the most challenging times in recent history, having access to robust data and analytics platforms is critical to remaining stable and driving growth," he explained.
By combining Syntellis and Stratasan, its customers will have the timeliest data available and intelligent solutions to make meaningful decisions and plan for future success, Brenton said.
"This acquisition reinforces our focus on innovation and growth and our commitment to being the source for data in healthcare — connecting operational, financial, and strategic data so healthcare organizations can improve outcomes and maximize their impact in the communities they serve."
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