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November 26, 2015

CPSI agrees to buy Healthland Holding and affiliates for $250m

Computer Programs and Systems (CPSI) has signed a deal to buy Healthland Holding and its affiliates, Healthland, American HealthTech and Rycan Technologies for $250m.

Computer Programs and Systems (CPSI) has signed a deal to buy Healthland Holding and its affiliates, Healthland, American HealthTech and Rycan Technologies for $250m.

The acquisition will strengthen CPSI’s capabilities in providing healthcare information solutions to community healthcare organisations, including 1,200 combined hospital customers.

Healthland offers electronic health records (EHR) and clinical information management solutions to more than 350 hospital customers. American HealthTech provides clinical and financial solutions in the post-acute care sector, serving 3,300 skilled nursing facilities.

Rycan is focused on providing SaaS-based revenue cycle management workflow and automation software to 290 hospital customers.

The combined company is expected to report annual revenues of $300m in 2015.

CPSI president Boyd Douglas said: "Healthland’s history tracks a very similar course to that of CPSI, as we both have over 30 years of experience in the healthcare IT space, and we share a strong commitment to the improvement of community healthcare.

"Together, we will service a client base of approximately 1,200 acute care facilities and more than 3,300 post-acute care facilities, including Healthland’s American HealthTech subsidiary."

"With the ongoing transformation in community healthcare, this combination will enable us to deliver solutions faster for our clients."

The transaction introduces CPSI to the post-acute care market and expands the products and capabilities of TruBridge with the addition of Rycan and its suite of revenue cycle management software products

Healthland CEO Chris Bauleke said: "With the ongoing transformation in community healthcare, this combination will enable us to deliver solutions faster for our clients and better scale our development investment and customer support across the many communities we serve."

"Delivering meaningful solutions for our customers as they prepare for the transition into value-based payment models will continue to be a priority.

"Healthland’s acquisitions of American HealthTech, a provider of EHR solutions for post-acute care facilities in 2013, and Rycan, a revenue cycle solutions company in April 2015, provide immediate benefits to the markets and solutions that the combined company can leverage."

Subject to customary closing conditions, the transaction is expected to be completed by the end of this year.

CPSI, which includes two subsidiaries Evident and TruBridge, provides healthcare solutions to community hospitals.

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