Quality Systems acquires HealthFusion
Quality Systems, Inc. is building on its ambulatory-focused strategy with its recent acquisition of HealthFusion, a developer of cloud-based EHRs for physician practices.
Quality Systems, which less than two weeks ago sold off its NextGen Healthcare Hospital Solutions Division, announced Oct. 30 that it would acquire HealthFusion Holdings, Inc. for $165 million – with a potential additional contingency of up to $25 million.
[See also: Quality Systems sells off NextGen inpatient unit]
HealthFusion is a Web-based software developer perhaps best-known for MediTouch platform, used by some 3,000 physician practices, ambulatory centers and medical billing services.
"We believe our SaaS-based healthcare technology products will prove beneficial to Quality Systems' NextGen Healthcare service offering as the company advances its cloud solutions capabilities," said Sol Lizerbram, MD, HealthFusion chairman, in a press statement.
"This acquisition presents significant opportunity to capitalize on the joint successes both companies have achieved to date in the ambulatory market segment," he added.
[See also: AAFP taps HealthFusion's cloud EHR]
"HealthFusion brings an extremely intuitive, fully mobile, cloud-based solution that affords smaller groups of physicians and other providers a clean EHR experience within a fully integrated suite of solutions for their practice," said Rusty Frantz, president and chief executive officer at Quality Systems, Inc., in a statement.
Completion of the transaction is subject to standard closing conditions, expected to close by March 31, 2016, the end of their fiscal year. Fulfillment of the complete payment is based on the 2016 HealthFusion product revenues projected at $43 million.
"The acquisition of HealthFusion is another example of our strategy to expand both client base and solution capabilities in our ambulatory market," said Frantz.