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8-K - FORM 8-K - ATHENAHEALTH INC | b87371e8vk.htm |
EX-2.1 - EX-2.1 - ATHENAHEALTH INC | b87371exv2w1.htm |
EX-99.2 - EX-99.2 - ATHENAHEALTH INC | b87371exv99w2.htm |
EX-99.1 - EX-99.1 - ATHENAHEALTH INC | b87371exv99w1.htm |
Exhibit
99.3
athenahealth to Acquire Proxsys, LLC
-Transaction would bring established cloud-based, hospital care coordination capabilities to
athenahealths new athenaCoordinator service; Powers an emerging care coordination model -
BIRMINGHAM,
Ala. and WATERTOWN, Mass., July 21, 2011 athenahealth, Inc. (NASDAQ: ATHN), a
leading provider of cloud-based practice management,
electronic health record (EHR), and
patient communication services to medical groups, announced today that it has signed a definitive
agreement to acquire Proxsys, LLC, a leading provider of cloud-based care coordination services
between physicians and hospitals. This acquisition accelerates the development of athenahealths
emerging care coordination service, now known as athenaCoordinator.
Terms of the merger agreement include a cash payment of approximately $28.0 million with the
potential for additional consideration of up to $8.0 million, based on the achievement of certain
business and financial milestones. The transaction is expected to close during Q3 2011.
Based in
Birmingham, Alabama, Proxsys offers innovative services for care coordination, order
transmission, referral management, hospital patient registration, and insurance pre-certification.
Proxsys simplifies care transitions from physicians to their supply chain partners including:
specialists, laboratories, imaging centers, hospitals and ambulatory surgery centers. This results
in improved quality of care and patient satisfaction, decreases in denied or delayed claims
payments and bad debt, and increases efficiencies and revenue. Proxsys serves approximately 90
clients, including certain athenahealth enterprise hospital clients, representing approximately
8,000 physicians and 60,000 patient registrations every month.
We have a vision for how health care information exchange ought to work, and Proxsys represents a
critical element of achieving that vision, said Jonathan Bush, CEO and Chairman of athenahealth.
This acquisition accelerates the launch of our new athenaCoordinator service, which facilitates
the flow of information throughout the health care supply chain, improving care coordination for
current and future clients. This service will be the latest piece of the national health
information backbone we have been steadily constructing.
athenahealth intends to fully integrate Proxsys and its service offerings onto athenaNet®,
athenahealths centrally hosted, cloud-based service platform. This would enable athenahealths
new athenaCoordinator service to move patients, with their clinical and insurance data, from the
ordering provider to order recipients on a transaction fee basis. Hospitals would help drive the
adoption of the athenaCoordinator service into affiliated practices to reduce costs and provide
better control of patient care for both the hospital and the ordering provider. As ordering
providers send more orders through athenaCoordinator, the company believes it will spur adoption of
the athenaCoordinator service by other hospital systems in the community.
There is a common cloud-based service model that supports both athenahealth and Proxsys. As we
integrate our services, we expect to drive a level of efficiency, accuracy, and clarity in the
health care supply chain that is not being realized today, said George Salem, founder and
President of Proxsys. There is a tremendous amount of administrative pain, liability, cost waste,
and redundancy that has been bottle-necking the flow of vital health information. In joining with
athenahealth, we can support a broad marketplace for this information, making exchange easier for
hospitals, providers, and patients.
athenahealth expects to incur expenses related to the amortization of purchased intangibles
associated with this acquisition. Although the company excludes amortization of purchased
intangibles from its non-GAAP adjusted financial statements, it is no longer excluding
acquisition-related expenses from its non-GAAP financial results. Management expects that the
acquisition-related expenses for Proxsys will be immaterial to the Companys fiscal year 2011
results. For more information on the impact of this anticipated acquisition, please refer to
athenahealths Q2 2011 earnings press release and prepared remarks, published in conjunction with
this press release.
About Proxsys
Proxsys, LLC partners with dozens of hospitals across as many different states to provide
streamlined admitting services to health care facilities and their patients. Coupling compassion
with technology, our services provide accurate, up-to-date, and secure patient information while
reducing the occurrence of errors and unnecessary expenses for both the patients and facilities. By
enhancing the insurance verification, registration, and upfront collections aspects, we help create
a seamless and worry-free admitting process that is beneficial to all. For more information, please
contact us at (205) 970-3301 or toll-free at (888) 776-9797 or email questions or comments to
contactus@proxsyscorp.com
About athenahealth
athenahealth, Inc. is a leading provider of cloud-based business services for physician practices.
athenahealths service offerings are based on proprietary web-native practice management and
electronic
health record (EHR) software, a continuously updated payer knowledge-base, integrated
back-office service operations, and automated and live patient communication services. For more
information, please visit www.athenahealth.com or call (888) 652-8200.
This press release contains forward-looking statements, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements
regarding the anticipated benefits of the integration of the Proxys service offerings with those of
athenahealth, , the nature of prospective markets for those offerings, and the anticipated
completion of our acquisition of Proxys. These statements are neither promises nor guarantees, and
are subject to a variety of risks and uncertainties, many of which are beyond our control, which
could cause actual results to differ materially from those contemplated in these forward-looking
statements. In particular, the risks and uncertainties include, among other things: the risk that
our service offerings will not operate in the manner that we expect, due to design flaws, security
breaches, or otherwise; potential interruptions or delays in our internet-based service offerings;
our reliance upon third parties, such as computer hardware, software, data-hosting, and internet
infrastructure providers, which reliance may result in failures or disruptions in our service
offerings; errors or omissions included in our payer and clinical intelligence rules engine and
database; and the evolving and complex government regulatory compliance environment in which we and
our clients operate. Existing and prospective investors are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date hereof. athenahealth
undertakes no obligation to update or revise the information contained in this press release,
whether as a result of new information, future events or circumstances, or otherwise. For
additional disclosure regarding these and other risks faced by athenahealth, please see the
disclosure contained in our public filings with the Securities and Exchange Commission, available
on the Investors section of our website at http://www.athenahealth.com and on the SECs website at
http://www.sec.gov.
John Hallock (Media)
Director, Corporate Communications
athenahealth, Inc.
(617) 402-1428
media@athenahealth.com
Director, Corporate Communications
athenahealth, Inc.
(617) 402-1428
media@athenahealth.com
Jennifer Heizer (Investors)
Director, Investor Relations
athenahealth, Inc.
(617) 402-1322
investorrelations@athenahealth.com
Director, Investor Relations
athenahealth, Inc.
(617) 402-1322
investorrelations@athenahealth.com
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