Vytalize Health to Acquire MedPilot to Accelerate Data-Driven Engagement Technology to Its ACO's Medicare Population
- S&P 500, Nasdaq open higher; Amex, Honeywell weigh on Dow
- Bitcoin tumbles below $50,000, other cryptos sink over Biden tax plans
- Snap (SNAP) Beats Q1 Estimates Amid 'Robust Ad Environment,' Analysts Raise Numbers and PTs
- Intel (INTC) Tops Q1 EPS by 24c, Offers Guidance
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
NEW YORK, Feb. 19, 2021 /PRNewswire/ -- Vytalize Health, a leading provider of value-based healthcare, has agreed to acquire MedPilot, a leading digital health platform. The acquisition brings Vytalize a unique, end-to-end patient engagement capability to manage its 65,000 Medicare patients and $1 billion of medical spending. Vytalize Health's mission is, "To accelerate the world's transition to value-based care by taking care of the doctors who take care of us." Together, the combined companies aim to transform the $250 billion independent primary care provider Medicare market.1 The transaction has been approved by both companies' Boards of Directors subject to shareholder approval and is expected to close in the coming days.
MedPilot has helped over 1 million patients and demonstrated a 97% patient satisfaction score. MedPilot's proprietary engagement engine personalizes outreach based on various patient characteristics and then uses machine learning to optimize communications between the healthcare provider and patient. MedPilot had raised $3.5M from prominent investors, including Hudson River Capital, Wavemaker 360 Health, Tom Hirschfeld, Cedars-Sinai, Jumpstart, Techstars, Northcoast Ventures, and TurnCap.
Vytalize Health's acquisition of MedPilot enables them to offer their growing Medicare population a powerful solution for last-mile patient engagement. With more than $20M in investment going into the combined company and 800% year-over-year growth for the last two years, Vytalize is poised to achieve breakout leadership in the value-based care delivery space for Medicare patients.
"As we grew our ACO and began enhancing our infrastructure for Medicare's Direct Contracting program, our vertically integrated care delivery system needed a solution for last-mile patient engagement," said Vytalize CEO Faris Ghawi. "We couldn't have asked for a better technology and team to fill this need. It's been a pleasure to work together, and we are thrilled to deploy many more solutions through this platform to improve the patient experience and health outcomes while lowering healthcare costs."
More than 35 MedPilot employees will join Vytalize Health following the acquisition. Vytalize plans to continue to invest in MedPilot's hometown of Cleveland due to its strong employee talent pool and healthcare ecosystem. MedPilot's founders will also join Vytalize's senior executive leadership team. These include:
- Jacob Myers, CEO, will join Vytalize as Chief Innovation Officer
- Nathan Spoden, COO, will become Vytalize's Chief Product Officer
- Matt Buder Shapiro, Chief Marketing Officer, will retain his title
"It didn't take long working with Vytalize to see that our companies coming together was a clear 1+1=3 scenario," said MedPilot CEO Jake Myers. "I'm happy for the MedPilot employees, investors, and the city of Cleveland, as we all earned this win."
In 2020, Vytalize created an Innovation Lab to attract and deploy digital health solutions in a value-based environment. MedPilot's acquisition marks a significant success for the Vytalize Innovation Lab. It delivers on its promise to enable technology partners to deploy quickly across Medicare patients through their vertically integrated ACO, virtual medical practice, and platform.
Vytalize has raised over $17M from investors, including KittyHawk Ventures and Hudson River Capital Partners, to bolster the company's network of 600 primary care providers across 14 states. It continues to build its next generation of functionality that will enable Vytalize to engage patients further and ensure they receive extraordinary and comprehensive care.
This announcement was made in anticipation of closing as a courtesy to our employees, customers, vendors, and other stakeholders, many of whom are affected by our preparations for integrating the businesses or require notification as part of the transaction.
For more information about Vytalize Health, visit www.vytalizehealth.com.
Sources: Kaiser Family Foundation, Becker's Hospital Review, CNBC, CMS
About Vytalize Health
Vytalize Health partners with independent providers in value-based care arrangements for Medicare beneficiaries. The company combines a Medicare ACO, virtual doctors' office, and a digital health platform to equip its network of physicians with everything they need to be successful in caring for their patients and staying ahead in a rapidly changing healthcare system. The high-growth, venture-backed company works with over 600 providers and manages more than $1 billion in medical spending.
MedPilot is a leading patient engagement platform. MedPilot navigates patients through their healthcare experience. Their engagement platform personalizes outreach depending on who the patient is and then uses machine learning to optimize based on their interactions. To date, MedPilot has helped over 1 million patients.
SOURCE Vytalize Health
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canadian National Railway (CNI) in letter to STB details why its superior proposal is procompetitive and in best interest of customers
- DeFi Technologies Announces Ticker Symbol Change from "RDNAF" to "DEFTF" on OTC Markets Effective April 23, 2021
- InterPrivate II Acquisition Corp. Announces the Separate Trading of its Common Stock and Warrants, Commencing April 26, 2021