-
Acquisition bolsters Premier’s rapidly-evolving enterprise
analytics and performance improvement technology solutions to advance
clinical excellence and reduce care variation.
-
Stanson
is developing an automated prior
authorization solution that is expected to significantly reduce
administrative burden and costs each year.
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Stanson capabilities can be used to drive evidence-based care
and compliance with advanced imaging reimbursement requirements.
CHARLOTTE, N.C.--(BUSINESS WIRE)--
Premier
Inc. (NASDAQ: PINC), a leading healthcare improvement
company, signed an agreement to acquire Stanson Health, a
software-as-a-service (SaaS)-based provider of clinical decision support
(CDS) tools that are integrated directly into the electronic health
record (EHR) workflow, providing real-time, patient-specific best
practices at the point of care.
In addition, Stanson is also developing a prior authorization product
that, once finalized, is expected to provide near real-time prior
authorization decisions for medical and pharmacy benefits. This is
expected to save providers and payers time and expense while enhancing
patient and provider satisfaction.
“This strategically significant acquisition complements our core data
and analytics offerings and enables us to expand the reach of our
solutions directly to the point of care, where they can have the biggest
impact,” said Susan DeVore, President and CEO of Premier. “Stanson’s CDS
tools will be key to realize Premier’s vision of an enterprise analytics
and performance improvement platform, allowing us to provide
evidence-based recommendations that improve quality and safety, while
avoiding treatments that do not add value. At the same time, Stanson is
developing tools that we believe will provide an attractive option to
improve the burdensome process of prior authorization, which today is
incredibly frustrating for both patients and providers.”
Ranked #1 by KLAS as the top provider of clinical process improvement
solutions, Stanson’s CDS capabilities are driven by evidence-based,
healthcare provider-designed logic that provides precise, real-time
information. Stanson’s CDS only fires when the patient meets a specific
profile, offering specific recommendations that are directly relevant to
the physician’s or other provider’s decision. Stanson CDS and analytics
can be integrated as an application on the major EHR platforms,
including Epic, Cerner and Athenahealth, to greatly improve the EHR’s
overall value and functionality. Stanson also supports compliance with
the Protecting Access to Medicare Act (PAMA), which will require CDS to
justify use of advanced imaging services (i.e., CT, MR, NM and PET
scans), starting in January 2021, in order to receive Medicare Part B
reimbursement.
Founded in 2013 by Cedars-Sinai Medical Center and Dr. Weingarten, the
former CEO of Zynx Health, Stanson solutions are currently active in
approximately 300 healthcare facilities.
“As healthcare delivery grows more complex and pushes providers to
assume greater risk for total costs and quality outcomes, organizations
are looking for solutions to help them make the best possible healthcare
decisions,” said Stanson Health co-founder Dr. Scott Weingarten, MD,
MPH. “Stanson’s combination with Premier will help us expand and scale
CDS to reach more physicians, and enable providers to standardize care
delivery around optimal and evidence-based healthcare processes.”
Premier will utilize existing cash on hand to fund the $51.5 million
acquisition. The acquisition also provides for an additional earn-out
opportunity of up to $15 million based on certain product delivery and
revenue targets. The acquisition is not expected to materially impact
earnings in FY2019, and is expected to be modestly accretive in future
years. The transaction is expected to close in Premier's fiscal second
quarter ending Dec. 31, 2018, subject to customary closing conditions.
The Stanson Health team is expected to continue to operate remotely or
out of existing headquarter offices in Southern California. Dr.
Weingarten will continue to lead the business unit, reporting to Leigh
Anderson, President of Premier’s Performance Services segment.
About Premier Inc.
Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company,
uniting an alliance of approximately 4,000 U.S. hospitals and health
systems and approximately 165,000 other providers and organizations to
transform healthcare. With integrated data and analytics,
collaboratives, supply chain solutions, and consulting and other
services, Premier enables better care and outcomes at a lower cost.
Premier plays a critical role in the rapidly evolving healthcare
industry, collaborating with members to co-develop long-term innovations
that reinvent and improve the way care is delivered to patients
nationwide. Headquartered in Charlotte, N.C., Premier is passionate
about transforming American healthcare. Please visit Premier’s news and
investor sites on www.premierinc.com;
as well as Twitter,
Facebook,
LinkedIn,
YouTube,
Instagram,
and Premier’s blog for
more information about the company.
About Stanson Health
Stanson Health, headquartered in Los Angeles, Calif., is a leader in
developing next-generation Clinical Decision Support solutions. Stanson
provides EHR-integrated, actionable real-time interventions optimized
for use in the provider's clinical workflow. The clinical decision
support interventions, which include the use of artificial intelligence,
support health systems with initiatives to improve the quality, safety,
and the value of patient care across the continuum of the health system.
Stanson clinical decision support has been associated with improved
clinical and financial outcomes in the peer-reviewed medical literature.
Combined with relevant analytics, Stanson solutions safely guide
physician decisions toward the elimination of unnecessary or
inappropriate care, and help improve the quality of care. Stanson CDS
solutions are currently in use in more than 300 hospitals and support
approximately 100,000 healthcare providers. Stanson is the # 1 rated
clinical decision support solution in the 2018 KLAS publication on
Clinical Process Improvement products and is the highest rated CDS
product in other available 2018 surveys evaluating available clinical
decision support products.
About Cedars-Sinai Medical Center
Cedars-Sinai is a leader in providing high-quality
healthcare that encompasses primary care, specialized medicine
and pioneering research. Since 1902, Cedars-Sinai has evolved to meet
the needs of one of the nation’s most diverse regions. Today,
Cedars-Sinai is known for its national leadership in transforming
healthcare for the benefit of patients and for its impact on the future
of healthcare through new treatment approaches and educating tomorrow’s
health professionals. Additionally, Cedars-Sinai demonstrates its
commitment to the community through programs that improve the health
of the most vulnerable residents.
Forward-looking statements
Statements made in this release that are not statements of historical or
current facts, such as those related to Premier's ability to provide
enhanced and expanded capabilities, products and services, the ability
to develop and benefit from prior authorization tools, the expected
closing date, and the timing and amount of any financial contribution,
if any, from the acquisition, are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Premier to be materially different from
historical results or from any future results or projections expressed
or implied by such forward-looking statements. Accordingly, readers
should not place undue reliance on any forward looking statements. In
addition to statements that explicitly describe such risks and
uncertainties, readers are urged to consider statements in the
conditional or future tenses or that include terms such as "believes,"
"belief," "expects," "estimates," "intends," "anticipates" or "plans" to
be uncertain and forward-looking. Forward-looking statements may include
comments as to Premier's beliefs and expectations as to future events
and trends affecting its business and are necessarily subject to
uncertainties, many of which are outside Premier's control. More
information on potential factors that could affect Premier's financial
results is included from time to time in the "Cautionary Note Regarding
Forward Looking Statements," "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" sections
of Premier's periodic and current filings with the SEC and also made
available on Premier's website at investors.premierinc.com. Forward
looking statements speak only as of the date they are made, and Premier
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise that occur after that date.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181106005162/en/
Premier Inc.
Media contact:
Amanda Forster, 202-879-8004
Vice
President, Public Relations
amanda_forster@premierinc.com
or
Investor
relations contact:
Jim Storey, 704-816-5958
Vice
President, Investor Relations
jim_storey@premierinc.com
Source: Premier Inc.