Mississauga-based healthtech company PointClickCare has closed its acquisition of Utah-based Collective Medical, its largest acquisition to date.
As reported in the Globe and Mail, the acquisition is estimated to cost between $500 million and $1 billion USD, and will be funded by debt, cash, and equity.
“With our combined industry-leading technology and our expansive and deep real-time post-acute provider data, we can empower health networks faster than any other vendor in the market today.”
“We are very pleased to reach today’s milestone and to officially welcome the Collective Medical team to the PointClickCare family. There is a lot of important work ahead as we work together to close the gaps in today’s fragmented healthcare system,” said Mike Wessinger, founder and CEO of PointClickCare. “We are excited about our shared mission to bring an end to compromised health and unnecessary risk resulting from a lack of coordination across the healthcare continuum. With our combined industry-leading technology and our expansive and deep real-time post-acute provider data, we can empower health networks faster than any other vendor in the market today, giving healthcare providers the confidence to make truly measurable and meaningful decisions that improve outcomes for all.”
Founded in 1995, PointClickCare provides software solutions for the post-acute care and senior markets (LTPAC). The company opened a new developer hub in Toronto in September of 2019, to support the company’s development of SaaS products.
PointClickCare’s cloud-based software was created for the LTPAC market to offer care delivery management, financial management, and access to patient data. The company received a $186 million investment from San Francisco-based Dragoneer Investment Group in early 2018.
Collective Medical was founded in Salt Lake City, and offers a network-enabled platform for real-time care coordination. PointClickCare’s proposed acquisition of Collective Medical will reportedly enhance the ability for PointClickCare to offer point-of-care access to real-time patient insights during a patient’s healthcare experience.
The proposed acquisition of Collective Medical continues PointClickCare’s acquisition strategy over the past two years. In May, the company acquired Co-Pilot, an analytics solution developed by Consonus Healthcare, in a move to provide PointClickCare customers with more capabilities to optimize their performance through data analytics. In 2019, PointClickCare acquired QuickMAR, a medical management tool for the long-term and post-acute care market aiming to reduce medication errors and paperwork inefficiencies.
“There is near-perfect alignment between Collective Medical and PointClickCare given our shared values and mission to support vulnerable populations,” said Chris Klomp, CEO of Collective Medical, at the time the acquisition was announced. “We are thrilled to join forces with PointClickCare to expand our network even faster as we work to connect healthcare at scale and ensure no patient slips through the cracks of an otherwise fragmented care continuum.”