M&A: Provation Acquires Perioperative Care Coordination Platform ePreop

Provation Acquires Perioperative Care Coordination Platform ePreopProvation Acquires Perioperative Care Coordination Platform ePreop

What You Should Know:

– Provation announces the acquisition of ePreop, a comprehensive perioperative care coordination, and quality reporting solutions for an undisclosed sum.

– Acquisition creates a comprehensive clinical productivity SaaS platform, streamlining workflows, and documentation from patient intake and pre-op through recovery and follow-up.

Provation, a
software provider of procedure documentation and clinical decision support
solutions, backed by Clearlake Capital Group,
L.P.
(together with its affiliates, “Clearlake”), today announced its acquisition
of ePreop, a leading provider of
perioperative SaaS solutions designed to simplify the entire surgical
encounter.

Perioperative Care Coordination

Founded in 2008 by physician anesthesiologists, ePreop Inc.
was created to improve patient outcomes and decrease costs in the surgical
arena. ePreop’s software solutions currently have more than 18,000 users,
representing over 1,450 facilities, in over 30 million procedures to date. ePreop offers two software platforms: SurgicalValet™
and AnesthesiaValet™. These modular SaaS solutions are accessed as an
integrated extension of nearly every major surgical EHR on the market today.
The HIPAA compliant tools can also be used on mobile phones, tablets, or
desktops.

ePreop’s SurgicalValet software users have reported
significant benefits from the software, including increased CMS reporting
compliance, a 47% reduction in readmissions, 5% greater case mix index, less
than 1% same-day case cancellations and a 68% reduction in preoperative
testing.

“Today marks an important milestone for ePreop,” added David Bergman, CEO and Founder of ePreop. “We are very excited to join the Provation team and are confident that this partnership will enable us to continue to build on our long history of serving physicians with industry-leading solutions. Collectively, we have some of the most passionate professionals in the healthcare IT industry and we are excited to work with the Provation team to develop technology to better serve our healthcare community.”

Acquisition Creates Comprehensive Clinical Productivity SaaS Platform

Provation software helps providers increase operational efficiencies, business profitability, and regulatory compliance by improving quality, streamlining workflows, and enabling insights. For 25 years, Provation has been a market leader in procedure documentation software for gastroenterology (“GI”), serving 43 of the top 50 GI hospitals and nearly 3,500 facilities nationwide.

ePreop has been providing anesthesia quality reporting and perioperative care coordination solutions for more than 10 years and serves more than 18,000 end-users and 1,500 facilities with its SurgicalValet and AnesthesiaValet™ platforms. The combination further expands Provation’s portfolio of clinical productivity solutions for hospitals and ASCs, while establishing a single comprehensive platform that streamlines the preoperative screening, evidence-based care coordination, procedure documentation, coding, and reimbursement.

“We are thrilled to welcome the ePreop team to the Provation family. ePreop adds critical perioperative care and reporting components to our capabilities and further advances our vision of empowering healthcare providers with innovative clinical productivity solutions,” said Daniel Hamburger, CEO of Provation. “Through organic and inorganic initiatives, we have developed a comprehensive portfolio of solutions that improves patient care and outcomes.”

Financial details of the acquisition were not disclosed. Healthcare
Growth Partners served as the financial advisor and Alston & Bird served as
legal advisor to ePreop for this transaction. District Capital Partners served
as financial advisor and Sidley Austin LLP served as legal advisor to
Provation.

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