CHICAGO, Nov. 16, 2016 /PRNewswire/ -- ContextMedia, the leading healthcare decision platform, announced today that it will acquire AccentHealth, which provides best-in-class patient education at the point of care, in an all-cash purchase. Through this acquisition, ContextMedia becomes the largest healthcare decision platform at the point of care in the United States, with a rapidly growing reach across clinics, hospitals and health systems. In 2016, ContextMedia has been adding nearly one percent of all practices in the country each month and continues to grow rapidly in pursuit of ubiquitous presence of its healthcare technologies into every consultation room in the world. The company believes it will have a presence in seventy percent of all practices in the U.S. by 2020.
"ContextMedia has a vision to embed actionable information and intelligence into every critical healthcare decision," said Rishi Shah, ContextMedia Chief Executive Officer and Founder. "Our healthcare decision technologies drive better health outcomes by empowering collaboration between consumers and their healthcare providers, transforming the communication of treatments and conditions, offering assessment technology for early detection and simplifying complex health information."
17.5 percent of the United States GDP is currently spent on healthcare, and eighty percent of these costs are attributable to chronic condition treatments according to the CDC. With the measurable impact of ContextMedia's technology in improving comprehension, conversion and compliance of chronic disease treatments and lifestyle choices, the company has the opportunity to create unprecedented positive economic and social outcomes. In one recent study conducted by the Centers of Medicare & Medicaid Services, a medical group utilizing the ContextMedia decision platform saw up to 10 percent incremental cost savings per Medicare patient after incorporating ContextMedia's technologies.
With a portfolio of interactive technologies developed by ContextMedia such as large format tablets that offer physicians 3D anatomical and condition models as well as video-based patient engagement and assessment tools, the company continues to innovate and expand its portfolio. ContextMedia will invest in bringing its technologies into AccentHealth's network of practices to continue transforming the way healthcare providers and patients make healthcare decisions together. With the acquisition of AccentHealth, ContextMedia will reach 55,000 healthcare locations, a scale that is unmatched in the industry.
"We are pleased to have reached this agreement with ContextMedia," commented Dan Stone, CEO of AccentHealth. "This deal will accelerate growth and innovation at the point of care to benefit the patients we serve. ContextMedia is respected in the industry for technology innovation at scale and we are deeply aligned on the mission to educate and empower people to live healthier lives."
"This acquisition brings us closer to our vision of achieving ubiquity," said Shah. "The expanded presence of our platform will accelerate our ability to drive positive health outcomes at scale."
The transaction is expected to close by the end of the year subject to customary closing conditions. J.P. Morgan Securities LLC acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal advisor to ContextMedia. JPMorgan Chase Bank, Goldman Sachs and Citizens Bank will provide financing. Moelis & Company acted as exclusive financial advisor and Alston & Bird LLP acted as legal advisor to AccentHealth.
ContextMedia develops healthcare technologies to deliver better health outcomes and impact the human condition positively. Founded in 2006 by Rishi Shah and Shradha Agarwal, the company has doubled each year in its scale of technology implementation at outpatient health care facilities, business partnerships with global life sciences and medical device companies, product innovation and team growth. Decision platforms such as digital anatomy boards, interactive educational tablets and mobile connectivity in consultation rooms deliver measurable patient outcomes through actionable intelligence on conditions, treatments and lifestyle changes to improve the quality of life. To find out more about ContextMedia, visit www.contextmediainc.com.
About AccentHealth, LLC
AccentHealth is a leading patient-education media company at the point of care, with a mission to inspire patients to live healthier lives. AccentHealth's Patient Engagement Platform combines innovative, award-winning digital products including the waiting room television network, interactive tablets for the exam room and mobile touchpoints. AccentHealth's world class content is produced by CNN's Medical Unit, hosted by Dr. Sanjay Gupta, and by Harvard Medical School. Founded in 1995, AccentHealth is based in New York City and Tampa, FL and is owned by M/C Partners, Ridgemont Equity Partners and senior management. AccentHealth is a founding member of the Point-of-Care Communication Council (PoC3). For more information, visit www.accenthealth.com.
Philip de Guzman