CARROLLTON, Ga., Sept. 28, 2011 /PRNewswire/ -- Greenway Medical Technologies, Inc., an industry-leading healthcare information solutions provider, today announced it is acquiring certain technology assets of CySolutions, Inc., provider of integrated information technology solutions for Federally Qualified Health Centers (FQHCs) and Community Health Centers (CHCs). In addition, Greenway® will expand its development team through the retention of highly skilled staff members with advanced knowledge of these and other complex healthcare delivery and reporting needs.
"Greenway's acquisition of CySolutions represents another step in executing the plans we have for advancing healthcare delivery in underserved regions," said Tee Green, president and CEO. "The existing solutions for FQHCs and community health are varied and somewhat disconnected. The combined expertise and passion of the Greenway and CySolutions teams will deliver a comprehensive and best practice standard to these settings, and will aid in the establishment of a true national health information network."
According to the National Association of Community Health Centers, there are more than 7,900 FQHC and CHC facilities in the U.S. serving 20 million patients. This number is expected to increase to 35 million by end of 2013, and double over next 10 years. Incentives to continue to provide quality healthcare to these patients were included within the American Recovery and Reinvestment Act of 2009.
Providers and patients affiliated with rural critical access hospitals (CAH) will also gain further aid from an August announcement by the White House Rural Economic Forum establishing health information technology CAH grants. And on September 9th, the Department of Health and Human Services announced that it will make an additional $11 million available to promote health information technology networks and electronic health record (EHR) adoption in a variety of rural healthcare settings.
Based on the public funding requirements for much of FQHC and CHC care, innovative health IT solutions for such functions as data exchange, quality reporting, billing and analytics are required. The combination of Greenway and CySolutions expertise, integrated within Greenway's EHR, practice management and interoperability solution PrimeSUITE® 2011, will enhance these functions to advance internal and external reporting, workflow automation, integration of clinical, financial and administrative data and provide design for Accountable Care Organizations (ACOs) and other care coordination reimbursement programs put forth by payers and health plans.
"Greenway has achieved its growth and leadership in the healthcare industry through a constant pursuit of the most advanced innovation and service possible, and this investment will lead to further gains in this space," said Bill Young, CySolutions CEO, who will join Greenway to continue the development of FQHC and rural health solutions.
Financial details of the transaction were not disclosed. The transaction is expected to close by October 31, 2011.
About Greenway Medical Technologies, Inc.
Greenway Medical Technologies provides innovative EHR, ambulatory healthcare and clinical research business solutions and services to more than 33,000 healthcare providers nationwide, in 30 specialties and subspecialties, by enhancing the delivery of patient care through advanced health IT software and on-demand services that allow physician practices to function at their highest level of efficiency in group practice, IDN, REC, HIE, IPA, Accountable Care Organization (ACO) and Patient Centered Medical Home (PCMH) settings. Established in 1998, Carrollton, Ga.-based Greenway is a privately held company with more than 500 employees. For more information about Greenway, visit www.greenwaymedical.com.
Except for the historical information contained herein, the matters discussed in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, markets, services and related products, prices, and other factors.
SOURCE Greenway Medical Technologies, Inc.