IT services and solutions providers emids has acquired Houston-based healthcare information analytics company Encore Health Resources for an undisclosed amount. Emids has a presence in Bengaluru. The acquisition, which was backed by Baird Capital and Council Capital, will allow both companies to widen their client base in India.
Following the acquisition, Encore will operate as a business unit of Tennessee-based of emids. On the other hand, emids will use Encore’s existing infrastructure to generate accurate clinical and financial data for healthcare organisations.
Commenting on the development, CEO of Encore Tom Niehaus said, “We have a similar culture that focusses on helping customers succeed and prioritising the professional development of people in our organisation.”
The partnership, according to an emids’ spokesperson, will add 200 new consultants to the company’s existing team of 1,500. Apart from its Tennessee headquarters and a presence in India, emids will be extending operations to London in the UK and Dallas in the US. Post-acquisition, the enterprise looks to expand its portfolio of services to include 50 new healthcare-based analytics systems.
Founded by Dana Sellers and Ivo Nelson, Encore assists providers in planning, implementing, managing, and optimising clinical as well as business-oriented systems. Aimed at improving the quality, cost, and efficiency of patient care, Encore relies on the latest IT technologies to provide reporting services to clients.
As explained by Niehaus, the company offers advisory services pertaining to the alignment, implementation, mining, application, and analysis of clinical data. Encore strives to enhance performance of healthtech systems through proven methodologies and proprietary tools. Founder Dana Sellers will also be joining emids’ Board of Director
Emids: Banking On Data Analytics To Improve Healthtech
Established in 1999, emids is a data solutions provider catering to Fortune 500 healthcare firms. It currently provides IT solutions to healthcare organisations geared towards reducing costs, overcoming regulatory hurdles and delivering greater value to customers. According to an official statement, the company has, so far, developed 20 specialised clinical analytics systems that help lower operational costs by 30%.
Emids founder and CEO Saurabh Sinha added, “As healthcare becomes more integrated and the focus on consumerism grows, payers and providers are working more closely together. The ability to provide healthcare technology expertise and solutions that serve both payers and providers, as well as healthcare technology partners, will be critical to help our customers succeed in the future.”
The Growing Class Of Healthcare Startups In India
According to a report by IBEF, the Indian healthcare market will rise to $280 Bn by 2020, from the current $100 Bn. One reason for this is the adoption of data and IoT-based digital solutions. This, in turn, necessitates efficient data analytics that would help healthcare providers greater understanding of the needs of patients. Sinha added, “The Indian market has always been of utmost importance to us. Today, the Indian healthcare industry is also undergoing a major overhaul driven by technology and innovation. Along with business opportunities we also look to expand our India operations and workforce.”
The healthtech data analytics domain in India is occupied by players like InnovAccer, which reportedly serves over 2 Mn patients across the country. Since 2012, the startup has amassed more than $15.6 Mn in funding. Other names in the healthcare space include Mumbai-based IoT healthcare device marker Zoctr, Lybrate, and Tricog. The industry has also attracted sizeable funding in the last two years. Healthtech secured $197 Mn funding in H1 2017, according to Inc42 Data Labs report.
In December 2016, Huzaifa Khorakiwala, Executive Director at Wockhardt Limited, announced the launch of a $19 Mn Health Passion Fund. As the name suggests, the fund will be used to invest in healthtech startups cropping up in the country. In April 2017, home-based medical services provider HealthCare atHOME (HCAH) raised $38.5 Mn (INR 250 Cr) from PE firm Quadria Capital. During the same month, home-based healthtech solutions provider Medwell Ventures secured $21 Mn in its Series B round led by Mahindra Partners, Eight Roads Ventures, and F-Prime Capital Partners.
Following the Encore acquisition, emids will be sharing the Indian healthcare space with companies like SCI Health, hCentive, Metaome, DocEngage and others.