ATLANTA, January 4, 2013 – Brightree LLC, the leading provider of billing and business management software solutions for the home medical equipment (HME) market, announced today that it has acquired home health and hospice software provider CareAnyware, Inc. of Raleigh, NC. The parties claim that the combination creates the largest provider of cloud-based software for the post-acute care industry, with 500 employees serving nearly 3,000 companies in the HME, home health, hospice, orthotics and prosthetics, home infusion, and rehab home care segments.
Brightree CEO David Cormack issued the following statement in today's announcement.
“Home care is becoming a critical component of our nation’s ability to provide quality care in a more affordable manner. Brightree and CareAnyware have come together to deliver world-class technology solutions that help providers operate more effectively and improve patient outcomes in today’s challenging healthcare market. Similar to the HME market several years ago, the home health and hospice industry is crowded with disparate, legacy systems that are difficult to use and costly to maintain. Brightree’s proven track record of providing innovative, cloud-based technology solutions and superior customer service will be a very welcome change for many agencies that are still relying on legacy software.”
Both company's applications are SaaS-based. Cormack indicated that Brightree plans to leverage each application’s capabilities to improve the other. CareAnyware’s 10 years of experience building clinical expertise will help Brightree develop new point-of-care and outcomes-tracking capabilities for HME providers. Brightree’s billing and business automation experience over the same period will provide new efficiencies in CareAnyware customers' back-office operations and patient contact management strategies.
CareAnyware founder and CEO Rich Guerin will take the title of EVP at Brightree. He commented:
“The Brightree and CareAnyware teams have a unified mission - to provide best-in-class automation software that helps home care businesses maximize efficiencies, enhance patient outcomes, and grow their businesses. Together, we have an opportunity to build upon our track records of innovation and customer service to meet the rapidly changing needs of our industry. Our customers can also be confident the acquisition creates a strong financial position for our business, enabling us to continue investing in their long-term success.”
The newly combined organization can now boast nearly 3,000 customers, processing $10 billion of medical claims annually and responsible for servicing the home care needs of more than 20 million patients. The joint news release stated that Brightree plans to invest $70 million in customer service and product development over the next four years.
In 2008, Brightree received funding from Battery Ventures, a $4B private investment firm, which has helped fuel both organic growth and complementary acquisitions. The company acquired C&S Billing in 2008, CAU in 2010, and Pacware in 2011. In both 2011 and 2012, Brightree was ranked among the fastest growing private companies in the U.S. on the Inc. 500/5000 list. In 2012, it was also named by the Association for Corporate Growth (ACG) Atlanta as the fourth fastest-growing company in Georgia for the second consecutive year. Brightree describes itself as the leading provider of billing and business management software solutions for HME providers, orthotics and prosthetics (O&P) practitioners, and sleep labs. Its business management software solution is the only one endorsed by Invacare Corporation as well as the VGM member service organization.
About CareAnyware, Inc.
CareAnyware provides a web-based EMR software platform to home health and hospice organizations in 35 states. Founded in 2002 as eHomecare, the company is based in Raleigh, North Carolina.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from Seed and Early Venture, to Growth and Buyouts. Battery’s previous and active portfolio of software companies includes: Avalara, Bazaarvoice (IPO), Brightree, Consona (acquired by Vista Equity Partners), Continuuity, Coupa, Drillinginfo, ExactTarget (IPO), Healthvision (acquired by Lawson), ITA Software (acquired by Google), Marketo, Neolane, Omniture (IPO), Panaya, Platfora and Vero Software. Battery invests worldwide from offices in Boston, Silicon Valley and Israel. The firm has raised more than $4B since inception and is currently investing a $750M fund.