Agoura Hills, CA (October 18, 2016) — Casamba LLC announced Tuesday it has acquired two other leading software companies in the post-acute healthcare industry. Effective immediately, HealthWyse, of Wilmington, Massachusetts, and Therapy Source (the former therapy division of Source Medical), of Birmingham, Alabama, have joined the Casamba family of companies.
Based in Agoura Hills, California, Casamba was founded in 2004. It describes itself as the leading supplier of enterprise software systems to large therapy providers. This merger, the company says, supports Casamba’s vision to deliver a comprehensive solution across the patient post-acute care continuum. "The addition of HealthWyse and Therapy Source as two leading industry solution providers, combined with Casamba’s therapy-management business, creates a powerful triad of solution providers in the post-acute space."
The new, collaborative alliance is expected to enable solutions that cross boundaries to deliver enhanced efficiencies, lower costs, and increased value to providers, while supporting them in delivering better care to patients. "In this era of bundled payments, the combined entities will enable providers to have the latitude to optimize their delivery of care across the continuum while tightening their revenue cycle," said Ronnie Amrany, President and CEO of Casamba. "We are pleased to join forces with HealthWyse and Therapy Source to enhance our offering, and support current and future clients of all three organizations with superior software and services across the post-acute continuum."
What will change?
A company spokesperson said all three companies will remain in their current locations and that there will be no immediate layoffs. Therapy Source will separate from its parent company, Source Medical, but will operate out of its own suite at the same Birmingham address.
"HealthWyse is excited to be part of the Casamba vision for post-acute care EMR," said HealthWyse CEO Graham Barnes. "Together we will realize an integrated pathway to post-acute care coordination, patient referral, and data flow for bundled payment and value-based purchasing, across skilled nursing, outpatient rehab, home health and hospice settings."
"Our healthcare clients need better systems and more integration," said David McMullen, Chief Therapy Officer for Therapy Source. "The combination of these three market leaders, working together, empowers us to drive revolutionary workflow innovation through a single platform for both the patients and the providers across the rehab continuum of care."
The product and service offerings from HealthWyse provide a fully integrated electronic medical record (EMR) for home health, hospice and private duty care that supports clinical, financial and regulatory needs of this health market segment. Therapy Source provides clinical and billing solutions to more than 3,500 outpatient therapy clinics across the country through its TherapySource, Rehab Toolkit, and Revenue Cycle Services solutions.
Boston-based private equity investment firm ABRY Partners represented both Casamba and Source Medical in the transaction. AGC Partners, based in Boston, represented the HealthWyse organization.
About Casamba, LLC
Founded in 2004 and headquartered in Agoura Hills, California, Casamba supplies enterprise software systems to large providers of therapy in the United States, primarily long term care organizations. Through its cloud-based platform, Casamba provides clinical therapy documentation, scheduling and billing automation solutions for contract therapy and other healthcare organizations. Casamba serves more than 8,000 skilled nursing, acute, outpatient and home health locations in the country, partnering with leading healthcare providers to serve patients on a national scale.
Founded in 1998, HealthWyse, LLC provides integrated clinical and financial information software and services to over 125 home health, hospice and private duty agencies across the nation, with almost $1B in claims processed through the system each year. The HealthWyse software suite, accessed by over 50,000 end-users, is a fully integrated EMR solution that supports billing, scheduling, compliance and point of care operations, enabling clients to address clinical, financial and regulatory challenges.
SourceMed is the largest provider of outpatient information solutions and revenue cycle services for ambulatory surgery centers and specialty hospitals. With over 30 years of industry experience and the confidence of more than 250 consultants and management companies, the company’s software, analytics, revenue cycle services, and professional services give providers the insight to deliver a higher standard of patient care. Their integrated solutions capture, exchange, and analyze data enabling more than 2,500 outpatient surgery facilities nationwide to optimize revenue, operational efficiency, and compliance.
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