HealthTronics Expands Minimally Invasive, Cancer Technology Portfolio
Now independent, company seeks new partners as part of strategic growth
Austin, TX Jul 8, 2014 — HealthTronics, Inc., a leading provider of integrated urological and interventional radiology products and services, has signed a distribution agreement through its Endocare, Inc. subsidiary with HS Medical, Inc. that expands HealthTronics’ technology portfolio to include a new, targeted ablation solution.
Under the agreement, HealthTronics will make available HS Medical’s new generation of HS Amica® microwave ablation apparatus to health care providers and their patients. (www.hsmedicalinc.com)
Microwave ablation is a targeted, minimally invasive procedure that uses a “heating probe” to ablate soft tissue. The procedure works by applying heat directly into the tissue through the probe, which agitates water molecules in the tissue, generates heat, and causes ablation of the tissue. The HS Amica® system is FDA-cleared for thermal ablation of soft tissue other than cardiac tissue and is typically used for ablation of liver, lung and kidney tissue. Its exclusive “mini-choke” technology provides optimum control of the microwave field within the ablation target.
“Microwave ablation complements our technology portfolio of minimally invasive, targeted approaches to treating tissue,” said Russell Newman, President of HealthTronics. “The agreement also underscores our commitment to bring to doctors and patients products that meet their needs—namely, minimally invasive, economical and effective.”
Newman says that since becoming an independent company following the divestiture from Endo International plc in February 2014, HealthTronics has been actively looking to expand its portfolio of products and services, including seeking FDA clearance for additional therapeutic applications of its existing cryotherapy technology.
The technologies currently offered by the company include Endocare® cryotherapy systems for ablation of prostate, kidney and lung cancer tumors, lithotripters for dissolving kidney stones, lasers for treating benign prostate hyperplasia (BPH) and nerve monitoring equipment for use during robotic prostate surgery.
Author: Julie Kaloides
Thoma Bravo to Acquire Sparta Systems
Thoma Bravo investment in Sparta Systems signals growth opportunities for EQMS leader
San Francisco, CA Jul 7, 2014 – Thoma Bravo, LLC, a leading private equity investment firm, announced that it has entered into an agreement to acquire Sparta Systems, Inc., a global leader in enterprise quality management solutions (EQMS), from current investors Summit Partners and Altaris Capital Partners. Financial details were not disclosed, and the transaction is expected to close in the third quarter of 2014.
“We are excited about the Sparta Systems acquisition due to the compelling opportunities for growth, both organically and from additional acquisitions that enhance the company’s offerings,” said Scott Crabill, a managing partner at Thoma Bravo. “As a proven EQMS leader with a strong customer base and a defensible position in the industry, it fits our investment and company growth strategy extremely well.”
Founded in 1994, Sparta Systems currently has over 650,000 users in more than 30 countries. The company maintains an extensive customer base in many highly regulated industries, which includes the top 30 pharmaceutical, 12 of the top 15 medical device and leading consumer products and discrete manufacturing companies.
The company offers a platform – led by its flagship product TrackWise® – that enables manufacturers to deliver products to market safely and efficiently. Sparta’s solutions provide powerful visibility and traceability across its customers’ quality management activities, allowing organizations to address a multitude of escalating challenges including: mounting regulatory oversight, increased public scrutiny, growing supply chain and business process complexity and increased pressure to deliver greater profits. In addition, the company recently released Stratas™, a revolutionary, cloud-based solution that extends TrackWise beyond a corporation’s four walls to external suppliers and manufacturers.
“Thoma Bravo’s investment allows us to continue our superior growth trajectory, by strengthening our ability to deliver innovative solutions to customers faster, as well as accelerate our vertical market growth,” said Eileen Martinson, CEO of Sparta Systems. “I’m confident that this will enable us to not only enhance our current customer offerings, but to be opportunistic about acquisitions that will add to our product portfolio.”
“Eileen along with her management team have built an incredible company, and we couldn’t have been more impressed with the people at Sparta Systems,” said Arvindh Kumar, vice president at Thoma Bravo. “We look forward to partnering with them to continue building on their position as the preeminent EQMS provider.”
Kirkland & Ellis LLP served as legal advisor to Thoma Bravo. Lazard acted as financial advisor and Proskauer as legal advisor to Sparta Systems.
AMRI Completes Acquisition of OSO Biopharmaceuticals Manufacturing
Albany, NY Jul 1, 2014 – AMRI (NASDAQ: AMRI) today announced that it has completed the acquisition of Oso Biopharmaceuticals Manufacturing, a former portfolio company of Altaris Capital Partners, LLC. The transaction is consistent with AMRI’s strategy to be the preeminent supplier of custom and complex drug product development and manufacturing services to the pharmaceutical industry.
OsoBio is recognized as a premier contract manufacturer of highly complex injectable drug products and their expertise in large-scale commercial production is highly complementary to AMRI’s early stage drug product manufacturing capabilities. Customers will benefit from access to a single source to address their sterile fill/finish needs from Phase 1 development complete to commercial supply.
Total consideration paid was $110 million. AMRI financed the transaction with cash on hand. AMRI anticipates full year run-rate synergies of approximately $3.0 million of EBITDA within 12 months of closing and the acquisition is expected to be accretive to AMRI’s 2014 adjusted diluted EPS. AMRI intends to provide investors with updated 2014 guidance for the combined company when it releases its second quarter 2014 financial results on August 5, 2014.
Oasis Outsourcing Ranked in 2014 Top Private Companies by Florida Trend
West Palm Beach, FL Jun 27, 2014 – Oasis Outsourcing ranked eighth in the Florida Trend Florida’s Biggest Private Companies list for 2014. The rankings of the 225 privately held companies, with headquarters in Florida, are based on the previous year’s revenue. Oasis, one of the nation’s largest Professional Employer Organizations (PEOs), ranked eighth in 2013 as well. For more information, click here.
“We are pleased to once again be ranked in the top 10 largest private companies in Florida, compiled by Florida Trend,” said Mark Perlberg, President and CEO of Oasis Outsourcing. “It’s an honor to be included among the many other successful Florida businesses. We continue to be proud of our growth, not only in Florida, but nationwide.”
Precyse Thought Leadership on Display at HFMA ANI 2014
Performance Management Company also offers the only HFMA Peer Reviewed HIM Technology and Services Suite
Wayne, PA and Alpharetta, GA Jun 23, 2014 — Precyse, a leader in health information management (HIM) technology and services, is driving health information performance at the Healthcare Financial Management Association’s Annual National Institute (HFMA ANI), June 22-26 at the Sands Expo Center in Las Vegas, Booth #736.
On Wednesday, June 26, Teresa Michael, RHIT, Director of Health Information Management, Sarasota Memorial Health Care System and Mark Hendricks, RHIA, Commercial General Manager and Vice President, Precyse will present, “Advancing Clinical Documentation Quality and Accuracy While Preparing for ICD-10.” This presentation will outline how Sarasota Memorial Health Care System made a substantial impact on their bottom line by implementing a comprehensive clinical documentation improvement (CDI) program. Hendricks’ and Michael’s presentation will take place 7:00-7:50 a.m.
In Precyse booth #736, industry experts will be available to discuss the only HFMA Peer Reviewed HIM Technology and Services Suite. The Precyse portfolio includes precyseCode and precyseCDI, the only single, integrated platform enabling both inpatient and outpatient computer assisted coding and clinical documentation improvement (CDI). The Cloud-based platform incorporates state-of-art Natural Language Processing (NLP) for embedded intelligence and supports multiple HIM roles within an organization. In a KLAS report titled “Computer-Assisted Coding: A Glimpse at the Future of HIM Technology,” Precyse was “praised for [its] strong technology and…received the highest scores of providers” perception that their solution will meet their needs.”i
KLAS has also recognized Precyse University, the most innovative and complete on-site, online and mobile healthcare education solution that is revolutionizing the way that 1.6 million healthcare professionals learn, in the recent KLAS report, “ICD-10 Consulting Services: Who Can Help in the Eleventh Hour.”ii
“Precyse continues to drive performance management by delivering products and services that optimize financial opportunity by positively impacting clinical documentation and quality,” said Chris Powell, CEO, Precyse. “Appropriate clinical documentation leads to appropriate reimbursement for care. Our combination of technology and services helps organizations drive internal performance and maximize value.”
The Precyse HFMA Peer Reviewed HIM Technology and Services Suite includes HIM sourcing, interim management and consulting, coding, CDI, auditing, cancer registry, Best in KLAS Transcription, plus ICD-10 education.
AMRI to Acquire Oso Biopharmaceuticals Manufacturing
Significantly Expands Contract Manufacturing Capabilities to Include Commercial Scale Sterile Injectables
Albany, NY Jun 2, 2014 – AMRI (NASDAQ: AMRI) today announced that it has signed a definitive agreement to acquire all of the outstanding membership interests of Oso Biopharmaceuticals Manufacturing, LLC (“OsoBio”) for $110 million in cash. OsoBio is recognized as a premier contract manufacturer of highly complex injectable drug products, including sterile liquid, suspension and lyophilized formulations. The acquisition and associated fees are expected to be financed through cash currently held by AMRI, and, subject to Hart-Scott-Rodino clearance and other conditions to closing, is expected to be completed in the third quarter of 2014.
“The acquisition of OsoBio is highly complementary to our finished dose manufacturing business, and is consistent with our strategy to be the preeminent supplier of custom and complex drug development services and products to the pharmaceutical industry,” said William S. Marth, AMRI’s president and chief executive officer. “OsoBio adds significantly to our sterile manufacturing capabilities, extending our industry-leading position in early stage contract manufacturing to now include OsoBio’s preeminent large-scale commercial production. In addition, we expect to realize savings in capital costs associated with the previously planned facility expansion.”
“We are very excited about the synergies that our Albuquerque operations will bring to AMRI as part of their organization,” said Milton Boyer, OsoBio’s President. “The addition of AMRI’s experience and capabilities in early phase development greatly increases the value proposition for our customers, providing a single source to address all sterile fill/finish needs from phase 1 development complete to commercial supply.”
Located in Albuquerque, New Mexico, OsoBio is a trusted, long-time partner to many of the industry’s leading pharmaceutical companies and is well respected for its expertise in manufacturing complex injectables, its reliability of supply and superior track record of quality. OsoBio’s core capabilities include liquid fill and lyophilized products, highly potent compounds, cytotoxics, proteins and peptides, monoclonal antibodies, vaccines, liposomal suspensions and controlled substances. OsoBio has provided manufacturing support for more than 250 unique products and their attractive development pipeline, which includes multiple late-stage products, is expected to be important contributor for future growth.
On a stand-alone basis, OsoBio’s forecasted full year 2014 revenue is between $58 million and $60 million, with adjusted EBITDA of between $9 million and $10 million, implying a purchase price multiple of 11 times 2014 adjusted EBITDA at the top end of the range. Adjusted EBITDA excludes any deal related costs or purchase accounting impacts.
AMRI anticipates full year run-rate synergies of approximately $3 million of EBITDA within 12 months of closing. Subject to Hart-Scott-Rodino clearance, the Company anticipates the acquisition will be accretive to 2014 earnings and intends to provide investors with updated 2014 guidance for the combined company when it releases its second quarter 2014 financial results. OsoBio is expected to continue to operate independently within AMRI’s Drug Product business unit. Milton Boyer, the current president and chief executive officer, will lead the OsoBio team and report into Steven Hagen, Ph.D., AMRI’s senior vice president of manufacturing and pharmaceuticals.
Precyse University Earns High Marks in KLAS ICD-10 Consulting Report
Precyse University, delivered exclusively through HealthStream, received very high satisfaction scores from clients for eLearning averaging 4.8 out of 5.0
Wayne, PA and Alpharetta, GA May 27, 2014 — Precyse, an industry leader in Health Information Management (HIM) Performance Management services and technologies, and HealthStream (NASDAQ: HSTM), a leader in workforce development for healthcare organizations, are pleased to announce that Precyse University ICD-10 education solution received very high overall and eLearning scores in a recent ICD-10 Consulting report authored by KLAS, titled “ICD-10 Consulting Services: Who can help in the eleventh hour?”. Precyse was rated as a component vendor in this report for its Precyse University solution. An overall performance rating of 93 out of 100 was reported, along with a client satisfaction average of 4.8 out of 5.0 for the Precyse University solution for ICD-10 education. The report states that “Of the firms included in this research, Precyse is by far the most frequently used for eLearning.”
Available exclusively through HealthStream, Precyse University is designed to prepare coders, physicians, nurses, case managers, administrative staff, and all others impacted by the transition to ICD-10. For this research, KLAS interviewed healthcare providers that have recently or are currently using services from a third-party firm to help them prepare for the switch from ICD-9 to ICD-10. At this time, Precyse University is used by approximately 1.6 million learners in healthcare organizations — where a sample were interviewed by KLAS for their report. The overall score (which was 93 out of 100 for Precyse University) is further broken down into several subsections by KLAS. Of these subsections, Precyse University scored 100% in three categories: “Would purchase again,” “keeps promises,” and “avoids charging for every little thing.”
The comments and outcomes of this report further reinforce that the healthcare industry has spent considerable time and resources ensuring preparedness for the original October 1, 2014 deadline that has now been changed to a date that will be, according to the Protecting Access to Medicare Act of 2014, “not before October 2015.”
One client stated in the report “Precyse’s eLearning is very comprehensive and well thought out. We have yet to go to Precyse with something that was lacking where a solution didn’t already exist, wasn’t in planning, or wasn’t something they were willing to do for us. Precyse gets started right away and works on anything that hasn’t been developed. They have just been outstanding on all fronts in terms of what they promised and fixing any gaps. They are very quick to deliver.”
“I am thrilled that our clients have given Precyse University such an excellent review in the ICD-10 Consulting report. Across the board, Precyse University earned high scores that show we work very hard to ensure clients are receiving the products, service, and support they need” said Chris Powell, CEO of Precyse. “With the ICD-10 implementation date now delayed, providers can utilize this time to ensure all impacted populations are educated and prepared for the switch.”
Precyse University Announces New Version of ICD-10 Virtual Code Book Mobile Application
Technological enhancements make medical coding faster and easier than ever
Wayne, PA and Alpharetta, GA May 21, 2014 — Precyse University, the most innovative, complete and widely adopted on-site, online and mobile ICD-10 education solution, announces the availability of a new version of its ICD-10 Virtual Code Book mobile education application. ICD-10 Virtual Code Book allows users to enter clinical terms and/or disease/condition names to search for correct and specific ICD-10-CM codes without the use of a code book or encoder. Users can enter additional clinical words and modifiers to refine searches and drive to a more specific code, especially for conditions offering hundreds of code choices. The app also offers specific ICD-10 documentation tips for many of the conditions listed, allowing users to ensure the required documentation is included with the code choice.
Enhancements included in the new Version 3 of ICD-10 Virtual Code Book are:
• Enhanced voice recognition
• Recognition of nearly 700 abbreviations in medical shorthand
• Optimization for the latest versions of mobile operating systems that make the app faster, more responsive and even easier to use
“Precyse is constantly searching for ways to better serve our clients as they prepare for ICD-10, and regular enhancements to our educational mobile applications is one of the ways that we do that,” said Thomas Ormondroyd, Vice President and General Manager of Precyse Learning Solutions. “Our mobile apps make learning available wherever and whenever our clients and their employees need it, and the enhancements we’ve made to our ICD-10 Virtual Code Book are just another example of this effort.”
The new ICD-10 Virtual Code Book is getting rave reviews from users on the app store. “This app is priceless,” stated one user. “It’s the best investment I have ever made – a must if you are a coder in a doctor’s office. I will get so much use out of this app. I work in a doctor’s office doing the coding and front-end billing. One of our doctors is using it already … I absolutely love this app.”
Other popular mobile learning apps offered by Precyse University include:
– ICD-10 Doc Guide – Provides documentation tips and strategies to document the medical record with the specificity required for ICD-10.
– ICD-10 Doc Talk – Allows users to listen to specialty-specific audio webinars that provide an overview of the impact ICD-10 will have on each specialty.
– ICD-10 Flash Cards – Offers more than 25 decks and more than 1,000 individual flash cards that allow users to practice and test their knowledge and memory of ICD-10 concepts, terms, definitions and guidelines that will be required for ICD-10 mastery.
– Precyse University Pharma Flash Cards – Allows users to test their knowledge of pharmacological terms, drugs and medications by brand name, generic name and body system.
Precyse University is the most innovative and widely adopted on-site, online and mobile healthcare ICD-10 education solution used by approximately 1.6 million learners in healthcare organizations
Revenue Cycle Automation Software Company, GAFFEY Healthcare, Announces Medicare AutoStatus
Plano, TX Apr 29, 2014 – GAFFEY Healthcare, a leading provider of next generation, cloud-based revenue cycle technology & business office outsourcing services, announced today a new module that updates its claim statusing solution, AutoStatus, to now interface with all Medicare Fiscal Intermediaries in addition to major commercial payors.
Interfacing directly with payors to status electronic claims automates the cumbersome and time-consuming process of retrieving and updating patient claim statuses manually. AutoStatus is a cloud-based data management service that allows providers to automatically review which claims have been processed, adjudicated and prioritize those that require further investigation via an AutoStatus dashboard. When used in conjunction with GAFFEY’s workflow automation & business intelligence platform, AlphaCollector, Medicare claims can be prioritized and routed to specific collectors to create workgroups, eliminating non-value added touches due to increased automation. Problem accounts are identified and resolved faster while AlphaCollector provides data and reports to reduce denials and increase clean claim rates.
“Medicare reimbursements oftentimes make up more than 50% of our customers’ AR. Providing automation tools and better visibility into the status of those claims not only gives them a clear picture as to where their AR stands in real-time but also actionable data for follow up,” said Derek Morkel, CEO of GAFFEY Healthcare. “The automated ability to status Medicare claims allows our customers to collect money more efficiently,” he continued.
Gore to leverage VQI® for post approval study using M2S PATHWAYS platform
W.L. Gore and Associates to leverage the Vascular Quality Initiative® to meet post-approval study requirements using the M2S PATHWAYS™ data and analytics platform. Over 280 participating hospitals have contributed the results of over 136,000 procedures to the Society for Vascular Surgery’s Vascular Quality Initiative®
West Lebanon, NH Apr 29, 2013 – M2S Inc., a leader in software-as-a-service for clinical quality improvement, today announced a ground-breaking joint initiative with the Society for Vascular Surgery® Patient Safety Organization and two aortic stent manufacturers to meet post-approval studies (PAS) requirements in the treatment of type B aortic dissections. Aortic Dissections are a serious cardiovascular condition associated with high morbidity and mortality in which the upper segment of the body’s main artery has become torn along the innermost layer of the vessel wall. Gore and one other manufacturer will leverage the Vascular Quality Initiative® (VQI®), which is powered by the M2S PATHWAYS™ clinical data performance platform, a cloud-based quality improvement registry for data collection, reporting, and collaboration.
The Conformable GORE® TAG® Thoracic Endoprosthesis is an FDA approved device on the market in the US. Approval was recently broadened to include treatment of chronic and non- complicated dissection, with the provision that the efficacy of TEVAR treatment of descending aortic dissection would be more fully analyzed through post-market study. This observational study is expected to collect 200 acute and 200 chronic dissection procedures, with 5 year follow-up. The use of real-time clinical registry data from the VQI® will increase the efficiency of executing a post-approval study, while improving the ability to provide real-world feedback.
Dr. Jack L. Cronenwett, Medical Director for the Society for Vascular Surgery® Patient Safety Organization, states, “For the past year, representatives of the SVS PSO, FDA, industry, M2S and scientific advisors from surgical societies have met to discuss the value of using registry data to measure the safety and efficacy of TEVAR treatment of aortic dissection. Based on these discussions, the SVS PSO is pleased to announce this voluntary quality improvement initiative that will collect additional data and follow-up time points for patients in VQI® who are treated for acute or chronic descending thoracic aortic dissection. These data will be analyzed and used for quality improvement purposes within the SVS PSO, and non-identifiable data from this project will be shared with the FDA and device manufacturers, to meet the needs of their post approval study requirement.”
Gregory Lange, President and CEO of M2S, Inc., adds, “We are thrilled to collaborate with the SVS, FDA and industry to help evaluate the safety and efficacy of new devices in real-world practice. We expect this to be the first of many opportunities to support industry through the use of the M2S PATHWAYS platform and the VQI®, and to support our mutual goal of improvement in vascular health care.”