Acquisition Brings Mobile Care Coordination to Population Health Service; Talented Team to Join athenahealth Austin
Austin, TX—August 29, 2016
WATERTOWN, Mass., Aug. 29, 2016 – athenahealth, Inc. (NASDAQ:ATHN), a leading provider of network-enabled services and mobile applications for healthcare providers nationwide, today announced the acquisition of Filament Labs, Inc., d/b/a Patient IO (“Patient IO”), an Austin-based care coordination platform used by providers to engage patients and caregivers outside the four walls of the clinic.
Delivered as a simple and elegant mobile and web-based application, Patient IO turns care plans into actionable daily tasks for patients. Whether managing medications, reviewing educational content, or recording self-reported data, Patient IO empowers patients to play an impactful, ongoing role in their own care.
“Care coordination and patient self-management is the next big ground on which healthcare will compete,” said Jon Porter, Senior Vice President of Emerging Services, athenahealth. “By adding Patient IO to our portfolio and delivering their solution as a native component of athenahealth’s population health services, we’ve been able to strengthen our ability to partner with providers as they enter into and become masters of value-based care delivery. Patient IO accelerates our movement towards an exciting strategic milestone: becoming a trusted resource and partner to the patient.”
Patient IO was founded in 2013 by entrepreneurs Jason Bornhorst, Colin Anawaty, and Brian Gambs. Patient IO is a Techstars Austin company, with CEO Jason Bornhorst recently named to the Forbes 30 Under 30 in Healthcare.
“We are eager to marry our mobile care management competencies with athenahealth’s unique, network-enabled services,” said Jason Bornhorst, co-founder and CEO of Patient IO. “By taking a patient-centered approach to development and embracing the potential of mobile, together we can reach more healthcare organizations than ever before. Our combined offering will deliver actionable insights that help our customer organizations transition to a value-based care environment, improving outcomes and quality at every turn.”
Differentiated by its ‘API-first’ architecture and omni-channel engagement, Patient IO will form the basis for athenahealth’s patient-facing mobile application, athenaWell. This integrated functionality is already live in market with select clients today, and will be made available to new athenahealth Population Health® clients as a native component of the service beginning this fall.
athenahealth initially made an investment in Patient IO in October 2015 via the ‘More Disruption Please’ (MDP) Accelerator program. MDP provides high-potential start-ups with direct access to athenahealth’s resources, expertise, and network of over 80,000 healthcare providers. Patient IO is athenahealth’s second acquisition of an MDP Accelerator portfolio company, following athenahealth’s acquisition of Arsenal Health in April 2016.
About Patient IO
The Patient IO team will join athenahealth Austin, including CEO Jason Bornhorst, Chief Technology Officer Brian Gambs, and Chief Product Officer Colin Anawaty. Bornhorst will serve as Executive Director of Product Strategy. Over 30 clinical sites currently depend on Patient IO to coordinate care for their patients. Patient IO will continue to service its full roster of clients and sell into non-athenahealth entities under its current name. The financial terms of the deal were not disclosed.
About athenahealth, Inc.
athenahealth is a leading provider of network-enabled services for electronic health records (EHR), revenue cycle management and medical billing, patient engagement, care coordination, and population health management, as well as Epocrates and other point-of-care mobile apps. We connect care and drive meaningful, measurable results for more than 80,000 health care providers nationwide. For a view of our network effect in action, please visit https://insight.athenahealth.com/interactive-a-look-at-interoperability. For more information, please visit www.athenahealth.com.
Forward Looking Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the evolution of the healthcare industry and the value-based care delivery model, anticipated benefits of the transaction, our ability to build on Patient IO’s technology and combine it with our own and the timing for availability, the goals of our MDP program, expectations regarding the combined businesses, including the acceleration of patient-centered care, and our opportunities as a result of the combination. Forward-looking statements may be identified with words such as “will,” “may,” “expect,” “plan,” “anticipate,” “upcoming,” “believe,” “estimate” or similar terminology, and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. These risks and uncertainties include: our ability to effectively integrate the Patient IO business and its employees into our business; our ability to capitalize on the opportunities we believe the transaction presents; our highly competitive industry and our ability to compete effectively and remain innovative; our ability to retain members of the Patient IO team; our ability to retain Patient IO customers; changes in the health care industry and their impact on the demand for our services; and current and future litigation, including for intellectual property infringement. Forward-looking statements speak only as of the date hereof and, except as required by law, we undertake no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, refer to our public filings with the Securities and Exchange Commission (“SEC”), available on the Investors section of our website at www.athenahealth.com and on the SEC’s website at www.sec.gov.
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