Combination expands EverCommerce’s health services portfolio and enables the companies to further their shared goal of simplifying the business of healthcare and facilitating the growth of healthcare practices
Today, EverCommerce, a leading service commerce platform, completed the acquisition of Updox, a complete healthcare communication platform for in-person and virtual care. Headquartered in Dublin, OH, Updox serves more than 560,000 users across healthcare practices, health systems and pharmacies and more than 210 million patients. It facilitated over 3.5 million telehealth visits since March and continues to support more than 15,000 visits per day. The company will join EverCommerce’s portfolio of health services companies, enabling it to provide customers with faster access to more products, a broader suite of solutions and more resources.
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The trend toward healthcare consumerism continues to rise. According to a new Accenture report, over 70% of patients are likely to use virtual care solutions going forward, including secure text and online chat, and over 60% of patients are likely to change healthcare providers if their current provider doesn’t meet their expectations around handling of COVID-19. At the same time, the industry continues to move toward a value-based care model focused on health outcomes. As a result, practices must consistently attract new healthcare consumers, operate more efficiently and better engage patients in order to be successful in a post-COVID environment.
Updox provides next-generation virtual care, patient engagement and office productivity solutions that enable practices to reduce costs and drive revenue. Based on increasing demand for solutions that seamlessly work together to improve practice efficiency and provide an engaging patient experience, Updox has continuously brought new functionality to market. Additional solutions are planned for 2021.
“In an environment of unprecedented healthcare challenges, we are excited for our two organizations to join forces,” said Matt Feierstein, president and COO of EverCommerce. “As a market leader, Updox provides a full suite of differentiated office productivity and virtual care solutions that a practice needs to thrive in today’s healthcare landscape. We look forward to working together to provide best-in-class solutions for our customers.”
The EverCommerce health services portfolio includes a diverse mix of solutions including cloud-based medical billing, specialty EHR, practice management, RCM software, lead generation, marketing solutions and retention services for healthcare practices. With this acquisition, EverCommerce will advance its mission to provide end-to-end mission-critical solutions that enable healthcare practices to accelerate growth, streamline operations and increase patient retention.
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“Now more than ever, healthcare providers need a one-stop-shop to acquire new patients, operate more efficiently and engage their patients. They also need one single place to communicate with patients where they are – on their mobile phones,” said Michael Morgan, president of Updox. “We’re thrilled to join the EverCommerce team, which shares our vision for advancing healthcare. We look forward to accelerating innovative solutions that enable healthcare practices to more effectively market to patients, simplify payments, and effectively interact with patients both in and outside the practice.”
TripleTree served as the exclusive financial advisor to Updox. Updox institutional investors included TT Capital Partners (TTCP), Tamarind Hill and Rev1. Terms of the deal were not disclosed.