Over the last few years, the patient engagement solutions market has grown significantly, and companies in the industry have started to consolidate through mergers and acquisitions.
Just last week, patient engagement platform GetWellNetwork acquired Silicon Valley startup HealthLoop — a Cloud-based SaaS solution that lets medical practices monitor patients during the recovery process.
For more than eighteen years, Maryland-based GetWellNetwork has been helping healthcare providers connect with outpatients using digital tools. Only recently has the company began working on the inpatient side, developing interactive tools that aim to lower re-admissions, reduce the length of patient stay, prevent falls, and improve patient satisfaction.
This ambition is served by the acquisition of Healthloop, a company that enables care teams to engage patients through automated daily check-ins, ensuring care teams are able to intervene at the right time. Together, the two companies are now working to develop an integrated product called GetWell Loop that will support care pathways, remote patient monitoring, and virtual check-ins.
“Adding HealthLoop to our portfolio advances our strategy to provide the most comprehensive, end-to-end digital patient and family engagement platform. The changing nature of the how and where care is delivered requires dynamic solutions to meet modern engagement challenges. With HealthLoop as part of the GetWell portfolio, we’re excited to help health care organizations rethink and accelerate their digital strategies.” said CEO Michael O’Neil in a statement.
GetWellNetwork have now purchased a total of four patient engagement solution providers in recent years, including cloud-based medical software company Seamless in 2017, and mobile software platform Marbella Technologies in July 2014.
As the healthcare industry grows increasingly digitised, SaaS and cloud-based systems are playing a bigger role in patient care, allowing hospitals with tight budgets to avoid purchasing software outright, and expand service levels without necessarily expanding budgets. This trend continues to drive deal making, and can be expected to persist as cloud services and pay per use software develops further.