EvidenceCare, an evidence-based clinical decision support system (CDSS) company, announced its acquisition of Healthcare Value Analytics (HVA), a Nashville-based healthcare technology company focused on cost transparency tools for physicians.
The terms of the acquisition were not disclosed.
According to the press statement, EvidenceCare adds HVA’s technology solution to develop further an integrated platform that optimizes clinician workflows to deliver improved care, better outcomes, and increased hospital revenue.
HVA’s flagship product ValueBar – rebranded as CareGauge under EvidenceCare’s software products – was developed by Dr. George Fidone, a founding partner of The Children’s Clinic in Lufkin, Texas.
CareGauge provides zero-click transparency into real-time data that tells physicians if they are outliers in the treatments they provide – both in terms of cost and care.
HVA’s analytics software offers doctors real-time, comprehensive cost comparison information for all clinical procedures, cost of care, length of stay, clinical variations, and more.
“We always believed the physician should be the decision-maker on care,” said Founder Dr. Fidone. “But physicians were flying blind when it came to the cost of care, even though they are the main drivers of hospital revenue and costs.”
“I’m thrilled to expand our reach with EvidenceCare and provide real-time, actionable insight made by physicians for physicians,” said Dr. Fidone.
EvidenceCare develops physician support tools. “As an emergency physician, I found the lack of accessibility to evidence-based clinical guidance alarming, and my own patient experiences led me to create EvidenceCare,” said EvidenceCare Co-Founder and Chief Medical Officer, Dr. Brian Fengler. “We are so excited to add CareGauge to our suite of products to continue giving doctors the visibility they need to deliver the best patient care.”
CEO of EvidenceCare, Bo Bartholomew, added, “We believe in physicians thriving and operating at their best, and we’re excited to have CareGauge within our suite of solutions to help combat physician burnout and rising hospital costs.”
“These two companies combined bring more real-time transparency and workflow optimization to care than exists in the market today,” remarked HVA President and COO, Kyle Duke, who will join EvidenceCare as Chief Information Officer.
One hundred thirty-six digital health companies were acquired in the first half of 2021 compared to 83 in 1H 2020.