Securities offered through 7M Securities, LLC (member FINRA/SIPC) 508 W. 5th Street, Suite 225, Charlotte NC 28202
M&A Trends in Healthcare IT

sectorwatch
July 2017
See notice at end of report
v.200612
overview
contents
+ dashboard: summary metrics on the sector, with commentary on market
momentum by comparing the most recent 12-month performance against the
last 3-year averages
+ public basket performance: summary valuation and operating metrics for
a basket of comparable public companies
+ valuation comparison: a more graphical, detailed comparison of valuation
multiples for the public basket
+ who’s buying: ranking of the most active buyers in the sector based on
announced deal size and # of deals during the trailing twelve months
+ recent deals: we detail the most recently announced sector deals

2
about us
7MA provides Investment Banking &
Advisory Services to the Business
Services and Technology Industries
globally.

We advise on M&A and private capital
transactions, and provide market
assessments and benchmarking. As a
close knit team with a long history
together and a laser focus on our target
markets, we help our clients sell their
companies, raise capital, grow through
acquisitions, and evaluate new markets.

sectorwatch
We publish sectorwatch, a review of
M&A and operational trends in the
industries we focus.

let us know if we can help
Contact us if there are ways we can
assist your M&A or financing strategy.



Technology in the Healthcare sector has been key in adding value, helping players
in the space drive cost saving initiatives, generating more revenue, and impacting
more lives. This impact has allowed M&A activity in the Healthcare IT space to
remain active.
highlights
sectorwatch : healthcare IT
See notice at end of report
v.200612
dashboard
operating metrics
valuation
momentum
3
Revenue Growth Momentum
- 3.6%
1 - year revenue growth compared to
revenue growth average for last 3 years
Pricing / Gross Margin Momentum
0.8%
1 - year gross profit % compared to gross
profit % average for last 3 years
Profitability Momentum
1.1%
1 - year EBITDA % compared to EBITDA %
average for last 3 years
Current revenue growth rate is less than the
average of the last 3 years, indicating that the
market may be flattening or declining
Current gross profit margin exceeds the average of
the last 3 years gross profit margin by this amount,
indicating supplier pricing power
Current EBITDA margin exceeds the average of the
last 3 years EBITDA margin by this amount, a
condition that may attract new entrants
10.8%
15.0%
53.6%
0%
10%
20%
30%
40%
50%
60%
Median LTM GP Margin %
Median LTM Rev. Growth %
Median LTM EBITDA Margin %
4.8
6.0
22.3
46.4
0
10
20
30
40
50
Median Price / LTM Earnings
Median TEV / LTM EBITDA
Median TEV / LTM EBIT
Median TEV / LTM Revenue
sectorwatch : healthcare IT
For the most recent reporting periods as of 07-Jul-17
See notice at end of report
v.200612
performance - summary
public basket valuation trends
public comparables
Contact us to learn about M&A multiples
4
public basket
Quality Systems, Inc.
1,049

510

3%
56%
12%
2.1
17.8
2,771

184

Evolent Health, Inc.
1,610

311

113%
39%
-16%
5.2
0.0
2,400

130

Allscripts Healthcare Solutions, Inc.3,995

1,618

16%
49%
9%
2.5
26.9
7,500

216

Medidata Solutions, Inc.
4,541

486

20%
76%
15%
9.3
62.8
1,424

341

athenahealth, Inc.
5,661

1,112

14%
51%
10%
5.1
50.4
5,305

210

Veeva Systems Inc.
8,050

582

33%
69%
24%
13.8
56.9
1,794

325

Cerner Corporation
21,741

4,827

7%
85%
28%
4.5
16.1
24,400

198

McKesson Corporation
42,090

198,533

4%
6%
2%
0.2
9.6
51,000

3,893

Average
11,092

25,997

26%
54%
11%
5.3

30.1

12,074

687

Median
5,101

847

15%
54%
11%
4.8

22.3

4,038

213

share price as of 07Jul17
TEV $m
GP %
Company
Rev /
FTE $k
EBITDA
%
TEV /
Rev X
TEV /
EBITDA
X
# FTEs
Rev
Growth
YoY
LTM Rev
$m
---------------
LTM ---------------
10
20
30
40
50
60
70
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
Public Rev & EBITDA Multiples Over Time
TEV/Revenue - Median
Average
TEV/EBITDA - Median
Average
REV X
EBITDA X
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
performance - operating
5
Contact us to learn about M&A multiples
15.0%
3.5%
4.0%
7.4%
14.1%
15.8%
20.2%
32.6%
112.5%
-500%
0%
500%
LTM Rev. Growth %
Evolent Health,
Inc.
Veeva Systems
Inc.
Medidata
Solutions, Inc.
Allscripts
Healthcare
Solutions, Inc.
athenahealth,
Inc.
Cerner
Corporation
McKesson
Corporation
Quality Systems,
Inc.
Median
10.8%
(16.4%)
2.2%
9.5%
10.1%
11.5%
14.9%
24.3%
28.0%
-20%
0%
20%
40%
LTM EBITDA Margin %
Cerner
Corporation
Veeva Systems
Inc.
Medidata
Solutions, Inc.
Quality Systems,
Inc.
athenahealth,
Inc.
Allscripts
Healthcare
Solutions, Inc.
McKesson
Corporation
Evolent Health,
Inc.
Median
53.6%
5.7%
38.8%
49.2%
51.0%
56.2%
68.8%
75.6%
85.3%
0%
50%
100%
LTM GP Margin %
Cerner
Corporation
Medidata
Solutions, Inc.
Veeva Systems
Inc.
Quality Systems,
Inc.
athenahealth,
Inc.
Allscripts
Healthcare
Solutions, Inc.
Evolent Health,
Inc.
McKesson
Corporation
Median
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
valuation comparison
6
Contact us to learn about M&A multiples
#NA
#NA
#NA
#NA
#NA
#NA
#NA
#NA
#NA
212.7
129.6
183.9
197.8
209.7
215.7
324.5
341.3
3,892.8
$0
$2,000 $4,000 $6,000
LTM Rev. per FTE x 000's
McKesson
Corporation
Medidata
Solutions, Inc.
Veeva Systems
Inc.
Allscripts
Healthcare
Solutions, Inc.
athenahealth,
Inc.
Cerner
Corporation
Quality Systems,
Inc.
Evolent Health,
Inc.
Median
62.3
26.3
41.0
51.1
61.1
63.5
67.7
72.7
85.1
0
50
100
Avg days sales outstanding
Allscripts
Healthcare
Solutions, Inc.
Cerner
Corporation
Medidata
Solutions, Inc.
Quality Systems,
Inc.
Veeva Systems
Inc.
athenahealth,
Inc.
Evolent Health,
Inc.
McKesson
Corporation
Median
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
performance - operating
7
Contact us to learn about M&A multiples

historical valuation multiples
#NA
#NA
#NA
#NA
#NA
#NA
#NA
#NA
#NA
4.8
0.2
2.1
2.5
4.5
5.2
5.1
9.3
13.8
0
10
20
TEV / LTM Revenue
Veeva Systems
Inc.
Medidata
Solutions, Inc.
athenahealth,
Inc.
Evolent Health,
Inc.
Cerner
Corporation
Allscripts
Healthcare
Solutions, Inc.
Quality Systems,
Inc.
McKesson
Corporation
Median
22.3
9.6
16.1
17.8
26.9
50.4
56.9
62.8
0
50
100
TEV / LTM EBITDA
Medidata
Solutions, Inc.
Veeva Systems
Inc.
athenahealth,
Inc.
Allscripts
Healthcare
Solutions, Inc.
Quality Systems,
Inc.
Cerner
Corporation
McKesson
Corporation
Median
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
valuation comparison

historical valuation multiples
8
Contact us to learn about M&A multiples
6.0
12.0
22.2
27.4
68.1
0
50
100
TEV / LTM EBIT
Allscripts
Healthcare
Solutions, Inc.
Quality Systems,
Inc.
Cerner
Corporation
McKesson
Corporation
Median
46.4
7.1
33.9
58.9
100.4
135.1
270.6
0
200
400
Price / Earnings LTM
athenahealth,
Inc.
Medidata
Solutions, Inc.
Veeva Systems
Inc.
Quality
Systems, Inc.
Cerner
Corporation
McKesson
Corporation
Median
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
valuation comparison
historical valuation multiples versus gross profit and revenue growth rates

valuation multiples
9
Contact us to learn about M&A multiples
5.7%
38.8%
49.2% 51.0%
56.2%
68.8%
75.6%
85.3%
0
10
20
30
40
50
60
70
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
EBITDA(x)
LTM GP%
LTM GP% vs EBITDA(x)
LTM GP Margin %
TEV / LTM EBITDA
3.5%
4.0%
7.4%
14.1% 15.8%
20.2%
32.6%
112.5%
0
10
20
30
40
50
60
70
0%
20%
40%
60%
80%
100%
120%
EBITDA(x)
LTM RGR%
LTM RGR% vs EBITDA(x)
LTM Rev. Growth %
TEV / LTM EBITDA
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
recent deals
10
Contact us to learn about M&A multiples
Date
Target
Buyer
Total
Transaction
Value
Target Revenue
TEV /
Revenue
TEV / EBITDA
Target Business Description
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
06/13/2017 TMG Health, Inc.
Cognizant
Technology
Solutions
Corporation
-
-
-
- TMG Health, Inc. provides technology-enabled business process outsourcing
services for insurers, employers, health plans, and providers in the Medicare
Advantage, Medicare Part D, Managed Medicaid care, and group retiree health plan
markets in the United States.
01/13/2017 CynergisTek, Inc.
Auxilio, Inc.
34.17
15.00
2.3x
6.3x CynergisTek, Inc. provides information technology (IT) security consulting services.
01/04/2017 Jiff, Inc.
Castlight Health,
Inc.
153.45
-
-
- Jiff, Inc. provides HIPAA-compliant social network and digital health apps platform for
the healthcare industry.
10/27/2016 HealthMEDX, Inc.
Netsmart
Technologies Inc.
-
-
-
- HealthMEDX, Inc. designs, deploys, and provides software products and solutions
for long-term care, home health, hospice, and rehab organizations and continuing
care retirement community in the United States.
10/06/2016 Network
Infrastructure
Technologies Inc.
Matrix International
Financial Services
-
-
-
- Network Infrastructure Technologies Inc. is an information technology services
company that focuses solely on the unique computing, networking, and application
needs.
10/04/2016 Emmi Solutions, LLC Wolters Kluwer
Health, Inc.
170.00
-
-
- Emmi Solutions, LLC designs technology-based solutions to deliver patient
engagement aspects for hospitals and health systems, healthcare payers, and
ambulatory care settings.
09/12/2016 Anthelio Healthcare
Solutions Inc.
Atos SE
275.00
200.00
1.4x
- Anthelio Healthcare Solutions Inc. provides healthcare technology solutions to
hospitals, physician practice groups, and other healthcare providers in the United
States.
09/08/2016 Opportune IT
Healthcare
Solutions, Inc.
Streamline Health
Solutions, Inc.
1.40
-
-
- Opportune IT Healthcare Solutions, Inc. provides healthcare information technology
solutions and services for the healthcare industry.
07/22/2016 Invoyent LLC
West Monroe
Partners, LLC
9.00
-
-
- Invoyent LLC operates as a health insurance consulting company that provides
advisory and solution delivery services to large and small insurers, and software
intermediaries across commercial and Blues organizations in the United States.
07/25/2016 Healthcare Services
Management, Inc.
Huron Consulting
Group Inc.
-
-
-
- Healthcare Services Management, Inc. provides healthcare information technology
and project management consulting services to the healthcare market in the United
States.
06/13/2016 MedHOK, Inc.
Hearst Health
-
40.00
-
- MedHOK, Inc. develops and delivers cloud-based care, quality, and compliance
software solutions for health plans, accountable-care organizations, patient centered
medical homes, pharmacy benefit managers, and specialty pharmacies in the United
States.
04/04/2016 Ceryx Inc.
Dimension Data
Holdings plc
-
-
-
- Ceryx Inc. provides Software-as-a-Service based unified communications and
collaboration solutions for mid-market and enterprise clients.
03/20/2016 Netsmart
Technologies Inc.
GI Partners, LLC;
Allscripts
Healthcare
Solutions, Inc.
950.00
-
-
- Netsmart Technologies Inc., a healthcare information technology company, provides
software and technology solutions.
See notice at end of report
v.200612
recent deals
11
Contact us to learn about M&A multiples
Date
Target
Buyer
Total
Transaction
Value
Target Revenue
TEV /
Revenue
TEV / EBITDA
Target Business Description
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
02/17/2016 Truven Holding
Corp.
IBM Watson
Health
3,592.97
610.72
5.9x
35.0x Truven Holding Corp. provides analytic solutions and services for healthcare industry
in the United States and internationally.
12/15/2015 UMS s.r.l.
Ascom Holding AG
-
-
-
- UMS s.r.l. provides point-of-care digital medical records software solutions for life-
critical patient care processes in Italy, France, and Switzerland.
09/23/2015 Sagacious
Consultants, LLC
Accenture plc
-
-
-
- Sagacious Consultants, LLC provides Epic consulting services to hospitals.
07/22/2015 MedX Group, Corp.
Millennium
HealthCare Inc.
-
-
-
- MedX Group, Corp. is a software development company that offers information
sharing solutions for physicians, hospital practices, and healthcare organizations.
7/17/2015 Pyramid Healthcare
Solutions, Inc.
Anthelio
Healthcare
Solutions Inc.
-
-
-
- Pyramid Healthcare Solutions, Inc. provides revenue cycle management solutions for
the healthcare industry worldwide.
6/23/2015 Avectus Healthcare
Solutions, LLC
Bolder Healthcare
Solutions LLC
-
-
-
- Avectus Healthcare Solutions, LLC provides third party liability and workers’
compensation claim resolution services for hospitals and trauma centers in the
United States.
06/22/2015 Infosys Public
Services, Inc.,
Healthcare Business
Infosys Limited
98.39
-
-
- Infosys Public Services, Inc., Healthcare Business provides services including
consulting, systems integration, IT services, enterprise mobility, cloud, and business
process services for healthcare organizations.
1/13/2015 RazorInsights, LLC
athenahealth, Inc.
40.00
-
-
- RazorInsights, LLC develops cloud based Electronic Health Records (EHR) solutions
for the healthcare industry.
11/20/2014 CareTech Solutions,
Inc.
HTC Global
Services, Inc.
-
-
-
- CareTech Solutions, Inc. provides information technology (IT) and Web products and
services for hospitals and health systems in the United States.
11/19/2014 Change Healthcare
Corporation
Emdeon Inc.
(nka:Change
Healthcare
Holdings, Inc.)
185.00
-
-
- Change Healthcare Corporation provides software and analytics, connectivity,
communication, payment, consumer engagement, and workflow optimization
solutions for payers, providers, pharmacies, and consumers in the United States.
11/3/2014 Aspen Advisors, LLC The Chartis Group,
LLC
-
-
-
- Aspen Advisors, LLC provides healthcare technology consulting services.
09/14/2014 TZ US Parent, Inc.
Cognizant
Technology
Solutions
Corporation
2,700.00
-
-
- As of November 20, 2014, TZ US Parent, Inc. operates as a subsidiary of Cognizant
Technology Solutions Corporation.
8/25/2014 Aperek, Inc.
Premier, Inc.
48.50
-
-
- Aperek, Inc. provides Web-based analytics and savings solutions for the healthcare
supply chain.
See notice at end of report
v.200612
contact us
12
Andy Johnston, Partner
704.899.5961
andy@7mileadvisors.com

Leroy Davis, Partner
704.899.5962
leroy@7mileadvisors.com

Tripp Davis, Partner
704.899.5762
tripp@7mileadvisors.com

Ben Lunka, Director
704.496.2995
ben@7mileadvisors.com

Neil Churman, Director
832.871.5037
neil@7mileadvisors.com

Kristina Sergueeva, Director
704.899.5149
kristina@7mileadvisors.com

John Cooper, Director
704.793.3996
john@7mileadvisors.com










508 W. 5th Street,
Suite 140
Charlotte, NC 28202

85 Broad St.
17th Floor
New York, NY 10004

Pennzoil Place
700 Milam St. Suite 1300
Houston, TX 77002

400 Continental Blvd, 6th
Floor, El Segundo, CA
90245

www.7mileadvisors.com

7 Mile Advisors enables clients to increase and unlock enterprise value. We provide full-lifecycle investment banking and
corporate advisory services to middle-market private and public clients by addressing the transactional and strategic
opportunities faced by companies, boards, and financial sponsors. Our industry experience, network and credentials allow us
to assemble a unique set of capabilities to serve our clients. We are results oriented. Our team has executed over 100
assignments and our success is built upon the success of our clients. Our services are focused in distinct practice areas which
can be integrated based on the requirements of each client. Securities offered through 7M Securities, LLC.

Tom Dinnegan, Managing Director
310.426.2410
tom@7mileadvisors.com

Tim Frye, Director
704.973.3994
tim@7mileadvisors.com

Rory Julyan, Associate
704.899.5960 x 120
rory@7mileadvisors.com

Brenden Byrnes, Associate
704.973.3995
brenden@7mileadvisors.com

Nicholas Prendergast, Financial Analyst
704.899.5960 x 117
nicholas@7mileadvisors.com

Casey Augustine, Business Development
704.973.3999
casey@7mileadvisors.com

See notice at end of report
v.200612
terminology & notice
Term
Definition
TEV
Total enterprise value (market cap plus debt less cash)
LTM
Latest 12 months
NTM
Next 12 months
EBITDA
Earnings before interest, taxes, depreciation and
amortization
EBIT
Earnings before interest and taxes
GP
Gross profit
REV
Revenue
FTE
Full-time employee
RGR
Revenue growth rate
P/E
Price / Earnings
AR Turnover
Revenue / Average Accounts Receivable
Days Sales Outstanding
(Average Accounts Receivable / Revenue) x Number of
Days in Sales Measurement Period
# M&A LTM
The number of Mergers & Acquisition transactions that
occurred during the last twelve months
Transaction Size
Transaction total value
13
At the time this was published: 1) 7M Securities was
not making a market in any of the securities listed
herein, nor was 7M Securities or associated persons
selling or buying them from customers on a principal
basis; 2) Neither 7M Securities, its officers nor its
partners have a financial interest beyond a nominal
basis in any of the securities of the issuers listed
herein.; 3) 7M Securities was not a manager or co-
manager of a public offering of any of the securities
listed herein within the past 12 months.

This report is for your information only and is not an
offer to sell, or a solicitation of an offer to buy, the
securities or instruments named or described in this
report. Interested parties are advised to contact the
entity with which they deal, or the entity that provided
this report to them, if they desire further information.
The information in this report has been obtained or
derived from publicly available sources but neither 7
Mile Advisors, LLC nor 7M Securities, LLC represents
that this information is accurate or complete. Any
information contained in this report is subject to
change without notice.










14
appendix
See notice at end of report
v.200612
valuation details
revenue multiples
earnings multiples
EBITDA multiples
15
2012-08-31
2012-09-28
2012-10-31
2012-11-30
2012-12-31
2013-01-31
2013-02-28
2013-03-28
2013-04-30
2013-05-31
2013-06-28
2013-07-31
2013-08-30
2013-09-30
2013-10-31
2013-11-29
1.0
1.5
2.0
2.5
3.0
3.5
Historical Valuation Multiples - Quality Systems, Inc.
TEV/Revenue
Average
6
8
10
12
14
16
18
20
22
24
Historical Valuation Multiples - Quality Systems, Inc.
TEV/EBITDA
Average
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Historical Valuation Multiples - Evolent Health, Inc.
TEV/Revenue
Average
0
0
0
0
0
1
1
1
1
1
1
Historical Valuation Multiples - Evolent Health, Inc.
TEV/EBITDA
Average
10
30
50
70
90
110
130
150
170
190
210
Historical Valuation Multiples - Quality Systems, Inc.
P/E
Average
1
2
3
4
5
6
7
Historical Valuation Multiples - Evolent Health, Inc.
P/E
Average
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
Historical Valuation Multiples - Allscripts Healthcare
Solutions, Inc.
TEV/Revenue
Average
7
57
107
157
207
257
307
Historical Valuation Multiples - Allscripts Healthcare
Solutions, Inc.
TEV/EBITDA
Average
20
70
120
170
220
270
320
Historical Valuation Multiples - Allscripts Healthcare
Solutions, Inc.
P/E
Average
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
valuation details
revenue multiples
earnings multiples
EBITDA multiples
16
2016-08-31
2016-09-30
2016-10-31
2016-11-30
2016-12-30
2017-01-31
2017-02-28
2017-03-31
2017-04-28
2017-05-31
2017-06-30
3.0
5.0
7.0
9.0
11.0
13.0
15.0
Historical Valuation Multiples - Medidata Solutions, Inc.
TEV/Revenue
Average
20
30
40
50
60
70
80
90
100
110
120
Historical Valuation Multiples - Medidata Solutions, Inc.
TEV/EBITDA
Average
20
70
120
170
220
270
Historical Valuation Multiples - Medidata Solutions, Inc.
P/E
Average
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
Historical Valuation Multiples - athenahealth, Inc.
TEV/Revenue
Average
30
50
70
90
110
130
150
Historical Valuation Multiples - athenahealth, Inc.
TEV/EBITDA
Average
120
140
160
180
200
220
240
260
280
300
Historical Valuation Multiples - athenahealth, Inc.
P/E
Average
7.0
12.0
17.0
22.0
27.0
32.0
Historical Valuation Multiples - Veeva Systems Inc.
TEV/Revenue
Average
30
50
70
90
110
130
150
Historical Valuation Multiples - Veeva Systems Inc.
TEV/EBITDA
Average
60
80
100
120
140
160
180
200
220
240
260
Historical Valuation Multiples - Veeva Systems Inc.
P/E
Average
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
valuation details
revenue multiples
earnings multiples
EBITDA multiples
17
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
Historical Valuation Multiples - Cerner Corporation
TEV/Revenue
Average
10
12
14
16
18
20
22
24
26
28
30
Historical Valuation Multiples - Cerner Corporation
TEV/EBITDA
Average
20
25
30
35
40
45
50
55
60
Historical Valuation Multiples - Cerner Corporation
P/E
Average
0.2
0.2
0.3
0.3
0.4
0.4
Historical Valuation Multiples - McKesson Corporation
TEV/Revenue
Average
7
9
11
13
15
17
19
Historical Valuation Multiples - McKesson Corporation
TEV/EBITDA
Average
7
12
17
22
27
32
37
Historical Valuation Multiples - McKesson Corporation
P/E
Average
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
public basket company descriptions
18
Quality Systems,
Inc.
Evolent Health, Inc.
Evolent Health, Inc., through its subsidiary, Evolent Health LLC, provides healthcare delivery and payment solutions in the United States. It operates as a managed services firm that supports
integrated health systems in migration toward value-based care and population health management. The company’s services include providing customers with a population management
platform, integrated data and analytics capabilities, pharmacy benefit management services, and comprehensive health plan administration services. Evolent Health, Inc. was founded in 2011
and is headquartered in Arlington, Virginia.
Allscripts
Healthcare
Solutions, Inc.
Allscripts Healthcare Solutions, Inc. provides information technology and services to healthcare organizations in the United States, Canada, and internationally. It offers electronic health
records, connectivity, private cloud hosting, outsourcing, analytics, patient engagement, clinical decision support, and population health management solutions. The company’s Clinical and
Financial Solutions segment provides integrated clinical software applications and financial and information solutions, which primarily include EHR-related, and financial and practice management
software solutions, as well as related installation, support and maintenance, outsourcing, private cloud hosting, revenue cycle management, training, and electronic claims administration
services. Its Population Health segment offers health management and coordinated care solutions that enable hospitals, health systems, accountable care organizations, and other care
facilities to connect, transition, analyze, and coordinate care across the entire care community. The company serves physicians, hospitals, governments, health systems, health plans, life-
sciences companies, retail clinics, retail pharmacies, pharmacy benefit managers, insurance companies, and employer wellness clinics, as well as post-acute organizations, such as home health
and hospice agencies. Allscripts Healthcare Solutions, Inc. was founded in 1986 and is headquartered in Chicago, Illinois.
Quality Systems, Inc., together with its subsidiaries, develops and markets software and services that automate various aspects of practice management (PM) and electronic health records for
medical and dental practices in the United States. The company’s NextGen division provides integrated clinical, financial, and connectivity solutions for ambulatory and dental provider
organizations. Its principal products include the NextGen Ambulatory product suite; interoperability solutions; and MediTouch, a cloud-based software suite comprising clearinghouse, PM,
electronic health records, and patient portals, which enable mobility, workflow automation, and reporting and analytics. Its RCM Services Division offers technology-based solutions that are
designed to optimize clients' revenue cycle costs and process efficiency, as well as to enhance clients’ cash flow. This division provides revenue cycle management optimization services; and
billing and collections, claims submissions and reconciliation, electronic remittance and payment posting, accounts receivable management, patient client service, advance analytics, charge
entry and capture, enrollment credentialing, and software setup, hosting, and support services. The company’s QSI Dental division focuses on developing, marketing, and supporting software
suites for dental group organizations. This division also offers QSIDental Web, a cloud-based and software as a service and PM clinical software solution; and sells licenses to its products. The
company also provides software implementation, training, support, and maintenance services; and electronic data interchange services. It serves single and small practice physicians, physician
hospital organizations, management service organizations, accountable care organizations, ambulatory care centers, community health centers, and medical and dental schools through a sales
force and a reseller channel. The company was founded in 1974 and is headquartered in Irvine, California.
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
public basket company descriptions
19
Medidata
Solutions, Inc.
Medidata Solutions, Inc. provides cloud-based solutions for life sciences worldwide. It offers Medidata Clinical Cloud that provides a software-as-a-service platform of technology and data
analytics solutions to optimize activities across clinical development. The company’s platform solutions includes Plan Study that addresses the areas to ensure optimal study design, grant
development and negotiation, and investigator payments; and Support Sites, which provides robust risk management, reduced source document verification, real-time monitoring, on-time,
accurate payments. Its platform solutions also comprise Engage Patients that captures the voice of the patient in clinical studies; Medidata Patient Cloud, which enables sponsors to collect a
dataset directly from the patient; Conduct Study that includes solutions for data capture and study management in the clinical trial research process; Medidata RaveX, an electronic data
capture and management system solution; Study Management that enable clinical teams to manage, monitor, control, integrate, and report operational and clinical data from patients and sites;
and Optimize Outcomes, which is designed to surface a range of embedded operational data across the clinical process. Additionally, it offers professional services. The company markets and
sells its cloud-based solutions through a direct sales force, as well as through relationships with contract research organizations (CROs) and other strategic partners. It serves pharmaceutical,
biotechnology, medical device, and diagnostics companies; academic research centers, government, and other non-profit organizations; and CROs and other entities engaged in clinical trials.
Medidata Solutions, Inc. was founded in 1999 and is headquartered in New York, New York.
athenahealth, Inc.
athenahealth, Inc., together with its subsidiaries, provides network-based medical record, revenue cycle, patient engagement, care coordination, and population health services for medical
groups and health systems. It offers athenaCollector, a network-enabled billing and practice management solution; athenaClinicals, an electronic health record for electronic health record
management to help manage patient’s clinical documentation; athenaCommunicator, an engagement and communication solution that provides an automated communication service between
patients and provider practices for interactions outside the exam room; and athenaCoordinator for order transmission and care coordination services. The company also provides athenahealth
Population Health, a cloud-based population health service; and Epocrates service that include clinical information and decision support services in the areas of drug and disease information,
medical calculator and tools, clinical guidelines, clinical messaging, and market research. In addition, it offers athenahealth Health Plan data exchange facilitates to exchange the data between
providers and health plans for the healthcare operations of clients; athenaOne Analytics that includes an analytics and dashboard application, as well as provides visibility into the financial and
operational health of an organization; and pre-certification processing and referral processing services. The company serves clients in the health care industry through its direct sales force and
channel partners in the United States and internationally. athenahealth, Inc. was formerly known as athenahealth.com, Inc. and changed its name to athenahealth, Inc. in November 2000. The
company was founded in 1997 and is headquartered in Watertown, Massachusetts.
Veeva Systems Inc.
Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a
suite of multichannel customer relationship management applications, which allow pharmaceutical and biotechnology companies to target and support sales and marketing to physicians, other
healthcare professionals, and healthcare organizations through various touch points, including in-person, email, and online; and Veeva Vault, a cloud-based enterprise content management
platform and suite of applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, and
quality. It also provides Veeva Network master data management solutions for the management of customer master and product master data. In addition, the company offers data solutions and
services comprising Veeva OpenData, Veeva OpenData data services, Veeva OpenData email, and Veeva key opinion leader data and services, as well as territory allocation and alignment
applications. Further, it provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and
configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions;
technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include outsourced systems administration. The
company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was founded in 2007 and is headquartered in Pleasanton,
California.
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT
See notice at end of report
v.200612
public basket company descriptions
20
Cerner Corporation designs, develops, markets, installs, hosts, and supports health care information technology, health care devices, hardware, and content solutions for health care
organizations and consumers in the United States and internationally. The company offers Cerner Millennium architecture, which includes clinical, financial, and management information systems
that allow providers to access an individual’s electronic health record at the point of care, and organizes and delivers information for physicians, nurses, laboratory technicians, pharmacists,
front- and back-office professionals, and consumers. It also provides HealtheIntent platform, a cloud-based platform that enables organizations to aggregate, transform, and reconcile data
across the continuum of care, as well as assists to enhance outcomes and lower costs. In addition, the company offers a portfolio of clinical and financial health care information technology
solutions, as well as departmental, connectivity, population health, and care coordination solutions; and various complementary services, including support, hosting, managed, implementation,
and strategic consulting services. Further, it provides various services, such as implementation and training, remote hosting, operational management, revenue cycle, support and maintenance,
health care data analysis, clinical process optimization, transaction processing, employer health centers, employee wellness programs, and third party administrator services for employer-
based health plans; and complementary hardware and devices for third parties. It serves integrated delivery networks, physician groups and networks, managed care organizations, hospitals,
medical centers, reference laboratories, home health agencies, blood banks, imaging centers, pharmacies, pharmaceutical manufacturers, employers, governments, and public health
organizations. Cerner Corporation was founded in 1979 and is headquartered in North Kansas City, Missouri.
Cerner Corporation
McKesson
Corporation
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. The company operates in two segments, McKesson Distribution Solutions and
McKesson Technology Solutions. The McKesson Distribution Solutions segment distributes branded and generic pharmaceutical drugs, and other healthcare-related products; and provides
practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices. This segment also provides specialty pharmaceutical
solutions for pharmaceutical manufacturers; and medical-surgical supply distribution, logistics, and other services to healthcare providers. In addition, this segment operates retail pharmacy
chains in Europe and Canada, as well as supports independent pharmacy networks in North America and Europe; and supplies integrated pharmacy management systems, automated dispensing
systems, and related services to retail, outpatient, central fill, specialty, and mail order pharmacies. This segment serves retail national accounts, including national and regional chains,
food/drug combinations, mail order pharmacies, and mass merchandisers; and institutional healthcare providers, such as hospitals, health systems, integrated delivery networks, and long-term
care providers, as well as offers its services to pharmaceutical manufacturers. The McKesson Technology Solutions segment provides clinical, financial, and supply chain management solutions to
healthcare organizations. McKesson Corporation was founded in 1833 and is headquartered in San Francisco, California.
For the most recent reporting periods as of 07-Jul-17
sectorwatch : healthcare IT