Hearst acquires majority stake in MedHOK, a SaaS-based software platform for health plans offered by insurance companies
NEW YORK, June 13, 2016 – Hearst today announced it has agreed to acquire a majority stake in Tampa-based MedHOK, Inc., a leading provider of software-as-a-service (SaaS) solutions for health plans offered by insurance companies, health systems and companies that administer drug benefits.
The announcement was made by Hearst President and CEO Steven R. Swartz, Hearst Business Media President Richard P. Malloch, and MedHOK President and CEO Anil Kottoor. Terms were not disclosed. The transaction is expected to close early this summer, subject to regulatory approvals.
Swartz commented: “We are excited to welcome Anil Kottoor and his colleagues at MedHOK to Hearst. We are very proud of the role Hearst Health plays in helping our partner companies deliver the highest quality of care, a job MedHOK does so well. We look forward to what our companies can do together.”
Upon completion of the transaction, MedHOK will become part of Hearst Health, Hearst’s healthcare information solutions group within its Business Media division. Hearst Health, led by President Gregory Dorn, MD, includes the market-leading companies FDB, Zynx Health, MCG and Homecare Homebase, and its solutions span the clinical, pharmacy, home and hospice care, and health insurance markets. Each year in the U.S., care guidance from the Hearst Health network reaches 84 percent of discharged patients, 177 million insured individuals, 44 million home health visits and 4 billion prescriptions.
“Hearst is a leader in healthcare and I am confident that this partnership will help us to expand our reach, influence and growth,” Kottoor said. “We are honored to join Hearst’s network of premier healthcare companies.”
“Hearst is committed to broadening our information business portfolio with companies that provide solutions that help professionals apply their expertise in the industries they serve,” Malloch said. “The healthcare landscape is changing rapidly and MedHOK’s cloud computing solution addresses a critical need as healthcare reimbursements shift from a payment for volume model to payment for performance.”
Founded in 2010, MedHOK has been recognized by Inc. as one of the fastest growing private companies in the U.S. MedHOK’s software platform empowers health plans to ensure compliance with federal and state requirements, and manage the health plan members’ clinical requirements. MedHOK’s integrated software platform is used by health plans to manage Medicare and Medicaid members. The software takes data from multiple disparate sources and integrates it into a turn-key platform to create a complete view of the member. This complete member view, also referred to as the 360-degree view, allows for best practice interventions to improve member risk management, member care and quality reporting in a manner that is compliant with the requirements of the Centers for Medicare and Medicaid Services (CMS).