PracticeTek and Integrated Practice Solutions have merged to create one of the largest retail healthcare solutions providers in the United States.
The combined company will operate under the PracticeTek brand and will offer a range of tools to over 40,000 retail healthcare providers in the U.S. and Canada, the company said in a Tuesday (Sept. 5) press release.
PracticeTek is a provider of software and payments solutions to the retail healthcare market, while Integrated Practice Solutions (IPS) is a practice management and electronic health record software platform, according to the release. The merger aims to capitalize on the breadth and depth of their solutions across various growing retail healthcare industry verticals.
Under the leadership of George Ahn, the CEO of IPS, who has been named the new CEO of PracticeTek, the combined company will deliver retail healthcare software workflow solutions to providers, the release said. These solutions include electronic health records, practice management software, business intelligence and analytics, digital intake forms, digital marketing, website solutions and patient engagement tools.
The merger is expected to benefit current and future clients by providing a one-stop solution that increases practice efficiency, enhances clinical outcomes, and improves patient care and experience, per the release. PracticeTek’s goal is to create a positive patient experience and boost administrative efficiency for retail healthcare providers, including billing and payments.
PracticeTek has a record of acquisitions to expand its footprint within the fragmented market, according to the release. The merger with IPS represents the company’s sixth and “most significant acquisition” under the ownership of Lightyear Capital, which will maintain its majority ownership in PracticeTek,
PYMNTS Intelligence has found that the accelerated digitization of healthcare services promises to provide patients with a wider array of choices in how to access, experience and pay for healthcare.
Patients show a high preference to perform most healthcare activities using digital methods, including everything from scheduling appointments to receiving test results, according to “Accessing Healthcare: Easing Digital Frictions in the Patient Journey,” a PYMNTS and Experian Health collaboration.