As 2019 draws to a close, three particularly noteworthy business acquisitions illustrate the Greater Philadelphia region’s capacity for leadership and innovation in connected health. While not an exhaustive list, these examples are reflective of the company types and sizes that are emerging from our connected health ecosystem.
Iatric Systems, a business unit of Harris Healthcare, bought Children’s Hospital of Philadelphia spinoff Haystack Informatics in January. The technology developed by Haystack uses data from electronic health records systems to identify unusual data patterns and make available to hospitals insights that drive operational efficiencies and safeguard data.
On July 24, Philadelphia-based health care payments tech firm InstaMed announced that it was acquired by J.P. Morgan Chase in a deal worth a reported $500 million, making it one the largest exits in recent history for the city’s tech industry. InstaMed Holdings, Inc. will operate as a subsidiary of JPMorgan Chase Bank, N.A., in a relationship that’s intended to deliver significant benefits to clients of both InstaMed and JPMorgan Chase.
More recently GSI Health, a Center City firm that sells workflow software to large health systems was acquired by Dallas-based Medecision, which makes management software for health care companies and maintains an office in Wayne. According to an Octoner press release, Medecision will integrate GSI’s GSIHealthCoordinator platform into Medecision’s Aeria software.
Instamed and GSI Health both received early stage investment from Ben Franklin Technology Partners of Southeastern PA. LeRoy E. Jones, Founder, President, and CEO at GSI, is recognized as an engaged business and civic leader in the region through his active participation on the Chamber of Commerce for Greater Philadelphia’s Board of Directors as well as the Co-Chair of the Chamber’s Health Care Action Team. Bill Marvin President, Chief Executive Officer and Co-Founder of InstaMed is a member of the CEO Council for Growth.