WellSky, a digital health service company, scooped up patient engagement company TapCloud for an undisclosed sum.
TapCloud will bring with it its virtual patient-facing app, which lets users communicate with clinicians and report symptoms. Patients can get daily reminders and educational resources through the app. The tool is also able to collect information about medication adherence and a patient’s social determinants of health.
On the clinical side, providers can access information about patient-reported outcomes. The EHR-agnostic technology also lets doctors communicate with patients.
WHY IT MATTERS
Once the acquisition is complete TapCloud will integrate with WellSky’s predictive analytics technology. Specifically, the acquisition is positioned to broaden WellySky’s data set by incorporating more patient-reported outcomes. WellSky pitches this M&A as a way to help boost care collaborations and coordination for providers.
“With WellSky, we gain access to a larger network and increased investment, which will broaden our reach and allow even more patients and families to be active participants in their care journeys,” Phil Traylor, CEO of TapCloud, said in a statement.
“Together, we are well positioned to expand the ways we can help our clients be successful, no matter which EHR platform they use. I’m excited to see how we will innovate together.”
THE LARGER TREND
WellSky has a long history of acquisitions. In April, the company acquired social determinants of health company Healthify. Its previous acquisitions include Fazzi Associates, BlueStrata, Rock Pond Solutions, MEDTranDirect and Consolo.
M&As are a popular exit option for digital health companies. Rock Health reported in 2021, there were, on average, 23 digital health exits through M&A each month.