January 25, 2021
Provider of affordable clinical IT systems and support services adds suite of healthcare relationship management and analytics tools
Medsphere Systems Corporation today announced the acquisition of Marketware, Inc., a leading developer of robust software tools focused on managing healthcare relationships and analyzing a wide variety of data to augment existing competitive advantage. The Marketware suite supports hospitals and health systems as they face the numerous challenges that accompany energetic growth.
Marketware’s Physician Strategy Suite includes a physician relationship management platform that combines provider profiles, business intelligence, and project management in support of provider outreach and relationship development. The Suite’s physician referral analytics use EHR and claims data to identify patient pipelines that are poised for growth, while healthcare analytics evaluate the strength of a physician’s referral base and identify connections both inside and outside their network. Marketware’s web-based platform also supports physician recruitment and onboarding efforts to help source, qualify, and retain the best providers.
Marketware surrounds their IT tools with a full menu of services, including healthcare service line planning, recruitment and onboarding, physician relations and engagement, referral team development, and client success.
“An accurate view of service line challenges and market growth potential is critical for long-term viability and expansion,” said Medsphere President and CEO Irv Lichtenwald. “Using trend and relationship data, as well as other types of business analytics, Marketware makes healthcare organizations more financially viable, which is vitally important, especially for hospitals that don’t have tremendous resources to start with. We’re very excited about what Marketware can do for our clients.”
Medsphere’s broad solution and service portfolio, which has driven a minimum 20 percent annual growth rate in contracted recurring revenue for five years running, makes clear the value of cross-selling offerings like those Marketware provides. Medsphere electronic health records (EHRs) serve acute and psychiatric inpatient settings, ambulatory environments, and emergency rooms. The company’s revenue cycle management suite improves financial performance in all healthcare settings. A supply chain management platform enables hospitals and health system to better control supplies on hand and ordering. And the Phoenix Health consulting and outsourcing division provides award-winning services many hospitals desperately need but have trouble obtaining.
“Medsphere’s growth in recent years demonstrates a broad commitment to improving both the provision and business of healthcare,” said Marketware CEO Alex Obbard. “We’re excited to be a part of that. The reality is that healthcare needs to manage every dollar it can as system reform marches on, and we’ve proven that Marketware solutions and services deliver clear, demonstrable value and ROI to healthcare. The future we’re creating together is one of cutting-edge medicine supported by comprehensive executive knowledge of what works financially, empowering hospitals and health systems to do more of what they do well.”
The acquisition of Marketware is only Medsphere’s most recent move to enhance core healthcare IT solutions and services. Last year Medsphere acquired Micro-Office Systems, a developer of integration and migration tools that streamline the functionality of various platforms and applications. In recent years Medsphere has added ambulatory healthcare IT solutions provider ChartLogic; award-winning healthcare IT consulting and outsourcing provider Phoenix Health Systems; robust revenue cycle management systems developer Stockell Healthcare, which now operates under the Medsphere banner; the top-rated Wellsoft emergency department information system; and the flexible and effective HealthLine supply chain management suite.
With healthcare systems and providers facing an increase in competition, the need to identify revenue leakage continues to be a priority. Marketware has developed a suite of products designed to strengthen the competitive advantage for teams working in physician relations, referral analytics, physician recruitment and onboarding. Each product works seamlessly together to ensure healthcare executives have the insight they need to target, track and trend their market share. Marketware has positioned itself as a known leader in the enterprise segment and continues to serve a growing industry.