Premier, Inc. Expands Clinical Decision Support (CDS) Capabilities with Acquisition of IllumiCare
- IllumiCare's cost attribution technology defines low-value care and makes costs transparent in real time, enabling improved financial performance.
- Compatible with 50-plus electronic medical record (EMR) systems, taps into a growing demand for solutions in outpatient and ambulatory settings.
- Unlocks potential growth opportunities across Premier's service lines including clinical trial optimization, revenue cycle improvement and value-based consulting.
Premier, Inc. (NASDAQ:PINC), a leading technology-driven healthcare performance improvement company, today announced the acquisition of IllumiCare, a healthcare technology firm known for its EMR-agnostic platform. The platform marries clinical and financial data at the point of care to help providers make the best possible clinical decisions at the best possible cost.
The acquisition significantly expands Premier's reach in the clinical decision support (CDS) space. Already used by over 82,000 providers, including independent physicians and ambulatory networks, the IllumiCare platform is compatible with more than 50 EMR systems used across the care continuum.
Headquartered in Birmingham, AL, IllumiCare has developed a strong reputation for enabling better clinical decisions by surfacing real-time data on treatment costs. IllumiCare's flagship product defines inpatient medication and diagnostic use that is unlikely to have clinical benefit based on established medical standards. It then attributes the provider's actual supply cost to the ordering provider. By defining low-value care and making real costs transparent, IllumiCare facilitates upstream interventions in formulary and order sets while hyper-targeting "nudges" to clinicians at the point of care.
"Hospitals are battling rising costs and shrinking margins," said David Zito, Premier's President of Performance Services. "IllumiCare's real-time cost attribution capabilities will be a game changer, differentiating Premier in a competitive CDS market with a smarter, more robust CDS solution.
"Together, we can help create financial efficiencies for virtually any provider, in any clinical setting, while helping them deliver care that is better and safer for patients."
IllumiCare's capabilities complement Premier's existing CDS technology, expanding the company's ability to help health systems and clinically integrated networks close care gaps, improve coding accuracy, support outpatient risk capture, optimize clinical trial recruitment and succeed in value-based payment models.
Premier will begin marketing the acquired solution under Premier's Stanson Health brand this summer. The company will debut the acquired capabilities of the combined solution at its annual Breakthroughs Conference and Exhibition, held July 15-17 in National Harbor, MD.
"This is about more than technology — it's about delivering real value to clinicians," said G.T. LaBorde, Chief Executive Officer, IllumiCare. "We want providers focused on the patient, while technology works behind the scenes to point out the ancillary effects of choices when they are directly relevant. Our combined solution will offer providers a more robust, turnkey solution with a demonstrated return on investment of up to 10 to one."
Financial terms of the transaction were not disclosed.
Premier, Inc. Forward-Looking Statements
Statements made in this release that are not statements of historical or current facts, including but not limited to those related to Premier's ability to advance its business strategies and improve healthcare, the intended or expected performance or utility of Premier's and the acquired IllumiCare products and services, the ability to combine and market the acquired IllumiCare products and services with Premier's products and services and the potential for the combined solution to provide a competitive advantage in the CDS market, the potential for the IllumiCare acquisition to unlock growth opportunities for Premier, and the other expected benefits of the IllumiCare acquisition, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause performance or achievements to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. More information on risks and uncertainties relating to Premier and its products and services is included from time to time in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Premier's periodic and current filings with the SEC, which are also made available on Premier's website at investors.premierinc.com. Forward-looking statements speak only as of the date they are made, and Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events that occur after that date, or otherwise.
About Premier, Inc.
Premier, Inc. (NASDAQ:PINC) is a leading technology-driven healthcare improvement company, providing solutions to two-thirds of all healthcare providers in the U.S. Playing a critical role in the rapidly evolving healthcare industry, Premier unites providers, suppliers, payers and policymakers to make healthcare better with national scale, smarter with actionable intelligence and faster with novel technologies. Headquartered in Charlotte, N.C., Premier offers integrated data and analytics, collaboratives, supply chain solutions, consulting and other services in service of our mission to improve the health of communities. Please visit Premier's news and investor sites on www.premierinc.com; as well as X, Facebook, LinkedIn, YouTube, Instagram and Premier's blog for more information about the company.
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