Brightree, a provider of billing and business management software solutions for the home medical equipment market, has acquired home health and hospice software provider CareAnyware of Raleigh, N.C. Brightree is backed by Battery Ventures.
Brightree LLC, the leading provider of billing and business management software solutions for the home medical equipment (HME) market, announced today that it has acquired home health and hospice software provider CareAnyware, Inc. of Raleigh, N.C. The combination creates the largest provider of cloud-based software for the post-acute care industry, with 500 employees serving nearly 3,000 companies in the HME, home health, hospice, orthotics and prosthetics, home infusion, and rehab home care segments.
“Home care is becoming a critical component of our nation’s ability to provide quality care in a more affordable manner. Brightree and CareAnyware have come together to deliver world-class technology solutions that help providers operate more effectively and improve patient outcomes in today’s challenging healthcare market,” said David Cormack, president and CEO of Brightree. “Similar to the HME market several years ago, the home health and hospice industry is crowded with disparate, legacy systems that are difficult to use and costly to maintain. Brightree’s proven track record of providing innovative, cloud-based technology solutions and superior customer service will be a very welcome change for many agencies that are still relying on legacy software.”
Brightree and CareAnyware are both SaaS-based solutions that allow home care providers to adapt more readily to regulatory changes and new market demands, such as safely sharing patient information across the continuum of care. Brightree plans to leverage each software’s capabilities to improve the other. For example, CareAnyware’s 10 years of experience building clinical expertise will help Brightree develop new point-of-care and outcomes-tracking capabilities for HME providers. In addition, Brightree’s billing and business automation leadership over the last 10 years will benefit CareAnyware customers by providing new efficiencies in their back-office operations and patient contact management strategies.
According to Rich Guerin, former CEO of CareAnyware and current EVP at Brightree,“The Brightree and CareAnyware teams have a unified mission ─ to provide best-in-class automation software that helps home care businesses maximize efficiencies, enhance patient outcomes, and grow their businesses. Together, we have an opportunity to build upon our track records of innovation and customer service to meet the rapidly changing needs of our industry. Our customers can also be confident the acquisition creates a strong financial position for our business, enabling us to continue investing in their long-term success.”
The combined organization’s nearly 3,000 customers process $10 billion of medical claims annually and are responsible for servicing the home care needs of more than 20 million patients. With Brightree’s planned $70 million investment in customer service and product development over the next four years, the company is uniquely positioned to help its customers navigate the tough regulatory and economic conditions the home care industry is sure to face in 2013 and beyond.
In 2008, Brightree received funding from Battery Ventures, a $4B private investment firm, which has helped fuel both organic growth and complementary acquisitions. The company acquired C&S Billing in 2008, CAU in 2010, and Pacware in 2011. Brightree continues to receive industry accolades, and in 2011 and 2012 was ranked among the fastest growing private companies in the U.S. on the Inc. 500/5000 list. In 2012, it was also named by the Association for Corporate Growth (ACG) Atlanta as the fourth fastest-growing company in Georgia for the second consecutive year.
About Brightree LLC
Brightree is the leading provider of billing and business management software solutions for home medical equipment (HME) providers, orthotics and prosthetics (O&P) practitioners, and sleep labs. Brightree’s SaaS-based software solutions follow the natural workflow of providers to automate and improve how they manage their businesses. Brightree is the only business management software solution endorsed by Invacare Corporation as well as the VGM member service organization. For further information, visit www.brightree.com or call 888.598.7797, ext. 5.
About CareAnyware, Inc.
CareAnyware provides a web-based EMR software platform that delivers the clinical and operational tools needed to provide best-in-class clinical care with operational efficiency, compliance and ROI to home health and hospice organizations in 35 states. With fully mobile and cloud-based tools, the CareAnyware system is easy for clinicians to learn and allows administrators to better manage their organizations. Find out more by visiting www.CareAnyware.com or calling 866.260.4630.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from Seed and Early Venture, to Growth and Buyouts. Battery’s previous and active portfolio of software companies includes: Avalara, Bazaarvoice (IPO), Brightree, Consona (acquired by Vista Equity Partners), Continuuity, Coupa, Drillinginfo, ExactTarget (IPO), Healthvision (acquired by Lawson), ITA Software (acquired by Google), Marketo, Neolane, Omniture (IPO), Panaya, Platfora and Vero Software. Battery invests worldwide from offices in Boston, Silicon Valley and Israel. The firm has raised more than $4B since inception and is currently investing a $750M fund.