- Offers tools to collect patient payments, customize and manage surveys, consent forms, and more
- Investors: Hearst Health Ventures, PC Squared
- Founded in ’10 by Glants, Chatter founder Lanier
Tonic Health, a Silicon Valley startup that helps healthcare providers collect payments and data from patients digitally and more efficiently, is evaluating a sale, Buyouts has learned.
Keval Health has been engaged to provide financial advice to Tonic, according to a person with knowledge of the situation.
The patient-engagement company in 2018 received an unsolicited acquisition offer from a strategic buyer, which ultimately led it to consider strategic alternatives, this person said. A process formally kicked off in January, the person said.
A sale to a sponsor-backed strategic or pure-play strategic buyer is considered the most likely outcome as opposed to a capital raise.
Provider-facing technology companies, including emergency-medical-record and revenue-cycle-management players, could make logical buyers, the person added.
Tonic, which the person said generates revenue in the $10 million to $15 million range, was launched in 2010.
Its founders are Boris Glants and CEO Sterling Lanier. Lanier previously founded and led market-research firm Chatter through its 2014 sale.
Simply put, Tonic, by driving patient engagement, serves to improve on what has historically been a burdensome, paper-based process: capturing more data from patients.
Using Tonic’s customizable platform, healthcare organizations can create and manage consent forms, surveys and questionnaires, as well as collect patient payments remotely and digitally.
Tonic can also be used for risk assessment and patient screening, as well as for clinical research and studies.
Tonic has native apps for Apple iPads and iPhones, as well as a full CRM system through which organizations can reach patients via any device or browser.
The company has integrated with major electronic-health-record and practice-management systems that serve the large enterprise health market, including Cerner, Epic, Meditech, Allscripts and athenahealth, according to its website.
Customers include large health systems, payers and pharmaceutical companies.
Tonic employs more than 110 and serves more than three million patients annually.
To date Tonic has received $6.4 million in venture financing from investors Hearst Health Ventures and PC Squared, according to Crunchbase.
Larger vendors of digital patient intake include Phreesia, which has raised a total of $92.6 million in funding over seven financing rounds, according to Crunchbase.
Tonic’s Lanier and Keval Health declined comment.
Action Item: Reach out to Tonic at +1 650-490-4826