We spoke with Greenway Medical Technologies CEO and President Tee Green and Vitera Healthcare Solutions CEO Matthew J. Hawkins shortly after the announcement that the two companies would combine. Because Greenway is publicly traded, the leaders were unable to comment on specific aspects of the pending transaction, but shared a few insights:
Hawkins: From a Vitera perspective we are just thrilled with this combination, this transaction that was announced today. We feel it is absolutely a continuation of our commitment to create an incredible business, a platform of healthcare that can take care of our customers’ needs not just today but for years to come.
We mentioned in a note we sent out to our employees that we have had a chance to get to know the Greenway team and know their culture, and the values that they have and their tremendous focus on product innovation and support and service, and felt there is a real alignment with what we are working to build at Vitera as well. So we are really excited about that as well.
We also noted that both Vitera and Greenway solutions are all certified for Meaningful Use 2014 edition and both have achieved patient-centered medical home pre-validation status, and all are ICD-10 ready by the end for this calendar year. So there is a real alignment in taking care of our customers. And that got us excited.
We think that this transaction with Greenway is really a testament to our partner Vista Equity Partners and their vision for what this combination can accomplish in the healthcare space. It’s really a testament to our hard and intense focus on growth and our commitment to take care of our customers today and in the future.
I can’t make too many forward-looking statements other than to say we think that with this transaction and working together to put in place a plan that will allow for a smooth integration at the right time, if and when the transaction occurs. We are very excited about it. Our staff is upbeat, we are upbeat, and we think it is a continuation of our long term goal: to be great partners with our customers in the market.
Green: As Matt said, this is huge for the industry and certainly huge for our customers and Vitera’s customers – being able to continue the Greenway brand, the strategy that we developed around electronification and consumerism that is really starting to take hold in this country. We believe there is a going to be a real thirst to improve health and with an innovation platform like this and a customer base like this we think it creates unparalleled opportunities for our teams, our customers, and our business partners.
The leaders could not comment on who would lead the company going forward but noted that plans were being developed for combining the two entities:
Green: A lot of is being worked out right now as far as how as how the synergies are going to roll. Obviously we have some great innovation within these companies and we are putting together that strategic plan over the next 45 to 60 days leading up to closing, and then at that closing we will have the opportunity to share that strategic roadmap with everyone.
The acquisition discussions apparently began fairly recently:
Hawkins: We have been friendly for a while but never had any serious discussion until far more recently. We had a chance to take a friendship in the industry, knowing each other as acquaintances, and feel there is tremendous value to be had by potentially combining these two entities in a transaction like this. Those conversations have been much more recent.
Long term plans for product platforms are still evolving:
Green: If you look at the press release and you look at the brand, obviously as the company continues to evolve, maintaining multiple platforms probably isn’t going to be the long term strategy because that doesn’t create value for your customers or your team. You will see some of that evolution over time.
Hawkins: I will also say the Vitera business has several product platforms today and we expect to continue to support and maintain and provide updates to those product platforms. I will also note that all of our product platforms are set for ICD-10 compliance and we have a clear pathway for our flagship platform Intergy, which is Meaningful Use 2014 edition-compliant, one of very few vendors that have reached that status, so we are pleased by that. We will also continue to support, maintain, and invest appropriately in those products. We need to be emphatic about that.
We are thrilled and excited about the PrimeSUITE of solutions that the Greenway business has. While we don’t have any clear plans as of yet, we like the PrimeSUITE product platform and we also have high regard for the revenue cycle management business that Greenway has put in place. We feel like there are opportunities for the combined entity to be able to take advantage of these RCM solutions while continuing to use the product platforms of their choice.