EverCommerce Acquires MDTech, Leading Electronic Charge Capture Solution
EverCommerce (Nasdaq: EVCM) has acquired Medical Design Technologies (MDTech), a provider of mobile charge capture solutions. This acquisition, which integrates MDTech into EverHealth's suite, aims to enhance efficiency in healthcare operations, particularly for small- to medium-sized practices. Founded in 2015, MDTech focuses on reducing claim denials and increasing revenues through innovative solutions. Although the financial terms remain undisclosed, the acquisition is expected to bolster EverCommerce's offerings, serving over 72,000 customers and enhancing patient engagement.
- Incorporation of MDTech's mobile charge capture solutions expands EverCommerce's EverHealth suite.
- MDTech's solutions aim to reduce claim denials and enhance revenue for healthcare providers.
- The acquisition will potentially increase operational efficiency for over 72,000 existing customers.
- Financial terms of the acquisition are undisclosed, leaving uncertainty about its impact on EverCommerce's financials.
- The company mentioned potential risks and challenges associated with integrating MDTech's solutions.
DENVER, July 8, 2021 /PRNewswire/ -- Today EverCommerce Inc. (Nasdaq: EVCM) ("EverCommerce" or the "Company"), a leading service commerce platform, announced it has acquired Medical Design Technologies ("MDTech"), a leading provider of mobile charge capture solutions. Based in Houston, Texas, MDTech provides accurate, efficient, and simple charge capture and analytics solutions to small- and medium-sized practices across 20 different specialties and 29 states.
Founded in 2015, MDTech is committed to saving healthcare organizations valuable time and resources by offering solutions aimed at reducing claim denials, increasing revenues, and helping avoid unnecessary billing costs. The product line includes solutions for charge capture, business intelligence, billing management, and telehealth.
"Running a profitable business is essential for healthcare providers. Solutions like MDTech, with charge capture and business intelligence analytics, allow practices to streamline their back-office operations so they can focus more time on direct patient care," says Matt Feierstein, President of EverCommerce. "We're eager to have MDTech join EverCommerce and grow our suite of complete capabilities and solutions for modern patient care."
"With aligned missions to support the success of small to medium-sized healthcare practices, we are very excited to join the EverCommerce team and have our products be a part of a growing suite of healthcare software solutions that help providers create a modernized, streamlined healthcare environment," says Micah Grossman, COO of MDTech.
MDTech joins EverCommerce's EverHealth suite, offering solutions that streamline day-to-day healthcare practice operations, improving provider and administrative workflows, and modernizing engagement with patients. EverHealth serves more than 72,000 customers with solutions for practice management, electronic medical records, patient engagement, and digital marketing.
Terms of the acquisition were not disclosed.
About EverCommerce
EverCommerce is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 500,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. Specializing in Home & Field Services, Health Services, and Fitness & Wellness industries, EverCommerce solutions include end-to-end business management software, integrated payment acceptance, marketing technology, and customer engagement applications. Learn more at EverCommerce.com.
About MDTech
Medical Design Technologies (MDTech), a leader in providing electronic charge capture solutions, was founded in 2015. MDTech is an established independent software vendor (ISV) specializing in state-of-the-art healthcare applications with specific expertise as a mobile applications provider, providing wireless healthcare applications. Learn more at mdtech.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Statements regarding the anticipated benefits of the MDTech acquisition are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as ''may,'' ''will,'' ''should,'' ''expects,'' ''plans,'' ''anticipates,'' ''could,'' ''intends,'' ''targets,'' ''projects,'' ''contemplates,'' ''believes,'' ''estimates,'' ''predicts,'' ''potential'' or ''continue'' or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors including, but not limited to, our limited operating history and our evolving business make it difficult to evaluate our future prospects and the risks and challenges we may encounter, our recent growth rates may not be sustainable or indicative of future growth and we expect our growth rate to slow, we have experienced net losses in the past and we may not achieve profitability in the future, we may continue to experience significant quarterly and annual fluctuations in our operating results due to a number of factors, which makes our future operating results difficult to predict, we may reduce our rate of acquisitions and may be unsuccessful in achieving continued growth through acquisitions, revenues and profits generated through acquisition may be less than anticipated, and we may fail to uncover all liabilities of acquisition targets, in order to support the growth of our business and our acquisition strategy, we may need to incur additional indebtedness or seek capital through new equity or debt financings and the important factors discussed under the caption "Risk Factors" in EverCommerce's prospectus, dated June 30, 2021, filed with the Securities and Exchange Commission ("SEC") in accordance with Rule 424(b) of the Securities Act on July 6, 2021, and our other filings with the SEC, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise.
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SOURCE EverCommerce
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