ResMed, the California based healthcare equipment company recently announced that it has signed an agreement to acquire MatrixCare, which is a leader in long-term post-acute care software in the U.S. for $750 million.
The deal is expected to allow ResMed to expand across the range of care services, tactically mixing its software-as-a-service (SaaS) that it offers in home medical equipment, hospice and home health with the well-established presence of MatrixCare in senior housing spaces and skilled nursing.
Mick Farrell, CEO, ResMed has been quoted to say that 300 million people of U.S. are looking for different ways and different settings to age. ResMed will endeavor to service them where they live and in what conditions they want to live in.
ResMed acquired home-based care provider Brightree for $800 million in 2016 as well as HEALTHCAREfirst in 2017 and its current SaaS offerings are built to provide for such care services.
MatrixCare works with providers across the United States and specializes in nursing and senior living sectors. MatrixCare provides such tools as electronic health record software as well as claims processing, resources to assist with leads, referrals, payroll management and clinical quality.
Farrell said that ResMed is trying to add to its out-of-hospital software investments and MatrixCare comes across as a profitable business with good revenues and robust verticals in senior living, skilled nursing, private duty and life-plan communities, all of which are complimentary to what ResMed does at HEALTHCAREfirst and Brightree.
Farrell reportedly added that the official closing of the acquisition would occur within a couple of weeks. Considering that 90% of ResMed’s global revenues of $2 billion comes from outside the settings of the hospital, expanding into senior housing, parallel spaces and skilled nursing sectors is important for ResMed to fulfill its mission, he said.
ResMed also provides equipment for sleep suffocation and sleep apnea besides providing software. The company is also working actively to build a business that targets lung disease.