NEW YORK, NY--(Marketwired - June 13, 2016) - Hearst today announced it has agreed to acquire a majority stake in Tampa-based MedHOK, Inc., a leading provider of software-as-a-service (SaaS) solutions for health plans offered by insurance companies, health systems and companies that administer drug benefits.
The announcement was made by Hearst President and CEO Steven R. Swartz, Hearst Business Media President Richard P. Malloch, and MedHOK President and CEO Anil Kottoor. Terms were not disclosed. The transaction is expected to close early this summer, subject to regulatory approvals.
Swartz commented: "We are excited to welcome Anil Kottoor and his colleagues at MedHOK to Hearst. We are very proud of the role Hearst Health plays in helping our partner companies deliver the highest quality of care, a job MedHOK does so well. We look forward to what our companies can do together."
Upon completion of the transaction, MedHOK will become part of Hearst Health, Hearst's healthcare information solutions group within its Business Media division. Hearst Health, led by President Gregory Dorn, MD, includes the market-leading companies FDB, Zynx Health, MCG and Homecare Homebase, and its solutions span the clinical, pharmacy, home and hospice care, and health insurance markets. Each year in the U.S., care guidance from the Hearst Health network reaches 84 percent of discharged patients, 177 million insured individuals, 44 million home health visits and 4 billion prescriptions.
"Hearst is a leader in healthcare and I am confident that this partnership will help us to expand our reach, influence and growth," Kottoor said. "We are honored to join Hearst's network of premier healthcare companies."
"Hearst is committed to broadening our information business portfolio with companies that provide solutions that help professionals apply their expertise in the industries they serve," Malloch said. "The healthcare landscape is changing rapidly and MedHOK's cloud computing solution addresses a critical need as healthcare reimbursements shift from a payment for volume model to payment for performance."
Founded in 2010, MedHOK has been recognized by Inc. as one of the fastest growing private companies in the U.S. MedHOK's software platform empowers health plans to ensure compliance with federal and state requirements, and manage the health plan members' clinical requirements. MedHOK's integrated software platform is used by health plans to manage Medicare and Medicaid members. The software takes data from multiple disparate sources and integrates it into a turn-key platform to create a complete view of the member. This complete member view, also referred to as the 360-degree view, allows for best practice interventions to improve member risk management, member care and quality reporting in a manner that is compliant with the requirements of the Centers for Medicare and Medicaid Services (CMS).
Hearst is one of the nation's largest diversified media, information and services companies with more than 360 businesses. Its major interests include ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; majority ownership of global ratings agency Fitch Group; Hearst Health, a group of medical information and services businesses; 30 television stations such as WCVB-TV in Boston and KCRA-TV in Sacramento, Calif., which reach a combined 19 percent of U.S. viewers; newspapers such as the Houston Chronicle, San Francisco Chronicle and Albany Times Union, more than 300 magazines around the world including Cosmopolitan, ELLE, Harper's BAZAAR and Car and Driver; digital services businesses such as iCrossing and KUBRA; and investments in emerging digital and video companies such as BuzzFeed, VICE and AwesomenessTV. Follow us on Twitter @HearstCorp and subscribe to Hearstlink.
About Hearst Business Media
Hearst Business Media is a global technology leader delivering information, insights, analytics, and workflow solutions to meet worldwide needs in the finance, healthcare and transportation markets. Its holdings include renowned brands such as Fitch Group, one of the leading global ratings agencies; the Hearst Health network of market-leading healthcare companies First Databank, Zynx Health, MCG and Homecare Homebase, which provide care guidance to patients, hospitals, and insurers; and MOTOR Information Systems, Black Book and Canadian Black Book, the premier suppliers of automotive data. Hearst Business Media companies have offices in more than 30 countries.
MedHOK, recognized by Inc. magazine as the 25th fastest growing company in the U.S., enables healthcare payers to ensure regulatory compliance and succeed in the emerging value-based reimbursement model. Out-of-the-box compliant and proactively updated for Medicare, Medicaid, and Affordable Care Act regulations, MedHOK is a compliance powerhouse. Our SaaS-based software platform pulls together all pharmacy and medical data into one plenary platform, creating a 360° view of the member, allowing payers to identify and target health risks, intelligently trigger workflow interventions, and improve quality of care throughout the continuum of care.
MedHOK holds three NCQA certifications: HEDIS, Pay for Performance and Disease Management. MedHOK has fully integrated Pharmacy Quality Alliance (PQA) drug measures. MedHOK is the software platform of choice for more than 50 of the nation's largest healthcare payers, managing close to 40 million lives. For more information, visit www.MedHOK.com.