Phreesia Acquires MediFind, Reinforcing its Commitment to Patient-Centered Care and Expanding its Offerings to Consumers
WILMINGTON, Del., July 14, 2023--(BUSINESS WIRE)--Phreesia, a leader in patient intake, outreach and activation, is pleased to announce it has acquired Comsort, Inc. d/b/a MediFind ("MediFind"), a health technology company that uses advanced analytics to help patients—especially those with serious, chronic and rare diseases—find better care faster.
MediFind uses machine learning and proprietary algorithms to continuously review medical information across a wide range of datasets, identifying leading doctors in specific conditions and fields based on factors such as their research output, volume of patients and standing among their peers. MediFind assigns four levels of expertise to those doctors: elite, distinguished, advanced and experienced. Elite-level doctors are global leaders in their field who hold leadership positions, publish and speak regularly, and are involved in cutting-edge treatments.
MediFind CEO Patrick Howie founded the company after his brother was diagnosed with a rare cancer, and he experienced firsthand how challenging it was to find high-quality experts and treatments.
"I’m incredibly proud that our platform can help sift through the noise and identify doctors at the forefront of their fields," said Howie, who is now a Vice President of Product Management at Phreesia. "With Phreesia’s size, scale and experience, we’re now going to be able to reach many more people, which is very exciting."
According to Rob Weker, a three-time cancer survivor and patient advocate, navigating through confusing and conflicting information to determine a provider’s expertise is no easy task.
"It’s challenging for patients receiving a serious diagnosis," Weker said. "Quickly finding a doctor with expertise and experience in your condition is critical. Having access to an easy-to-use, patient-oriented tool like MediFind that provides quick, highly reliable fact-based information is invaluable."
Phreesia has important parallels with MediFind’s mission and focus, said David Linetsky, a Senior Vice President at Phreesia.
"At Phreesia, we’re always thinking about how to arm patients with the right tools and relevant information, whether that’s a message at the point of care to speed a rare-disease diagnosis, a reminder to schedule overdue preventive screening, or educational content about vaccine safety and effectiveness," Linetsky said. "We welcome our MediFind colleagues as we think about these challenges together."
On July 13, 2023, Phreesia’s Board of Directors approved the grant of restricted stock unit awards in an aggregate amount of 13,161 shares of its common stock on July 15, 2023, to 12 new non-executive employees to induce them to join Phreesia. The awards were granted under Phreesia’s 2023 Inducement Award Plan and vest annually in equal installments over a four-year period following their grant, subject to continued employment. Each award was granted as a material inducement to employment in accordance with the NYSE Listed Company Manual Rule 303A.08.
About Phreesia
Phreesia is the trusted leader in patient activation, giving providers, health plans, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled more than 120 million patient visits in 2022–more than 1 in 10 visits across the U.S.–scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes. To learn more, visit phreesia.com.
About MediFind
MediFind is a data science and consumer-centric health technology company, focusing on connecting patients with leading experts, clinical trials, health systems, and healthcare technologies through advanced analytics. The company employs machine learning techniques and artificial intelligence technologies to synthesize the latest information from around the globe on a range of chronic and rare conditions with the goal of helping patients make more informed health decisions faster. Learn more about MediFind at www.medifind.com.
Phreesia Forward-looking Statements:
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements include, but are not limited to, statements regarding plans, objectives, intentions and expectations regarding future performance, including statements regarding the expected results and benefits of Phreesia’s transaction with MediFind. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although Phreesia’s management believes that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Phreesia. These risks and uncertainties include, among other things, the risk that the integration may be more difficult, time-consuming or costly than expected or that the intended benefits of Phreesia’s transaction with MediFind will not be realized when expected or at all; changes in laws and regulations applicable to Phreesia’s business model; changes in market conditions and receptivity to Phreesia’s products and services; Phreesia’s ability to maintain the security and availability of its platform; Phreesia’s ability to make accurate predictions about its industry; the recent high inflationary environment and other general market, political, economic and business conditions; and Phreesia’s ability to attract, retain and cross-sell to healthcare services clients. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Phreesia’s filings with the Securities and Exchange Commission ("SEC"), including Phreesia’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 and other SEC filings. The forward-looking statements in this press release speak only as of the date on which the statements are made. Phreesia undertakes no obligation to update, and expressly disclaims the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
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Contacts
Maureen McKinney
mmckinney@phreesia.com
773-330-8908
