Hearst Corporation Agrees to Acquire an 85 Stake in Homecare Homebase, LLC
Award-Winning Software Provider for Homecare and Hospice Market Will Strengthen Hearst's Expanding Healthcare Information Footprint
December 02, 2013 --
NEW YORK, NY -- (Marketwired) -- 12/02/13 -- Hearst Corporation today signed an agreement with Homecare Homebase, LLC, a leading provider of comprehensive software-as-a-service solutions to the homecare and hospice market, to acquire 85 percent of the Dallas-based company. The announcement was made by Hearst Corporation President & CEO Steven R. Swartz and Homecare Homebase CEO April Anthony. Terms of the acquisition were not disclosed. The transaction is expected to close by the end of the year following receipt of necessary government approvals.
Upon completion of the transaction, Homecare Homebase will become part of Hearst's healthcare group, led by Hearst Business Media President Richard P. Malloch, which includes First Databank, Zynx Health and MCG (formerly Milliman Care Guidelines). Anthony will continue as CEO of the company.
"Homecare Homebase is committed to bringing today's front-line caregivers the best possible resources and we look forward to the advancements they will continue to make in the field," Swartz said. "This investment will expand our commitment to leading the healthcare information industry in an effort to improve the efficiency and affordability of patient care."
"Hearst is a leader in healthcare technology and has a reputation for providing long-term guidance and partnership for future growth," Anthony said. "This new strategic alignment bolsters our position as we move into the future of home delivered services, with a common commitment to the continued development of our current platform and on-going support to provide the most robust, highly-integrated tools available for the home health and hospice industry."
Founded in 2001, Homecare Homebase has been dedicated to providing homecare and hospice agencies with a best-of-breed healthcare information system that is fast, flexible and customizable to their unique operational requirements. The system is the most comprehensive, Web-based enterprise software solution available, allowing users to decrease costs and streamline agency operations, without compromising care. Homecare Homebase's integrated solution optimizes the business, regulatory reporting and compliance processes required to effectively deliver healthcare to patients in the home and hospice setting. The company has over 100 leading homecare and hospice customers (agencies), who combined have over 52,000 users conducting more than 20 million patient visits annually. Homecare Homebase was recognized as one of Modern Healthcare's Hottest Companies in 2013 and has been named Best in KLAS for homecare in KLAS Awards for the past three years.
"Homecare Homebase puts vital information and innovative technology solutions into the hands of everyone who touches a person's home and hospice care, from caregivers to back-office administrators," Malloch said. "The company is a natural addition to Hearst's network of healthcare companies as we seek to provide care guidance throughout a person's health journey."
Developed by industry veterans, the software allows office staff, field staff and physicians to exchange information seamlessly in real-time, and enables agencies to automate workflow processes and ensure accurate billing through numerous integrated checks and balances. To keep homecare and hospice agencies aware of regulatory changes, Homecare Homebase also offers updates and training for agency staff, and harnesses all operational information to provide the most powerful management reporting tools available.
The growth of the 65 and older population is an important driver for the home health and hospice market. Today, approximately 70 percent of homecare patients fall into this population, which is expected to grow from 39 million (2010) to more than 70 million by 2030.
Hearst Business Media, which oversees the healthcare group, is also comprised of Hearst's 50 percent ownership of Fitch Ratings and information businesses serving the automotive and electronics industries.
About Homecare Homebase
Homecare Homebase, based in Dallas, is a leading healthcare software company serving the technology needs of the fast growing post-acute care industry including homecare, hospice and private duty. Homecare Homebase has receive the prestigious Best in KLAS for Homecare award for three consecutive years in the "Best in KLAS Awards: Software & Services" report. Homecare Homebase offers a comprehensive integrated cloud-based software solution to improve the clinical, operational and financial success of homecare and hospice agencies. Homecare Homebase enables real-time, wireless information exchange and communication between office staff, field staff and physicians; automates workflow processes; enables accurate billing through numerous integrated checks and balances; and provides powerful management reporting via a back-office data analysis tool that ties together all agency operational information. Founded by industry veterans in 2001, every aspect of the Homecare Homebase system was developed to be user-friendly, flexible and customizable to specific agency needs. For more information, visit www.hchb.com
About Hearst Business Media
Hearst Business Media is an operating group of Hearst Corporation, which operates more than 20 business-to-business information services, electronic databases and publications. Hearst Business Media has significant holdings in the medical/pharmaceutical, automotive, electronic and finance industries. Among its core competencies is the aggregation of time-sensitive price, product and technical information that is integrated into business and professional processes.
About Hearst Corporation
Hearst Corporation (www.hearst.com) is one of the nation's largest diversified media and information companies. Its major interests include ownership of 15 daily and 36 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News and Albany Times Union; hundreds of magazines around the world, including Good Housekeeping, Cosmopolitan, ELLE and O, The Oprah Magazine; 29 television stations, which reach a combined 18 percent of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, HISTORY and ESPN; significant holdings in automotive, electronic and medical/pharmaceutical business information companies; a 50 percent stake in global ratings agency Fitch Group; Internet and marketing services businesses; television production; newspaper features distribution; and real estate. Follow us on Twitter @HearstCorp.
Copyright @ Marketwire