Premier Health to acquire Cloud Practice for $5mn
Vancouver-based healthcare provider Premier Health Group Inc announced today its intent to purchase Canadian software solutions developer Cloud Practice. Premier Health, which develops healthcare solutions that combine human expertise and care with emerging technologies, will pay a total of US$5mn for the acquisition of Cloud Practice’s Juno EMR, ClinicAid and MyHealthAccess software products.
Juno EMR is a modified version of the cloud-based electronic medical records software, originally released by McMaster University, that allows users to access patient records in any location.
ClinicAid is reportedly Canada’s easiest to use medical billing software, which currently processes over $30mn worth of payments across 3000 clinics per month. MyHealthAccess functions as an online patient portal, allowing patients to connect with their clinics and book appointments.
The acquisition will take place across a series of $500,000 installments, with a $3mn lump sum payable in shares after the satisfactory integration of Juno EMR into Premier Health’s system.
The deal is expected to officially close at the end of December 2018.
“We are ecstatic at the opportunity to build on our patient centric technology platform through the integration of Cloud Practice’s suite of software solutions. They have a strong team of developers who are just as enthusiastic as we are about the future of healthcare”, said Premier Health CEO, Dr. Essam Hamza.
“We believe that this partnership will help facilitate our vision of integrating telemedicine, online booking and other premium services with our electronic medical record (EMR) system.”