Medical Information Technology, Inc. (MEDITECH) to Acquire Patient Care Technologies, Inc. (PtCT)
MEDITECH, the leading vendor of health care information systems, announced today it will be acquiring its long-time partner PtCT, a leading provider of home care, hospice, tele-health, private duty, and benchmarking software. Upon completion of the acquisition, PtCT will become an independent subsidiary of MEDITECH. Lawrence A. Polimeno, Vice Chairman of MEDITECH, will assume the additional role of President and CEO of PtCT.
"We've enjoyed a long relationship, including a partial ownership stake, with PtCT since the very beginning of their founding," said Polimeno. "Both companies write software using the same technologies, and two members of our Board of Directors are long-time members of PtCT's Board of Directors. This acquisition was spurred by the long relationship between the two companies and PtCT's development of exciting, innovative solutions for the home care industry."
Those solutions include Maestro, an enterprise software offering designed to facilitate the process management of all facets of home health, hospice, and private duty care delivery; and well@home, a tele-management product which provides home care patients with education, monitoring services, and compliance management features. "We'll be able to more closely integrate these and other PtCT product offerings with our own, giving our customers a comprehensive solution for chronic disease management," added Polimeno. "This is where the health care industry is headed in the years ahead."
"This acquisition is about providing PtCT with both the short-term and long-term resources to allow us to continue to develop and deliver leading-edge software products for home care providers," said Mark Braunstein, PtCT's co-founder, who will remain with the company.
"There are no plans for PtCT to relocate its operations from Atlanta, and there are no plans to merge the company with MEDITECH," said Steve Miller, PtCT's other co-founder, who will also remain with the company. "Dr. Braunstein and I will continue to be heavily involved in PtCT. The difference is now we have the freedom to focus more on product development and marketing strategies, rather than day-to-day business operations."
Both firms are privately-held, and specific terms of the acquisition were not released.
Medical Information Technology, Inc.
Westwood, MA 02090