Strategic acquisition enhances Provation’s clinical documentation software solutions and expands physician office, hospital and ASC footprint
Minneapolis, MN and Santa Monica, CA – Provation Medical, Inc. (“Provation” or the “Company”), the premier software provider of procedure documentation and clinical decision support solutions, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced its acquisition of MD-Reports, a leading provider of electronic medical record (EMR), practice management (PM), and report writing software.
For 25 years, Provation has been a market leader in procedure documentation software for gastroenterology (“GI”), serving 42 of the top 50 GI hospitals and more than 2,600 facilities nationwide. MD-Reports serves a complementary segment of the market and has experienced significant growth by bringing high quality clinical software solutions to over 530 physician offices, hospitals and ambulatory surgery centers (“ASCs”). The combination enhances Provation’s best-in-class clinical documentation platform and adds practice management capabilities to its portfolio.
“With the addition of MD-Reports, Provation has expanded on our vision to increase productivity for all healthcare providers by bringing the latest software solutions to a new segment of the market,” said Daniel Hamburger, CEO of Provation. “In addition to our organic initiatives, growth through acquisition is an integral part of Provation’s strategy to develop a comprehensive portfolio of leading clinical productivity software solutions.”
“Joining Provation marks the beginning of an exciting new chapter for MD-Reports and we are thrilled to join the team,” added Srikanth Gosike, CEO and Founder of MD-Reports. “By leveraging our collective capabilities, MD-Reports and Provation can build on a long history of serving world-class physicians with industry leading solutions. Our technology and professionals are a great fit with Provation, and we look forward to working together with Daniel and the team to continue our shared mission of increasing physician productivity and satisfaction.”
Provation continues to build out its clinical productivity software portfolio to meet the evolving needs of physicians and to increase operational efficiencies, business profitability and regulatory compliance by improving quality, streamlining workflows and enabling insights.
“Provation is shaping the future of clinical productivity and better patient outcomes,” said Prashant Mehrotra and Paul Huber of Clearlake. “The combination expands Provation’s core software offering and accelerates Provation’s ability to serve small and mid-sized providers. With the acquisition of MD-Reports complete and integration underway, we look forward to continuing to support the Provation team through Clearlake’s O.P.S.® framework as they execute on a robust organic and inorganic growth strategy that is focused on innovation and delivering industry-leading software solutions.”
District Capital Partners served as financial advisor and Sidley Austin LLP served as legal advisor to Provation for this transaction.
About Provation
Provation is a leading provider of healthcare software and SaaS solutions for clinical productivity, care coordination, quality reporting, and billing. Our purpose is to empower providers to deliver quality healthcare for all. Provation’s comprehensive portfolio spans the entire patient encounter, from pre-procedure through post-procedure, with solutions for physician and nursing documentation (Provation® MD, Provation® Apex, MD-Reports, Provation® endoPRO®, and Provation® MultiCaregiver), anesthesia documentation (#1 Best in KLAS Provation® iPro), patient engagement, surgical care coordination, quality reporting, and billing capture (Provation® SurgicalValet™), order set and care plan management (Provation® Order Set Advisor™ and Provation® Care Plans), and EHR embedded clinical documentation (Provation® Clinic Note). Provation has a loyal customer base, serving more than 5,000 hospitals, surgery centers, and medical offices, and 700 physician groups globally, including 19 of the top 20 U.S. hospitals. In 2021, Provation was acquired by Fortive Corporation, a Fortune 1000 company that builds essential technology and accelerates transformation in high-impact fields like workplace safety, engineering, and healthcare. For more information about our solutions, visit provationmedical.com and follow us on Twitter, Facebook, and LinkedIn.
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